Title
Resolution authorizing the execution and delivery of a third supplement to indenture between the County of Lake, Illinois and American Chartered Bank and a Supplemental Tax Exemption Certificate and Agreement in connection with the County’s Industrial Development Revenue Bond, series 1998 (Valenti Properties, L.L.C. Project); approving certain other agreements; and related matters.
Staff Summary
· To promote economic development in the County, from time to time the County issues industrial development bonds. Lake County Partners assists the County in connection with these transactions.
· The funds generated by these types of bonds are used for the purpose of assisting companies in establishing and expanding businesses and job opportunities in the County. The interest on these bonds is tax-exempt under federal law.
· In 1998, the County authorized a $4,460,000 bond to Valenti Properties, L.L.C. for a facility in Libertyville, Illinois that manufactures tags, labels and similar facilities, known as Chicago Tag & Label.
· From time to time, the interest rate on these bonds is adjusted, and County Board approval of such a change is required.
· This is the third proposed change in the interest rate, reducing it from 4.54% to 3.82%.
Body
WHEREAS, the County of Lake, Illinois, (the “Issuer”), is a duly constituted and validly existing unit of local government under Section I of Article VII the 1970 Constitution of the State of Illinois and is a body politic and corporate operating under the general laws of the State of Illinois and is not a home rule unit of local government; and is authorized pursuant to the Industrial Building Revenue Bond Act, 50 ILCS 445/1 et seq., as amended (the “Act”), to issue its special, limited obligation revenue bonds for the purpose of providing financing in whole or in part, for an “industrial project,” as defined in Section 2 of the Act, and located within the Issuer; and
WHEREAS, in order to finance, in whole or in part, t...
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