title
AUTHORIZATION TO TRANSFER FUNDS TO THE
TAXABLE GENERAL OBLIGATION BONDS
(ALTERNATE REVENUE SOURCE - RECOVERY ZONE ECONOMIC
DEVELOPMENT BONDS AND BUILD AMERICA BONDS),
SERIES 2010A & 2010B DEBT SERVICE FUND
COMPANY 7000, ACCOUNTING UNIT 7000
FOR FISCAL YEAR 2025
$7,994,190
AND
ABATE THE 2024 TAX LEVY FOR THE
TAXABLE GENERAL OBLIGATION BONDS
(ALTERNATE REVENUE SOURCE - RECOVERY ZONE ECONOMIC
DEVEOPMENT BONDS AND BUILD AMERICA BONDS),
SERIES 2010A & 2010B
resolution
WHEREAS, pursuant to Section 12 of Supplemental Ordinance Number OCB-002-10, the County of DuPage has established a Taxable General Obligation Bonds (Alternate Revenue Source - Recovery Zone Economic Development Bonds and Build America Bonds), Series 2010A & 2010B Debt Service Fund to account for principal and interest payments and fiscal agent fees on the Taxable General Obligation Bonds (Alternate Revenue Source - Recovery Zone Economic Development Bonds and Build America Bonds), Series 2010A & 2010B (“2010 Bonds”); and
WHEREAS, pursuant to Section 3E of Supplemental Ordinance Number OCB-002-10, the 2010 Bonds shall be payable from sales and/or use taxes, each of which constitutes a revenue source; and
WHEREAS, the DuPage County Board executed an accompanying Bond Order on October 27, 2010, setting forth the tax levy for each of the levy years the 2010 Bonds are outstanding; and
WHEREAS, the 2024 taxes have been levied in compliance with said Bond Order; and
WHEREAS, the 2010 Bonds are payable from, and secured by, a pledge of the revenue sources; and
WHEREAS, the revenues are deposited and accounted for in the County’s General Fund (1000) and the Local Gas Tax Fund (1500); and
WHEREAS, it is deemed necessary to transfer adequate pledged revenues from the General Fund and the Local Gas Tax Fund to the 2010 Bonds Debt Service Fund, on or before February 1st, to pay the principal, interest, and fiscal agent fees due on the outstanding 2010 Bonds; and
WHEREAS, said transfers for Fiscal Year 2025 is determined to be an amount not to exceed $7,994,190 (SEVEN MILLION, NINE HUNDRED NINETY-FOUR THOUSAND, ONE HUNDRED NINETY AND NO/100 DOLLARS); and
WHEREAS, adequate funds are projected to be available in the General Fund and Local Gas Tax Fund to accommodate up to, but not to exceed, $7,994,190 (SEVEN MILLION, NINE HUNDRED NINETY-FOUR THOUSAND, ONE HUNDRED NINETY AND NO/100 DOLLARS).
NOW, THEREFORE, BE IT RESOLVED by the DuPage County Board that the Finance Department and/or County Treasurer, in consultation with the Chief Financial Officer, is/are authorized and directed to transfer an amount up to, but not to exceed, $7,994,190 (SEVEN MILLION, NINE HUNDRED NINETY-FOUR THOUSAND, ONE HUNDRED NINETY AND NO/100 DOLLARS) from the General Fund and Local Gas Tax Fund on or before February 1, 2025; and
BE IT FURTHER RESOLVED by the DuPage County Board that the Taxable General Obligation Bonds (Alternate Revenue Source - Recovery Zone Economic Development Bonds and Build America Bonds), Series 2010A & 2010B tax levy, which is to be collected in the County’s Fiscal Year 2025, be abated in its entirety after said transfer of pledged revenues and prior to the County Clerk’s finalization of the 2024 Tax Levy.
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Enacted and approved this 26th day of November, 2024 at Wheaton, Illinois.
________________________________
DEBORAH A. CONROY, CHAIR
DU PAGE COUNTY BOARD
Attest: ___________________________________
JEAN KACZMAREK, COUNTY CLERK