CITY COUNCIL 2019/11/18 AgendaTHE CITY OF LAKE FOREST
CITY COUNCIL AGENDA
Monday, November 18, 2019 at 6:30 pm
City Hall Council Chambers
220 E. Deerpath, Lake Forest
Honorable Mayor, George Pandaleon
Prudence R. Beidler, Alderman First Ward James Preschlack, Alderman Third Ward
James E. Morris, Alderman First Ward Ara Goshgarian, Alderman Third Ward
Melanie Rummel, Alderman Second Ward Michelle Moreno, Alderman Fourth Ward
Edward U. Notz, Jr. Alderman Second Ward Raymond Buschmann, Alderman Fourth Ward
CALL TO ORDER AND ROLL CALL 6:30pm
PLEDGE OF ALLEGIANCE
REPORTS OF CITY OFFICERS
1. COMMENTS BY MAYOR
A. Children’s Grief Awareness Day, Thursday, November 21
A copy of the proclamation can be found on page 12
COUNCIL ACTION: Approval of the Proclamation
B. Lake Forest Garden Club Check Presentation
- Loren Dixon, President, Lake Forest Garden Club
2. COMMENTS BY CITY MANAGER
A. Community Spotlight
US CENSUS- Catherine Czerniak, Director of Community Development
3. COMMITTEE REPORTS
FINANCE COMMITTEE
1. Consideration of an Ordinance Establishing the 2019 Tax Levy (First Reading)
PRESENTED BY: Elizabeth Holleb, Finance Director (847-810-3612)
PURPOSE AND ACTION REQUESTED: Staff requests approving the first reading of an Ordinance
establishing the 2019 tax levy.
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Monday, November 18, 2019 City Council Agenda
BACKGROUND/DISCUSSION: The annual tax levy must be filed with the County Clerk by the
last Tuesday in December. The City has a significant reliance on property tax revenues, which
represents more than 50% of the General Fund revenue.
Spreadsheets related to the proposed tax levy for 2019 are attached (page 13) for your
consideration. These include: 1) the tax levy limitations under the tax cap; 2) the tax levy
distributed by fund without new growth and allowances distributed; 3) the tax levy by fund
with new growth and allowances distributed; and 4) an explanation of the tax increase to an
average homeowner.
The tax levy to be approved includes the needs of all City departments, as well as for
pensions and debt service requirements. A summary of the proposed levy is as follows:
School District #67 levy amounts are not yet available and will be incorporated into the Levy
Ordinance submitted for final approval on December 2, 2019.
PROJECT REVIEW/RECOMMENDATIONS:
Reviewed Date Comments
Finance Committee 11/12/19 Discussion of proposed 2019 tax levy
City Council 11/4/19 Determination of a preliminary non-
binding estimate of the 2019 levy.
Finance Committee 10/21/19 Approval of 2019 Tax Levy Estimate
City Council Workshop 9/16/19 Preliminary discussion of 2019 tax levy
and self-imposed limitations
Proposed
FUND 2019 LEVY 2018 Extension $ CHANGE % CHANGE
City General 14,343,735$ 13,870,423$ 473,312$ 3.41%
Pension Funds 6,307,357 5,541,293 766,064 13.82%
Fire Pension PA 93-0689 103,759 91,348 12,411 13.59%
Recreation 1,460,324 1,433,095 27,229 1.90%
Parks 3,250,399 3,189,793 60,606 1.90%
Recreation & Parks/Specific Purpose 125,000 125,000 0 0.00%
Special Recreation 483,856 474,834 9,022 1.90%
Capital Improvements 1,538,000 1,730,225 (192,225) -11.11%
Library 3,863,741 3,762,716 101,025 2.68%
Library sites 419,329 411,510 7,819 1.90%
Bond Funds 1,901,821 1,669,665 232,156 13.90%
TOTAL TAX LEVY - CITY 33,797,321$ 32,299,902$ 1,497,419$ 4.64%
School District 67- ESTIMATED -$ - -$
GRAND TOTAL 33,797,321 32,299,902 1,497,419$ 4.64%
Ordinance (exclude Bond Funds)$31,895,500
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Monday, November 18, 2019 City Council Agenda
BUDGET/FISCAL IMPACT: The proposed tax levy for 2019 reflects a 4.64% increase over the
2018 tax levy extensions for the City and Library operating funds and City pension and debt
service funds. This increase is comprised of the 1.90% property tax cap increase on operating
and IMRF pension levies; debt service bond levies as previously approved by City Council
bond Ordinances, subject to abatement for debt paid by alternate revenue sources;
increases attributable to new construction; and increases in police and fire pension costs as
determined by an independent actuarial valuation. The average increase to existing
residents ($800,000 home) is projected to be $130 or 3.82%.
