LF_121219

LakeForestLeaderDaily.com NEWS
the lake forest leader | December 12, 2019 | 7
Posted to LakeForestLeaderDaily.com 3 days ago
LF saves $1.3 million with refinancing
Submitted by the City of
Lake Forest
On Dec. 4, the City of
Lake Forest approved issuance
of $17.665 million
in general obligation
bonds to refinance existing
obligations and achieve a
lower interest rate.
The refinancing will
result in a savings of
$1,299,861 over the bond
maturities through 2032, a
savings of $1,187,869 on a
net present value basis or
6.29 percent of refunded
principal.
The City Council approved
a bond ordinance
at its meeting on Dec. 2
authorizing the auction on
Dec. 4 and setting forth a
savings target of 5 percent,
or $964,000 on a net present
value basis, which was
exceeded.
As part of the bond refinancing,
Moody’s Investors
Service assigned a
AAA rating – Stable Outlook
to the proposed issue
and affirmed the AAA rating
on all existing bond
obligations of the City.
The AAA rating is the
highest rating possible,
signaling confidence in the
City’s financial management
and increasing the
attractiveness of the City’s
bonds to investors. A total
of 12 bidders submitted 42
bids during the 15-minute
online auction confirming
the level of interest and
ensuring the City received
a very competitive interest
rate on the new obligations.
Mayor George Pandaleon
noted that Moody’s
credit opinion and results
of the bond sale “emphasize
the high degree of
confidence with which
external objective parties
view the City’s management
of its finances. Lake
Forest taxpayers can be
assured that the City’s
approach to funding its
public safety pension obligations
and its proactive
measures to increase fund
balance reserves in an effort
to insulate the community
from potential impact
of actions by the State of
Illinois are highly regarded
in the municipal finance
industry.”
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Posted to LakeForestLeaderDaily.com 2 days ago
‘Treasurer’s Toy Drive’ begins
Submitted Content
Lake County Treasurer
Holly Kim has announced
the start of the inaugural
“Treasurer’s Toy Drive.”
The plan is to collect
toys in convenient locations
all over Lake County
through partnerships with
State representative offices.
All toys will be donated
to the Lake County
Sheriff’s Office for distribution
to agencies across
the County.
This includes a drop-off
at the office of state Rep.
Bob Morgan (D-Highwood),
whose district includes
Lake Forest and
Lake Bluff. The office is
located at 425 Sheridan
Road in Highwood.
“It’s the season of gathering
with family, dusting
off old traditions, cooking
with grandparents, and
giving gifts to those you
love,” Kim said. “If you
feel you’ve been blessed
with love and warmth this
year, consider donating a
gift and sharing that joy.
Let’s come together as a
county to bring a smile to
children during the holiday
season.”
“I am proud to collaborate
with dedicated public
servants who are committed
to ensuring children
enjoy the holidays across
Lake County this season,”
Sheriff John Idleburg
said. “I thank Treasurer
Kim for her initiative and
all of our State partners.”
Toys will be collected
until Sunday, Dec. 15.
Lake County Treasurer
Holly Kim has kicked
off the inaugural “Treasurer’s
Toy Drive,” which
includes a dropoff at
state Rep. Bob Morgan’s
office in Highwood. Photo
Submitted
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