Lake County, IL
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File #: 20-1572    Version: 2 Name: Water and Sewer Revenue Bonds, Series 2020
Type: ordinance Status: Passed
File created: 10/26/2020 In control: Public Works, Planning & Transportation Committee
On agenda: Final action: 11/10/2020
Title: Ordinance authorizing the Issuance and Sale of Not to Exceed $19,000,000 Water and Sewer System Revenue Refunding Bonds, Series 2020, in one series and providing the terms of and security for payment thereof.
Attachments: 1. Lake County Series 2020 - Series Ordinance, 2. Ordinance for Issuance of Series 2020

Title

Ordinance authorizing the Issuance and Sale of Not to Exceed $19,000,000 Water and Sewer System Revenue Refunding Bonds, Series 2020, in one series and providing the terms of and security for payment thereof.

 

Staff Summary

                     Public Works and Finance staff previously presented an opportunity for a refunding of Public Works Water and Sewer System Revenue Bonds that will result in debt service savings anticipated to be in excess of $2,000,000.

                     Upon receiving concurrence from both the Public Works, Planning and Transportation and Finance and Administrative Committees to proceed with all related refunding activities, staff has worked with the necessary advisors and bond counsel on the refunding.

                     The attached bond parameters ordinance must be formally approved by the County Board to authorize the refunding. The information that is missing in the ordinance is intentional and is completed upon the sale and subsequent closing of the bond.