Lake County Illinois - File #: 15-1323

• File #: 15-1323
• Version: 1
• Name: Ordinance providing for the issuance of Special Service Area Number Thirteen Special Tax Refunding Bonds, Series 2016 (Spencer’s Highlands/Elmcrest Subdivisions).
• Type: ordinance
• Status: Passed
• File created: 11/19/2015
• In control: Public Works and Transportation Committee
• Final action: 12/8/2015
• Title: Ordinance providing for the issuance of Special Service Area Number Thirteen (SSA#13) Special Tax Refunding Bonds, Series 2016 (Spencer's Highlands/Elmcrest Subdivisions).

Date	Ver.	Action By	Action	Result
12/8/2015	1	Lake County Board	adopted	Pass
12/2/2015	1	Financial & Administrative Committee	recommended for adoption to the regular agenda	Pass
12/2/2015	1	Public Works and Transportation Committee	approved and referred on to the Financial and Administrative Committee	Pass

Title

Ordinance providing for the issuance of Special Service Area Number Thirteen (SSA#13) Special Tax Refunding Bonds, Series 2016 (Spencer’s Highlands/Elmcrest Subdivisions).

Staff Summary

•                     SSA #13 was established in 2007 for the purpose of providing sanitary sewer facilities to the Spencer’s Highlands/Elmcrest Subdivisions to serve 129 residential properties.

•                     The County issued Series 2007A and Series 2007B bonds to fund construction of sanitary sewer facilities payable from taxes levied against the properties within SSA #13.

•                     Series 2007A bonds are now callable and refinancing those bonds will provide a savings to properties over the remaining 12 year term of the bonds.

•                     This parameters ordinance authorizes the sale of bonds not to exceed $2,500,000 at a maximum interest rate of 5.5 percent over a 12 year term.

•                     This ordinance provides for the issuance of SSA#13 Special Tax Refunding Bonds Series 2016 (Spencer’s Highlands/Elmcrest Subdivisions) and the levy of a special tax sufficient to pay the principle and interest on said bonds.