Lake County Illinois - File #: 16-0842

• File #: 16-0842
• Version: 1
• Name: Consideration and action on an ordinance authorizing the issue and sale of not to exceed $13,000,000 Water and Sewer System Revenue Refunding Bonds, Series 2016, and providing the terms of and security for payment thereof
• Type: ordinance
• Status: Passed
• File created: 8/25/2016
• In control: Public Works and Transportation Committee
• Final action: 9/13/2016
• Title: Ordinance authorizing the issuance and sale of Water and Sewer System Revenue Refunding Bonds, Series 2016, in an amount not to exceed $13,000,000, and providing the terms of and security for payment on said bonds.

Date	Ver.	Action By	Action	Result
9/13/2016	1	Lake County Board	adopted	Pass
9/7/2016	1	Financial & Administrative Committee	recommended for adoption to the regular agenda	Pass
8/31/2016	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 Water and Sewer System Revenue Refunding Bonds, Series 2016, in an amount not to exceed $13,000,000, and providing the terms of and security for payment on said bonds.

Staff Summary

•                     The County issued Water and Sewer System Revenue Refunding Bonds, Series B 2006, in November 2006 in the amount of $17,170,000 for the construction of sanitary sewer facilities.

•                     The interest rates available in the bond market at this time are favorable such that refunding is recommended to take advantage of debt service savings.

•                     The Series 2016 Bonds will be retired in 2021, and are estimated to produce a savings of $781,000 to the County, over the term of the bonds.

•                     This ordinance provides for authorization to issue and sell Water and Sewer System Revenue Refunding Bonds, Series 2016, in an amount not to exceed $13,000,000.