COUNCIL ACTION: Grant first reading of an Ordinance Establishing the 2019 Tax Levy (page
17).
2. Consideration of an Ordinance approving a Fee Schedule and Ordinances
adopting new fees (First Reading)
PRESENTED BY: Elizabeth Holleb, Finance Director (847-810-3612)
PURPOSE AND ACTION REQUESTED: Staff requests approving the first reading of the proposed
Ordinances.
BACKGROUND/DISCUSSION: As part of the budget process, all departments are asked to
review their user fees. A comprehensive fee schedule is provided as Exhibit A to the
Ordinance approving a fee schedule, which clearly identifies the proposed fee increases
highlighted in yellow and the proposed new fees highlighted in orange. Fees highlighted in
green are not reflective of changes in existing fees; rather, they are clarifications due to a
review of City Code and current practices or the addition of previously approved fees into
the Fee Schedule.
Departments have provided supplemental memos justifying their proposed fee adjustments
and new fees, which are included in the packet beginning on (page 25). New fees require a
separate Ordinance to be submitted by the department proposing the new fee and
accompany the Ordinance approving the fee schedule. The following Ordinances are
submitted for City Council consideration at this time:
• Ordinance approving a fee schedule (page 25)
• Ordinance adopting new fees related to Development Activity (page 47)
• Ordinance adopting new fees related to Cemetery Sales and Services (page
50)
• Ordinance adopting new fees related to Parking (page 53)
• Ordinance adopting new fees related to Public Works (page 56)
PROJECT REVIEW/RECOMMENDATIONS:
Reviewed Date Comments
Finance Committee 11/12/19 Discussion of proposed ordinances
The fee revisions and proposed new fees were discussed by the Finance Committee at its
November 12, 2019 meeting. Fees related to the Water Utility Fund are not yet incorporated
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Monday, November 18, 2019 City Council Agenda
into the proposed fee schedule and will be considered by the City Council Finance
Committee in January.
BUDGET/FISCAL IMPACT: Annual revenue for the new and increased fees is estimated to be
immaterial in the General Fund, $12,792 in the Parks and Recreation Fund, and $45,686 in the
Golf Course Fund.
COUNCIL ACTION: Grant first reading to the proposed ordinances.
3. Consideration of an Ordinance Providing for the issuance of not to exceed
$19,500,000 General Obligation Refunding Bonds, Series 2019, for the purpose of
refunding certain outstanding general obligation bonds of the City, providing for the
levy and collection of a direct annual tax sufficient to pay the principal of and
interest on said bonds, authorizing and directing the execution of an escrow
agreement in connection with the issuance of said bonds, and authorizing the sale
of said bonds to the winning bidder thereof.
PRESENTED BY: Elizabeth Holleb, Finance Director (847-810-3612)
PURPOSE AND ACTION REQUESTED: Staff requests approving the first reading of an ordinance
authorizing issuance of 2019 general obligation refunding bonds.
BACKGROUND/DISCUSSION: The City regularly monitors bond market conditions to assess
opportunities to refund, or refinance, existing debt obligations and achieve a savings through
lower interest rates. Staff is recommending that the City proceed with a refunding in
December based on current bond market conditions.
Attached is the preliminary official statement (page 70) which has been submitted to
Moody’s Investors Service with a request for a rating. A rating review was conducted on
November 11 and a decision is anticipated on or before November 22.
PROJECT REVIEW/RECOMMENDATIONS:
Reviewed Date Comments
Finance Committee 11/12/19
Discussion regarding proposed
refunding issue, including schedule and
projected savings.
