Lake County Illinois - File #: 11-0413

• File #: 11-0413
• Version: 1
• Name: Joint Resolution Authorizing 2010 Series A Bond Payout #6
• Type: resolution
• Status: Passed
• File created: 4/26/2011
• In control: Public Works and Transportation Committee
• Final action: 5/10/2011
• Title: Joint resolution authorizing Robert Skidmore, Treasurer to withdraw monies from Series A 2010 Construction Account to pay construction cost items.
• Related files: 10-1072, 10-1363, 11-0070, 11-0176, 11-0276, 12-0616, 12-0824, 12-0073, 12-0214, 11-0972, 11-0532, 11-0677, 11-0780, 11-0881, 11-1131, 11-1364, 12-0308, 12-0520

Date	Ver.	Action By	Action	Result
5/10/2011	1	Lake County Board	adopted	Pass
5/4/2011	1	Financial & Administrative Committee	recommended for adoption to the consent agenda	Pass
5/4/2011	1	Public Works and Transportation Committee	approved and referred on to the Financial and Administrative Committee	Pass

Title

Joint resolution authorizing Robert Skidmore, Treasurer to withdraw monies from Series A 2010 Construction Account to pay construction cost items.

Staff Summary

·      The County issued bonds in October 2010 in the amount of $ 20,000,000 to construct various Water and Sewer System Improvements.

·      Per the County Bond Ordinance, the County Board must approve disbursements of bond proceeds within the construction account.

·      This withdrawal represents Payout No. 6 and pays several invoices related to various projects in the total amount of $450,779.04.

Body

RESOLUTION

WHEREAS, on October 4, 2010 pursuant to Resolution and Ordinance heretofore passed and approved, proceeds in the amount of $19,833,537.84 were received by Robert Skidmore, Treasurer of Lake County, Illinois, $111,000.00 was set aside for the cost of issuance and $19,723,537.84 was placed in the Series A of 2010 Construction Account to pay for the cost of various improvements and extensions to the water and sewer systems of the County; and

WHEREAS, Section 502, Article V of the Bond Ordinance passed by the Board of Supervisors of Lake County on October 13, 1964, and amended on June 10, 1968, requires the approval of the County Board for disbursements from the Construction Account.

NOW, THEREFORE, BE IT RESOLVED, by this County Board of Lake County, Illinois, that Robert Skidmore, Treasurer of Lake County, Illinois, be and he is hereby authorized and directed to withdraw monies from the Series A of 2010 Construction Account to pay the construction cost items for Payout No. 6 as indicated on the attached Exhibit in the amount of $450,779.04.

DATED at Waukegan, Illinois, on this 10^th day of May, A.D., 2011.