Title
Ordinance reducing the amount the Lake County clerk is directed to levy for Special Service Area No. 10 (North Hills) for the 2008 assessment year as prescribed by an ordinance adopted by the Lake County Board and filed with the County clerk on February 11, 1997 which provides for the levy and collection of a direct annual tax sufficient to pay the principal and interest on Special Service Area No. 10 bonds.
Staff Summary
· Special service areas are created to allow improvements to be made and debt to be issued to pay for these improvements. The debt service is then paid for by a special tax levy.
· Each year a separate tax is levied on the properties within the designated area to pay the debt service issued to pay for the improvements.
· In the case of the SSA #10 there were monies received from the sale of the bonds that were not used. These funds then can be used to help pay for that debt. Each year part of those funds is used to lower the tax levy.
· This resolution authorizes the taxes to be abated.
Body
AN ORDINANCE REDUCING THE TAX HERETOFORE LEVIED FOR THE YEAR 2008 TO PAY DEBT SERVICE FOR SPECIAL SERVICE AREA NO. 10 BONDS OF THE COUNTY OF LAKE, LAKE COUNTY, ILLINOIS.
WHEREAS, the County Board of Lake County, Illinois, by ordinance adopted and filed with the Lake County Clerk on the 11th day of February, 1997, did provide for the levy of a direct and annual tax sufficient to pay principal and interest on Special Service Area No. 10 bonds; and
WHEREAS, the County has now received unused bond proceeds from the Special Service Area No. 10 construction account, which amounts can be applied to the payment of debt service on Special Service Area No. 10 bonds and thereby reduce the tax to be levied to pay the debt service; and
WHEREAS, it is in the best interests of the County that the tax heretofore levied for the year 2008 to pay such debt service on the bonds be reduced by the amount of $3.053.75.
NOW, THEREFORE, BE IT ORDAINED, by this Coun...
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