Finance Committee 10/21/19 Approval for staff to proceed with
preparations for a refunding issue.
BUDGET/FISCAL IMPACT: The interest rate on the refunding bond issue will be determined at
the online bid auction scheduled for December 4. Debt service on the bond issue is
scheduled through December 2032 and will be paid from a combination of property tax levy,
home rule sales tax, water utility fees and golf course fees to match the funding source for the
original bond issues. The bonds will be callable in whole or in part on or after December 15,
2027.
COUNCIL ACTION: Approval of first reading of the bond ordinance (page130). An online bid
will occur on Wednesday, December 4. At the December 2 City Council meeting, a final
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Monday, November 18, 2019 City Council Agenda
bond ordinance will be presented for City Council consideration that will set forth the
parameters under which a bid received on December 4 would be approved allowing for the
closing of the bond issue on December 19. If no bid submitted on December 4 meets the
parameters of the bond ordinance approved on December 2, the bids would be rejected and
the bond issue would not proceed.
4. OPPORTUNITY FOR CITIZENS TO ADDRESS THE CITY COUNCIL ON NON-AGENDA ITEMS .
5. ITEMS FOR OMNIBUS VOTE CONSIDERATION
1. Approval of the November 4, 2019 City Council Meeting Minutes
A copy of the minutes can be found beginning on page 172.
COUNCIL ACTION: Approval of the November 4, 2019 City Council Meeting Minutes.
2. Acceptance of a check in the amount of $ 110.000 granting a Waiver of
Procedures and Approval of All City Expenditures to Execute the Citywide
Recycling Education Campaign Grant as Outlined in the Lake Forest Garden Club’s
Request for Proposal in the Amount of $110,000.
STAFF CONTACT: Dan Martin, Superintendent of Public Works (810-3561)
PURPOSE AND ACTION REQUESTED: City staff is requesting City Council waiver of procedures
and approval of all City expenditures to execute the Citywide Recycling Education
Campaign Grant as outlined in the Lake Forest Garden Club’s Request for Proposal in the
Amount of $110,000.
BACKGROUND/DISCUSSION: In January, 2019, The Lake Forest Garden Club (LFGC hereafter)
met with Public Works staff to discuss its interest in enhancing the City’s recycling program.
The meeting led to the City receiving an invitation from LFGC to submit a request a grant
application to fully fund a City-wide Recycling Education Campaign. The campaign would
focus on reducing recycling contamination and improving residents’ overall recycling
practices. Recycling contamination is an issue nationwide. The ultimate success of the two-
year educational program would be to reduce the City’s current recycling contamination
level from approximately 25% to 10% or lower. The positive impact from a professional multi-
approach educational campaign to educate residents on how to properly recycle will result
in more waste material being diverted from landfills and lower recycling processing costs to
the City and its taxpayers. The educational campaign would include the creation of strategic
marketing plan by hiring Norman Design Co., a local independent branding design firm that is
passionate about sustainability and enhancing local recycling efforts. To accomplish this,
Norman Design Co. would develop a branded campaign message using a micro website,
brochures, how-to guides, instructional videos, posters, and professionally posted social
media materials. Norman Design Co. has reduced its consulting fees as an in-kind
contribution. Additionally, the grant funding would be used to hire an advertising/marketing
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Monday, November 18, 2019 City Council Agenda
intern to actively engage the community by presenting to schools, local clubs, create and
run pop-up events, attend LF Day, Fourth of July, etc.
The following chart provides the LFGC grant cost breakdown:
Description Cost
Educational Recycling Campaign Branding $7,000
Strategic Marketing Plan $2,000
Campaign Website $15,000
Two-Year Contract with Writer for Social Media $14,000
Two-Year Contract for Project Management $5,000
Tactic Development (Posters, Mailings, Etc.) $22,000
Printing & Postage $15,000
Advertising/Promotional Intern (two-years) $30,000
TOTAL $110,000
BUDGET/FISCAL IMPACT: The City has received LFGC’s check for the full amount of the grant.
Has competitive pricing been obtained for proposed goods/services? No.
