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Emergency Appropriation for Transfer of Funds from the Longmeadow Debt Service Fund #624 to the Transportation Sales Tax Fund #305
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WHEREAS, debt service payments for the Longmeadow Toll Revenue Bonds were paid from Fund #624, the Longmeadow Debt Service Fund, which had been funded by transfers from Fund #305, the Transportation Sales Tax Fund, and which were to be funded by toll revenue; 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 provided reimbursement for a portion of the Longmeadow Parkway bridge construction costs so as to relieve the County of using toll revenue to pay the debt; and
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 the payment of $18,112,916.62 to the Escrow Agent to partially defease debt service; and
WHEREAS, debt service payments from Fund #624 - The Longmeadow Debt Service Fund are now not required, and
WHEREAS, Fund #624 - The Longmeadow Debt Service Fund has $13,556.66 in cash remaining which was funded from Fund #305 - the Transportation Sales Tax Fund.
NOW, THEREFORE, BE IT RESOLVED by the Kane County Board that the $13,556.66 remaining in Fund #624, be transferred back to Fund #305 and that the following appropriation adjustments to the FY 2024 budget be authorized.
Account Number Description Amount
624.760.768.99305 Transfer to Transportation Sales Tax Fund $13,556.66
624.760.000.39900 Fund Balance Utilization $13,556.66
305.520.000.39624 Transfer from Longmeadow Debt Service Fund $13,556.66
305.520.000.39900 Fund Balance Ut...
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