Title
Resolution approving a Bond Record-Keeping Policy.
Staff Summary
· The County has recently issued tax-exempt bonds which qualify as build America bonds and recovery zone economic development bonds.
· Pursuant to certain provisions of the bonds the County expects to take all actions necessary to preserve the status and qualification of such bonds as tax-exempt obligations.
· It is necessary and in the best interests of the County to maintain records to demonstrate compliance with such expectations and to adopt policies with respect thereto.
Body
Resolution Approving a Bond Record-Keeping Policy for The County of Lake, Illinois.
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Whereas, The County of Lake, Illinois (the “County”), has issued tax-exempt bonds and other obligations (pursuant to Section 103 of the Internal Revenue Code), bonds which qualify as “build America bonds” (pursuant to the American Recovery and Reinvestment Act, the “Stimulus Act”) and also bonds which qualify as “recovery zone economic development bonds” (pursuant to the Stimulus Act) (which tax-exempt bonds and other obligations, build America bonds and recovery zone economic development bonds may be referred to, collectively, as “Tax-Advantaged Bonds”); and
Whereas, pursuant to the proceedings and agreements under which the various series of Tax-Advantaged Bonds have been issued, the County has indicated that it reasonably expects to take all actions necessary to preserve the status and qualification of such series of bonds as tax-exempt obligations, build America bonds or recovery zone economic development bonds, as applicable; and
Whereas, it is necessary and in the best interests of the County to maintain sufficient records to demonstrate compliance with such expectations and to adopt policies with respect thereto; and
Whereas, the County issues bonds generally under the auspices of two County departments, being the Department of Public Works (“DPW”) for its public works programs for water and sewer services (“DPW Bonds...
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