Administrative Directive 3-5, Section 9.2 –Waiver of Procedures (requires 2/3 vote).
Below is a summary of the project budget:
Citywide Recycling Education Campaign –Donor Full Payment
FY2020 Funding Source Amount
Budgeted
Amount
Requested
Budgeted?
Y/N
Capital Improvement Fund
$0 $110,000 N
COUNCIL ACTION: Waiver of Procedures and Approval of All City Expenditures to Execute the
Citywide Recycling Education Campaign Grant as Outlined in the Lake Forest Garden Club’s
Request for Proposal in the Amount of $110,000.
3. Award of Proposal to Midwest Power Industries, Inc. for a Three Year Generator
Maintenance Contract in the amount of $53,400.00.
STAFF CONTACT: Dan Martin, Superintendent of Public Works (810-3561)
PURPOSE AND ACTION REQUESTED: Staff is requesting City Council’s approval to award the
bid for a Generator Maintenance Contract to Midwest Power Industries, Inc., the lowest
responsible bidder.
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Monday, November 18, 2019 City Council Agenda
BACKGROUND/DISCUSSION: In 2016, the City entered into a three year contract with Steiner
Electric Company along with seven other municipalities through the Municipal Partnering
Incentive (MPI). In July, 2019 the generator maintenance was rebid. The City has twelve
emergency generators located at eleven buildings around the City. The contract includes
biannual maintenance and annual load bank testing for all units. Also included in the contract
are set prices for repair work over the life of the contract.
BUDGET/FISCAL IMPACT: The Generator Maintenance Contract Proposal followed the public
bid process. The City of Lake Forest participated in the MPI bid process led by the Village of
Mount Prospect. The other participating municipalities were the Villages of Bannockburn,
Buffalo Grove, Glenview, Kenilworth, Lincolnshire, and Wilmette. The invitation to bid was
advertised in the newspaper; five contractors attended the pre bid-meeting and were
allowed to tour of all the facilities as needed. Each bidder received a bid packet including
specifications and specialized schedules for each location. Following the meeting,
contractors were given two weeks to prepare their bids. Midwest Power Industries, Inc. met all
of the requirements and was the lowest responsible bidder.
Has competitive pricing been obtained for proposed goods/services? Yes
On July 8, 2019, staff received the following bids for this contract:
Company FY2017 FY2018 FY2019 Total
Midwest Power
Industries, Inc. $17,800.00 $17,800.00 $17,800.00 $53,400.00
Steiner Electric Company $29,827.00 $29,827.00 $29,827.00 $89,481.00
Patton Industries Inc. No Bid
Illini Power Products No Bid
Pure Power Generators No Bid
FY2017 -19
Funding
Source
Account Number Account Requested Budgeted?
Y / N
Operating Budget Multiple Accounts $53,400.00 Y
COUNCIL ACTION: Award of Proposal to Midwest Power Industries, Inc. for a Three Year
Generator Maintenance Contract in the amount of $53,400.00.
4. Approval of a First Addendum to the License Agreement Between the City of Lake
Forest and the Music Institute of Chicago to occupy a portion of Volwiler Hall at 40
E. Old Mill Road
STAFF CONTACT: Mike Strong, Assistant to the City Manager (810-3680)
PURPOSE AND ACTION REQUESTED: Pursuant to a recommendation of the Property & Public
Lands Committee, staff is requesting approval of a First Addendum to a License Agreement
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Monday, November 18, 2019 City Council Agenda
between the City of Lake Forest and the Music Institute of Chicago (“MIC”) to authorize an
extension of the Agreement through January 15, 2021.
BACKGROUND/DISCUSSION: The MIC, a community music school, has occupied a portion of
Volwiler Hall on Grove Campus since 2008 when it assumed a lease under the same terms
and conditions from the Lake Forest Symphony. Between 2010 and 2014, the City and MIC
entered into several lease extensions to work toward either a long-term license agreement or
sale of the building to the MIC.
