Title
Ordinance authorizing the issuance of General Obligation Bonds (Sales Tax Alternate Revenue Source) of the County of Lake, Illinois, in the aggregate principal amount of not to exceed $90,000,000, for the purpose of defraying the costs of road improvements.
Staff Summary
· Lake County General Obligation Bonds: Authorization Ordinance
· Lake County, by and through its Division of Transportation, is proposing to issue $90 million in general obligation bonds to provide road improvements to public roads within the County.
· This will include, but is not limited to, the following improvements: the intersection of Rollins Road (County Highway 31) with IL Rte 83 as well as a grade separation of Rollins Road and the CN Railroad, the intersection of Fairfield Road (County Highway 49) with IL Rte 176, and a grade separation of Washington Street (County Highway 45) with the CN Railroad west of Lake Street.
· This action is needed to issue the bonds and obligate the County to repay the bonds with all the terms set forth in the ordinance.
Body
Ordinance Number __________
An Ordinance authorizing the issuance of General Obligation Bonds (Sales Tax Alternate Revenue Source) of The County of Lake, Illinois, in the aggregate principal amount of not to exceed $90,000,000, for the purpose of defraying the costs of road improvements.
• Preambles •
Whereas
A. The County of Lake, State of Illinois (the “County”), is a duly organized and existing county created under the provisions of the laws of the State of Illinois, and is now operating under the township form of county government and the provisions of the Counties Code, as supplemented and amended (the “Counties Code”).
B. The County Board of the County (the “County Board”) has heretofore determined and does hereby determine that it is advisable, necessary and in the best interests of the County and its residents, in order to promote the public health, safety, welfare and convenience, to provide road improvements to p...
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