Title
Resolution authorizing an emergency appropriation in the amount of $15,676,000 in the 2008 Bond Construction Fund and a budget decrease of $6,900.000 in the Capital Improvement Program. This is accompanied by an increase in revenue budgets by $35,360,000 in the 2008 Bond Construction Fund and by $6,600,000 in the General Fund’s Corporate Capital Improvement Program.
Staff Summary
· The County has issued bonds to pay for health, permitting and court facilities.
· The County previously passed a reimbursement ordinance to begin the projects and previously budgeted for much of these projects.
· It is now necessary to budget additional funds and to move previously budgeted funds to a newly created Bond Fund.
· It is also necessary to budget for the revenues generated by the receipt of the bond proceeds.
Body
WHEREAS, Lake County has issued the $35,360,000 General Obligation Bonds (Sales Tax Alternate Revenue Source), Series 2008A and has previously issued reimbursement ordinances authorizing funds to be spent for certain construction projects; and
WHEREAS, it is now necessary to budget additional funds for the purpose of reimbursing the County for costs already incurred and those costs anticipated in association with the new health, permitting and court facilities and recognize the revenue to pay for these projects; and
WHEREAS, the County Board previously budgeted $19,684,000 in the 2008 Bond Construction Fund for the associated costs with the new health facility; and
WHEREAS, the County previously budgeted funds for the permitting facility in a General Fund Corporate Capital Improvement Program and a portion of this budget needs to be moved to the 2008 Bond Construction Fund; and
WHEREAS, the County is nearing completion of the East Branch Court and these costs have been incurred by the Corporate Capital Improvement Program and need to be reimbursed.
NOW, THEREFORE, BE IT RESOLVED, by this County Board of Lake County, Illinois that the attac...
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