During this time, the City also embarked on a Comprehensive Master Plan for Grove Campus,
which established a vision for the Campus to provide education, exposure and experiences
to the communities in the areas of art, music, humanities and society. The Plan also affirmed
the presence and occupancy of the MIC to offer high quality music education for all ages
and levels of ability. In early 2015, the City Council approved a five-year License Agreement
with the MIC to continue its occupancy at Grove Campus. The original License Agreement
expires under its own terms on December 31, 2019.
Over the past several months, discussions concerning the Master Plan and potential
redevelopment opportunities at Grove Campus have evolved. City staff believes it is in the
best interest of the community to allow the MIC to continue operating in Volwiler Hall while
those discussions continue. To this end, the City and MIC have mutually agreed in principle,
contingent upon City Council approval, to engage in an approximate 18-month extension of
the existing License Agreement.
Pursuant to the First Addendum, all other terms of the License Agreement would remain in
effect. Included in this packet are copies of the First Addendum and existing License
Agreement beginning on page 176.
PROJECT REVIEW/RECOMMENDATIONS:
Reviewed Date Comments
Property & Public Lands
Committee 10/10/2019 Reviewed and Approved
BUDGET/FISCAL IMPACT: The existing license rate is a fixed fee of $43,000 per year, or roughly
$3,583 per month. The proposed extension of the License Agreement would yield $64,494, of
revenue over the term period. Since the City did not budget any revenue beyond the
termination of the existing License Agreement, the City would see an additional $14,332 in
unbudgeted revenue for FY2020.
COUNCIL ACTION: If determined to be appropriate by the City Council, grant final approval
of a First Addendum to an existing License Agreement between the City of Lake Forest and
the Music Institute of Chicago to occupy a portion of Volwiler Hall, located at 40 E. Old Mill
Road.
5. Consideration of an Ordinance Approving a Recommendation from the Historic
Preservation Commission. (First Reading and if Desired by the City Council, Final
Approval)
STAFF CONTACT: Catherine Czerniak,
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Monday, November 18, 2019 City Council Agenda
Director of Community Development (810-3504)
The following recommendation from the Historic Preservation Commission is presented to the City
Council for consideration as part of the Omnibus Agenda.
680 N. Sheridan Road – The Historic Preservation Commission recommended approval of a
request for various exterior modifications, the addition of a small covered front porch,
removal of a larger existing front porch and alterations to the roof over an existing portion of
the house. A building scale variance is also recommended however, no increase in the foot
print of the existing house is proposed, only massing changes to the existing residence are
proposed. A letter in support of the petition was submitted by the Lake Forest Preservation
Foundation. (Approved 7 – 0)
The ordinance approving the petition, with key exhibits attached, is included in the Council’s
packet beginning on page 210. The Ordinance, with complete exhibits, is available for review in
the Community Development Department.
COUNCIL ACTION: If determined to be appropriate by the City Council, waive first reading
and grant final approval of the Ordinance approving the petition as recommended by the
Historic Preservation Commission.
COUNCIL ACTION: Approval of the five (5) Omnibus items as presented
6. ORDINANCES
7. NEW BUSINESS
8. ADDITIONAL ITEMS FOR DISCUSSION/ COMMENTS BY COUNCIL MEMBERS
1. EXECUTIVE SESSION pursuant to 5ILCS 120/2 (c) (11), The City Council will be
discussing threatened or pending litigation.
Adjournment into Executive Session
Reconvene into Regular Session
9. ADJOURNMENT
A copy of the Decision Making Parameters can be found beginning on page 11 of this
packet.
Office of the City Manager November 13, 2019
The City of Lake Forest is subject to the requirements of the Americans with Disabilities
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Monday, November 18, 2019 City Council Agenda
Act of 1990. Individuals with disabilities who plan to attend this meeting and who require
certain accommodations in order to allow them to observe and/or participate in this
meeting, or who have questions regarding the accessibility of the meeting or the facilities, are
required to contact City Manager Jason Wicha, at (847) 234-2600 promptly to allow the City
to make reasonable accommodations for those persons.
