Title
Ordinance establishing Special Service Area (SSA) Number 16 of the County of Lake, Illinois, and declaring the authority relating to the issuance of bonds in an amount not to exceed $46,000,000 for the purpose of paying the cost of providing special services in and for such area.
Staff Summary
· This ordinance establishes SSA 16 to fund the construction of improvements and extensions to the existing water delivery system of the Central Lake County Joint Action Water Agency (CLCJAWA) to provide Lake Michigan water to the SSA area.
· The SSA area includes approximately 11,300 parcels within the Villages of Lindenhurst and Lake Villa, and the unincorporated areas of Grandwood Park and Fox Lake Hills.
· The ordinance establishes the maximum bond amount of $46,000,000 for a period not to exceed 30 years with a maximum interest rate not to exceed 7 percent per annum.
· The proposing ordinance for SSA Number 16 was approved by the County Board on June 11, 2013 and a Public Hearing was held on August 13, 2013.
· The 60-day objection period, as provided in the proposing ordinance, ended on October 14, 2013 and the County Clerk has received no signed petitions objecting to the formation of SSA Number 16.
· The Villages of Lake Villa and Lindenhurst have each adopted ordinances consenting to the creation of SSA Number 16.
· If approved, this ordinance directs the County Clerk to file a certified copy of the Establishing Ordinance with the County Recorder and authorizes the County to issue bonds to fund the construction for the improvements and extensions to the existing CLCJAWA water delivery system to provide Lake Michigan water to Lindenhurst, Lake Villa and the unincorporated areas of Fox Lake Hills and Grandwood Park.
· Approval of this ordinance by roll call vote is requested.