Title
Joint resolution expressing official intent regarding certain capital expenditures to be reimbursed from proceeds of an obligation.
Staff Summary
· 2011A Bond Reimbursement Resolution
· This reimbursement ordinance is for $90 million covering road improvements at various locations throughout the County.
· The County is undertaking road improvements at various locations throughout the County and has sufficient funds from existing sources to begin planning and design.
· By passing this resolution the County has the authority to begin the planning and design with existing funds and later to issue bonds that will provide the additional revenue required to complete the projects.
· The County will sell bonds in May of 2011 for the road improvements, including planning and design, at various locations throughout the County; this allows the County to begin planning and design before the bonds are sold.
Body
Resolution expressing official intent regarding certain capital expenditures to be reimbursed from proceeds of an obligation to be issued by The County of Lake, Illinois.
* * *
Whereas
A. The County Board (the “County Board”) of the County of Lake, Illinois (the “County”), has developed a list of capital projects described in Exhibit A hereto (the “Projects”).
B. All or a portion of the expenditures relating to the Projects (the “Expenditures”) (i) have been paid within the 60 days prior to the passage of this Resolution or (ii) will be paid on or after the passage of this Resolution.
C. The County reasonably expects to reimburse itself for the Expenditures with the proceeds of an obligation.
Now Therefore It Is Hereby Resolved by the County Board of the County of Lake, Illinois, as follows:
Section 1. Incorporation of Preambles. The County Board hereby finds that all of the recitals contained in the preambles to this Resolution are full, true and correct and does incorporate them into this Resolution by this reference.
Section 2. Intent to Reimburse...
Click here for full text