10
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THE CITY OF LAKE FOREST
DECISION-MAKING PARAMETERS FOR CITY COUNCIL,
AND APPOINTED BOARDS & COMMISSIONS
Adopted June 18, 2018
The City of Lake Forest Mission Statement:
"Be the best-managed, fiscally-responsible and appealing community and promote a community
spirit of trust, respect and citizen involvement. "
The Lake Forest City Council, with the advice and recommendations of its appointed advisory
Boards and Commissions, Lake Forest Citizens, and City Staff, is responsible for policy
formulation and approval. Implementation of adopted strategy, policy, budgets, and other
directives of Council is the responsibility of City Staff, led by the City Manager and Senior
Staff. The Mayor and Aldermen, and appointed members of Boards and Commissions should
address matters in a timely, deliberate, objective and process-driven manner, making decisions
guided by the City of Lake Forest Strategic and Comprehensive Plans, the City's Codes,
policies and procedures, and the following parameters:
. Motions and votes should comprise what is in the best long-term interests of all Lake
Forest citizens, measured in decades, being mindful of proven precedents and new
precedents that may be created.
. All points of view should be listened to and considered in making decisions with the
long-term benefit to Lake Forest's general public welfare being the highest priority.
. Fundmg decisions should support effectiveness and economy in providing services
and programs, while mindful of the number ofcidzens benefittmg from such
expenditures.
. New initiatives should be quantified, qualified, and evaluated for their long-tenn merit
and overall fiscal unpact and other consequences to the community.
. Decision makers should be proactive and timely in addressing sto-ategic planning
initiatives, external forces not under control of the City, and other opportunities and
challenges to the community.
Community trust in, and support of, government is fostered by maintaining the integrity of these
decision-making parameters.
The City of Lake Forest 's Decision-Making Parameters shall be reviewed by the City Council on an
annual basis and shall be included on all agendas of the City Council and Boards and Commissions.
11
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PROCLAMATION
National Children's Grief Awareness Day
WHEREAS, Rainbows for All Children has spent the past 36 years advocating for and working to
meet the need for community and support that children required when they are grieving a lost
or missing family member, and currently supports children 3-18 years of age in 32 states; and
WHEREAS, Children's Grief Awareness Day was created in 2008, and is observed the Thursday
before the Thanksgiving holiday to help children during a difficult holiday season; and
WHEREAS, Children's Grief Awareness Day is a day during which individuals and communities
recognize the unique issues that children face when they grieve a lost or missing family
member and where these children can be acknowledged and supported; and
WHEREAS, it is fitting and proper on Children's Grief Awareness Day and on every day to
recognize the vast number of children dealing with grief and loss in The City of Lake Forest;
NOW THEREFORE, I, George A. Pandaleon, on behalf of the City Council and community, do
hereby proclaim November 21, 2019, as Children's Grief Awareness Day in The City of Lake
Forest and encourage all citizens to recognize and support these at-risk youth in every way
possible
George A. Pandaleon, Mayor
12
Attachment 1
PROJECTED 2019 EQUALIZED ASSESSED VALUATION
