Lake County Illinois - File #: 10-0700

• File #: 10-0700
• Version: 1
• Name: Series A Water & Sewer Revenue Bonds
• Type: ordinance
• Status: Passed
• File created: 7/22/2010
• In control: Public Works and Transportation Committee
• Final action: 8/10/2010
• Title: Ordinance authorizing the issuance and sale of $20,000,000 Water and Sewer System Revenue Bonds, Series A of 2010, and providing the terms of and security for payment thereof.
• Related files: 10-1068

Date	Ver.	Action By	Action	Result
8/10/2010	1	Lake County Board	adopted	Pass
7/28/2010	1	Financial & Administrative Committee	recommended for adoption to the regular agenda	Pass
7/28/2010	1	Public Works and Transportation Committee	approved and referred on to the Financial and Administrative Committee	Pass

Title

Ordinance authorizing the issuance and sale of $20,000,000 Water and Sewer System Revenue Bonds, Series A of 2010, and providing the terms of and security for payment thereof.

Staff Summary

·      The approved 2010 Budget included a $20 million revenue bond issuance.

·      Public Works 10-Year Capital Projects Program includes $110 million in capital projects expenditures.

·      A Cash Flow Analysis projects the need to borrow up to $40 million to fund the 10-year Capital Projects Program.

·      We will be utilizing Build America Bonds for this issuance, which provides a rebate of 35% of the bond interest costs. This will allow us to receive a rebate of $7.7 million over the life of the bond debt service.

·      The revenue bond market interest rates are very favorable at this time.

·      This revenue bond issuance will not significantly increase Public Works annual debt service over current levels, because some older bond issues will be retiring.

·      This is a parameter Ordinance, which establishes the terms, provisions and limitations of the bond sale and authorizes the issuance of $20 million, Series A, 2010 Bonds.

·      The bond sale is scheduled for September 13^th at which time designated officials are authorized to approve the sale. A report will be presented to the County Board at the September 14^th Board Meeting summarizing the bond sale results.