Lake County Illinois - File #: 15-0202

• File #: 15-0202
• Version: 1
• Name: Ordinance authorizing and providing for the issue of $32,000,000 subordinated water and sewer system revenue bonds, IEPA Third Lien for the Des Plaines River WRF Project
• Type: ordinance
• Status: Passed
• File created: 2/18/2015
• In control: Public Works and Transportation Committee
• Final action: 3/10/2015
• Title: Ordinance authorizing and providing for the issuance of $32,000,000 subordinated water and sewer system revenue bonds, Illinois Environmental Protection Agency (IEPA) third lien for the Des Plaines River Water Reclamation Facility (WRF) Project.

Date	Ver.	Action By	Action	Result
3/10/2015	1	Lake County Board	adopted	Pass
2/25/2015	1	Financial & Administrative Committee	recommended for adoption to the regular agenda	Pass
2/25/2015	1	Public Works and Transportation Committee	recommended for adoption to the consent agenda	Pass

Title

Ordinance authorizing and providing for the issuance of $32,000,000 subordinated water and sewer system revenue bonds, Illinois Environmental Protection Agency (IEPA) third lien for the Des Plaines River Water Reclamation Facility (WRF) Project.

Staff Summary

·      This ordinance proposes the issuance of up to $32,000,000 in third lien water and sewer revenue bonds to fund the construction of improvements to the Des Plaines Rive WRF.

·      The County has submitted an application to the IEPA for revolving loan funds, currently at 1.995 percent interest, to fund the improvements at the Des Plaines River WRF.

·      The ordinance establishes an IEPA Series Des Plaines River Project Bond in the maximum bond amount of $32,000,000 for a period not to exceed 35 years with a maximum interest rate not to exceed 4 percent per annum.