Based on information from the County Clerk's Office
the projected Equalized Assessed Valuation (EAV) of property
in The City of Lake Forest for the tax year 2019 is as follows:
2018 EAV for The City of Lake Forest 2,531,126,514
Estimated average change to existing property -1.90%
2019 EAV for existing property 2,483,018,503
Total Estimated New Construction Growth for 2019 19,396,097$
Total Projected EAV for 2018 Tax Levy 2,502,414,600$
COMPUTATION OF MAXIMUM TAX EXTENSION FOR 2019 UNDER THE PROPERTY TAX
EXTENSION LIMITATION ACT
A.Tax Levy Extensions for the 2018 Tax Year (Excluding Debt 30,064,055$
Service, Special Rec and partial Fire Pension Tax Levy Extension)
B.Total Projected EAV for 2019 Tax Levy 2,502,414,600$
C.Total Estimated New Construction Growth for 2019 19,396,097$
D.CPI Increase for 2019 Levy 1.90%
Step 1 Numerator of Limiting Rate:30,064,055$ X 101.900%=30,635,272$
Step 2 Denominator of Limiting Rate:2,502,414,600$ -19,396,097 =2,483,018,503$
Step 3 Limiting Rate (Per $100 EAV):30,635,272$ /2,483,018,503 =0.01234$
Step 4 Maximum Tax Extension for 2019 Tax Year 2,502,414,600$ X 0.01234$ =30,874,579$
(Excluding Debt Service Tax Levy Extension):
Step 5 Added Tax Levy Extension Based on New =239,307$
Growth (Step 4 minus Step 1)
Aggregate Levy - Truth in Taxation Estimate:102.70%
Tax Cap 1.90%
TIF 0.00%
New Construction 0.80%
2.70%
ESTIMATING EQUALIZED ASSESSED VALUATION, TAX LEVY LIMITATIONS
AND NEW GROWTH PROJECTIONS FOR 2019
11/12/20199:48 PM taxlevy2019_draft
13
The City of Lake Forest
Tax Levy
2019
Attachment 2
FUND 2019 LEVY 2018 Extension $ CHANGE % CHANGE
General $14,133,961 13,870,423 263,538 1.90%
Pension Funds
IMRF/SS - Funded Ratio 86.2%1,246,492 1,223,250 23,242 1.90%
Police Pension - Funded Ratio 50.34%2,690,726 2,194,861 495,865 22.59%
Fire Pension - Funded Ratio 68.51%1,791,412 1,555,246 236,166 15.19%
Sub-Total Pension Funds 5,728,630 4,973,357 755,273 15.19%
Other Funds
Recreation and Parks 4,710,723 4,622,888 87,835 1.90%
Recreation and Parks-IMRF/SS 578,727 567,936 10,791 1.90%
Special Recreation 0
Capital Improvements (Cap Applies)1,538,000 1,730,225 (192,225)-11.11%
Recreation and Parks/Specific Purpose 125,000 125,000 0 0.00%
Library 3,834,208 3,762,716 71,492 1.90%
Library-sites 419,329 411,510 7,819 1.90%
Sub-Total Other Funds 11,205,987 11,220,275 (14,288)-0.13%
TOTAL LEVY UNDER TAX CAP 31,068,578 30,064,055 1,004,523 3.34%
Bond Funds (Cap Applies)
2010/2013 GO Bonds MS/CIP 1,393,963 1,147,307 246,656 21.50%Add Sequestration
2009 GO Bonds Western 282,495 278,195 4,300 1.55%
Extension Adjustment 16,550 (16,550)
2015 GO Bonds - CIP 225,363 227,613 (2,250)-0.99%
Sub-Total Bond Funds 1,901,821 1,669,665 232,156 13.90%
TOTAL TAX LEVY BEFORE
NEW GROWTH and ALLOWANCES 32,970,399 31,733,720 1,236,679 3.90%
Fire Pension PA 93-0689 103,759 91,348 12,411 13.59%
Special Recreation 483,856 474,834 9,022 1.90%
Plus New Growth 239,307 239,307 N/A
GRAND TOTAL TAX LEVY 33,797,321 32,299,902 1,497,419 4.64%
Ord 2013-70 Debt/Capital Cap 3,439,821 3,399,890 39,931 1.17%Cap $3,525,580
Aggregate Levy (Truth in Taxation)31,895,500 30,630,237 1,265,263 4.13%Public hearing if
increase >5.0%
DISTRIBUTION OF GROWTH
General Fund Levy -209,774$
Library Levy -29,533
TOTAL NEW GROWTH 239,307$
Public Safety
pension fee
11/12/20199:48 PM taxlevy2019_draft
14
The City of Lake Forest
Tax Levy
2019Attachment 3
FUND 2019 LEVY 2018 Extension $ CHANGE % CHANGE
General $14,343,735 13,870,423 473,312 3.41%
Pension Funds
IMRF/SS 1,246,492 1,223,250 23,242 1.90%
Police Pension 2,690,726 2,194,861 495,865 22.59%
Fire Pension 1,895,171 1,646,594 248,577 15.10%
