The City of Lincoln Public Hearing – IEPA General Obligation Bonds met in the Council Chambers on Monday, July 7, 2014. 

City Clerk Mrs. Gehlbach called the roll call.  There were eight Aldermen present (Alderman Anderson, Alderman Bauer, Alderman Cooper, Alderman Hoinacki, Alderman Horn, Alderman Neitzel, Alderman O’Donohue and Alderman Tibbs), and none absent. Also present were Fire Chief Miller, Street Superintendent Mr. Landers, EMC/American Water Manager Mr. Ferguson, and Police Chief Greenslate.  Also present were Mayor Snyder, City Treasurer Mr. Conzo, City Clerk Mrs. Gehlbach, and Recording Secretary Mrs. Riggs.

Mayor Snyder called the Special Meeting to order regarding a plan to issue not to exceed $6,000,000.00 in aggregate principal amount of the Issuer’s General Obligation Refunding Bonds (Alternate Revenue Source) 2014.  The proceeds of the Bonds will be used to currently refund the outstanding Illinois Environmental Protection Agency loan, which financed certain improvements to the City’s Sewerage System, and to pay certain costs of issuance of Bonds to order at 7:00 p.m.

Mayor Snyder read the following statement as required by the Bond Counsel.  “Let the record reflect that this is a Public Hearing pursuant to the requirements of Sections 10 and 20 of the Bond Issue Notification Act of the State of Illinois as amended.  Notice of this hearing was published on June 19, 2014 in a newspaper of general circulation in the City.  This is a hearing regarding a plan to issue not to exceed $6,000,000.00 in aggregate principal amount of the Issuer’s General Obligation Refunding Bonds (Alternate Revenue Source) series 2014.  The proceeds of the Bonds will be used currently refund the outstanding Illinois Environmental Protection Agency loan, which financed certain improvements to the City’s combined waterworks and Sewer System, and to pay certain amounts of costs of issuance of Bonds.  The bonds will be issued by the issuer in accordance with the provisions of the municipal code of the State of Illinois as supplemented and amended the municipal code and particularly as supplemented by local government debt reform act of the State of Illinois as amended and shall constitute a general obligation of the city payable from 1) net revenues of the city waterworks and sewage system; 2) receipts of the State of Illinois income taxes imposed by the State of Illinois pursuant to the Illinois Income Tax Act and distributed pursuant to State Revenue Sharing Act; and 3) ad Velorum Tax’s the City for which its full faith and credit have been irrevocably pledged unlimited as to rate or amount.  The Public Hearing is required by Section 10 of the Bond Issue Notification Act of the State of Illinois as amended at the time and place set for public hearing residents, taxpayers and other interested persons will be given the opportunity to express their views for or against the proposed plan of financing the issuance of the bonds for the purpose of the issuance of the bonds. 

Mayor Snyder asked if anyone wanted to submit any written or oral comments with regard to these bonds. 

Alderman Neitzel said this loan is already in place (sewer upgrade) with a savings of $100,000.00 over the next ten years.

Alderman Neitzel moved to adjourn and Alderman Anderson seconded it.  There were eight Aldermen present (Alderman Anderson, Alderman Bauer, Alderman Cooper, Alderman Hoinacki, Alderman Horn, Alderman Neitzel, Alderman O’Donohue and Alderman Tibbs), and none absent.

The hearing was adjourned at 7:02 p.m.

Respectfully submitted,

Risa Riggs, Recording Secretary