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EMERGENCY APPROPRIATION FOR BUDGET AMENDMENTS RELATED TO THE REIMBURSEMENT OF GRANT FUNDS, TRANSFER OF MONIES TO LONGMEADOW DEBT SERVICE FUNDS, AND PAYMENT TO THE ESCROW AGENT FOR 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 $17,500,000 grant into Fund #515 Longmeadow Bond Construction Fund, from the State of Illinois Department of Commerce and Economic Opportunity (DCEO) that provided reimbursement for a portion of the Longmeadow Parkway bridge construction costs and with interest of $612,916.62 resulted in a transfer to the escrow agent of $18,112,916.62 for a partial defeasance of the Longmeadow Toll Bridge Revenue Bonds (The Bonds); and
WHEREAS, the County has also received a second grant from DCEO of $12,500,000, from which additional monies will be transferred to the escrow agent to defease the remaining Bonds; and
WHEREAS, the FY 2025 budgets for Fund #515 Longmeadow Bond Construction, Fund #305 RTA Transportation Sales Tax, Fund #558 North Impact Fee, Fund #624 Longmeadow Debt Service, and Fund #625 Longmeadow Debt Service - Capitalized Interest require appropriation adjustments to reflect the receipt of the $12.5 million grant into special revenue and capital projects funds, the transfer to debt service funds, and the payment to the escrow agent.
NOW, THEREFORE, BE IT RESOLVED that the Kane County Board by the Kane County Board that the following appropriation adjustments to the FY25 budget be authorized.
Amount Account Number Description
$7,922,827.35 305.520.000.37151 KDOT Service Reimbursement - State
$7,922,827.35 305.520.527.99624 Transfer to Longmeadow Debt Serv Fd 624
($11,566,794.57...
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