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Emergency Appropriation for Payment to the Escrow Agent for Partial Defeasance of the Longmeadow Toll Bridge Revenue Bonds
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WHEREAS, Ordinance 24-057 provided for the payment of toll bridge revenue bonds, series 2018, of the County of Kane, Illinois, in advance of maturity, and authorized and directed the execution of an escrow agreement in connection therewith; and
WHEREAS, the County received a $17.5 million grant into Fund #515 Longmeadow Bond Construction Fund, from the State of Illinois Department of Commerce and Economic Opportunity that will provide reimbursement for a portion of the Longmeadow Parkway bridge construction costs; and
WHEREAS, $18,112,916.62 from Fund #515 Longmeadow Bond Construction Fund and $104,390.16 from Fund #625 Longmeadow Debt Service - Capitalized Interest are the source of funds for the payment of funds to the escrow agent; and
WHEREAS, the FY 2024 budgets for Fund #515 Longmeadow Bond Construction Fund and Fund #625 Longmeadow Debt Service require appropriation adjustments to reflect the receipt of the $17.5 million grant and the payment of $18,217,306.78 to the escrow agent.
NOW, THEREFORE, BE IT RESOLVED by the Kane County Board that the following appropriation adjustments to the FY24 budget be authorized.
Account Number Description Amount
515.520.000.37151 KDOT Service Reimbursement - State $17,500,000.00
515.520.000.39900 Fund Balance Utilization $612,916.62
515.520.530.88980 Transfer to Escrow Agent $18,112,916.62
625.760.000.39900 Fund Balance Utilization $50,222.16
625.760.769.88980 Transfer to Escrow Agent $104,390.16
625.760.769.80020 Interest - Bonds ($54,168.00)
Was Personnel/Item/Service approved in original budget or a subsequent budget revision? No
Are funds currently available for this...
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