Lake County, IL
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File #: 19-1806    Version: 1 Name: Transfer of Debt Service Fund Balance
Type: resolution Status: Passed
File created: 10/25/2019 In control: Financial & Administrative Committee
On agenda: Final action: 11/12/2019
Title: Resolution authorizing the Department of Finance and Administrative Services to post the appropriate accounting and budget entries for Fund 303 Series 2010A, Fund 304 Series 2011A, and Fund 301 Series 2019 to properly record financing activities within the Debt Service Funds.
Title
Resolution authorizing the Department of Finance and Administrative Services to post the appropriate accounting and budget entries for Fund 303 Series 2010A, Fund 304 Series 2011A, and Fund 301 Series 2019 to properly record financing activities within the Debt Service Funds.

Staff Summary
* On July 9, 2019 the Lake County Board adopted Ordinance 19-1078 providing for the issuance of not to exceed $54,000,000 General Obligation Refunding Bonds (Sales Tax Alternate Revenue Source) to refund Series 2010A and Series 2011A General Obligation Sales Tax Alternate Revenue Bonds.
* On August 7, 2019 a total of 41 bids were submitted and the final accepted bid resulted in a net present value savings of $7,067,181.
* Final sale and closing occurred on September 5, 2019 and required the creation of the 2019 General Obligation Refunding Bonds debt service fund to record the receipt of earnest money deposits, pay closing costs, and properly account for the related transactions.
* After final debt service payments in Fiscal Year (FY) 2019 for Series 2010A and Series 2011A Bonds, any residual fund balances are required to be transferred to the Series 2019 debt service fund.
* This resolution authorizes the Department of Finance and Administrative Services to post final closing entries for Fund 303 Series 2010A and Fund 304 Series 2011A, post opening entries for Fund 301 Series 2019, and to create budget authority in Fund 301 Series 2019 for transactions occurring in FY2019.

Body
R E S O L U T I O N

WHEREAS, Lake County, by and through its Department of Finance and Administrative Services, monitors the bond market to identify opportunities for savings on current obligations; and

WHEREAS, on July 9, 2019 the Lake County Board adopted Ordinance 19-1078 providing for the issuance of not to exceed $54,000,000 General Obligation Refunding Bonds (Sales Tax Alternate Revenue Source) to refund Series 2010A and Series 2011A General Obligation Sales Tax Alternate Revenue B...

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