Sub-Total Pension Funds 5,832,389 5,064,705 767,684 15.16%
Agency Funds
Recreation and Parks 4,710,723 4,622,888 87,835 1.90%
Recreation and Parks-IMRF/SS 578,727 567,936 10,791 1.90%
Recreation and Parks-Specific Purpose 125,000 125,000 0
Special Recreation 483,856 474,834 9,022 1.90%
Capital Improvements 1,538,000 1,730,225 (192,225)
Library 3,863,741 3,762,716 101,025 2.68%
Library-sites 419,329 411,510 7,819 1.90%
Sub-Total Agency Funds 11,719,376 11,695,109 24,267 0.21%
31,895,500 30,630,237 1,265,263 4.13%
Bond Funds
2010 GO Bonds MS/CIP 1,393,963 1,147,307 246,656 21.50%
2009 GO Bonds Western 282,495 278,195 4,300 1.55%
Extension Adjustment 16,550 (16,550)
2015 GO Bonds - CIP 225,363 227,613 (2,250)
Sub-Total Bond Funds 1,901,821 1,669,665 232,156 13.90%
GRAND TOTAL TAX LEVY 33,797,321 32,299,902 1,497,419 4.64%
11/12/20199:48 PM taxlevy2019_draft
15
The City of Lake Forest
Tax Levy
2019
Explanation of Homeowner Increase
Attachment 4
2019 LEVY 2018 Extension $ CHANGE % CHANGE
Levy before growth and exclusions 31,068,578$ 30,064,055$ 1,004,523$ 3.34%
Plus growth and exclusions 826,922 566,182 260,740$
TOTAL LEVY UNDER TAX CAP 31,895,500$ 30,630,237$ 1,265,263$ 4.13%
Bond Funds 1,901,821 1,669,665 232,156$ 13.90%
TOTAL TAX LEVY 33,797,321$ 32,299,902$ 1,497,419$ 4.64%
Increase excl new growth/exclusions 32,970,399 31,733,720 3.90%
2019 2018
Forecast Actual
City Equalized Assessed Value ( EAV)2,502,414,600 2,531,126,514
1/3 market value
City Levy 33,797,321 32,299,902
Tax Rate 1.3506 1.2761 levy divided by EAV X 100
Average Home Market Value 784,795$ 800,000$
EAV 261,598 266,667
EAV X Tax Rate/100 3,533$ 3,403$ 130$ 3.82%
This is the impact projected on an average existing home.
This represents 21% (City) and 3% (Library) of the entire tax bill.
(Impacts on individual properties may differ.)
11/12/20199:48 PM taxlevy2019_draft
16
TAX LEVY 2019-2020
AN ORDINANCE PROVIDING FOR THE LEVY OF TAXES FOR ALL CORPORATE PURPOSES AND FOR
THE PUBLIC SCHOOLS OF THE CITY OF LAKE FOREST, COUNTY OF LAKE AND STATE OF ILLINOIS,
FOR THE FISCAL YEAR COMMENCING MAY 1, 2019 AND ENDING APRIL 30, 2020,
WHEREAS, because of legal requirements relating to pension funding, the City is required to
increase its annual levy to responsibly meet these obligations; and
WHEREAS, because of uncertainties relating to actual and potential Statewide legislation
affecting revenue and tax issues for all municipalities, the City is unable to plan with any levy of
predictability, which creates a bona fide embergency beyond the City's control for purposes
of fiscal planning; and
WHEREAS, due to these legal requirements and bona fide emergency, the City is required to
increase its annual tax levy at levels exceeding the levels set forth in the "tax cap" law,
BE IT ENACTED BY THE CITY COUNCIL OF THE CITY OF LAKE FOREST, COUNTY OF LAKE AND
STATE OF ILLINOIS:
SECTION 1: That the Annual Appropriation Bill, an ordinance making appropriation for the corporate
purposes of The City of Lake Forest and the objects and purposes stated therein according to the departments,
and other separate agencies, and for the Public Schools of The City of Lake Forest, County of Lake and
State of Illinois, for the fiscal year commencing May 1, 2019 and ending April 30, 2020 was duly passed
the 15th of July, 2019 and thereafter published in pamphlet form as provided by law, which ordinance by
reference thereto is hereby made a part of hereof.
SECTION 2: That the sum of thirty-one million, eight hundred ninty-five thousand, five hundred
dollars ($31,895,500) having heretofore legally appropriated for all corporate purposes of The City of Lake
Forest and for the Public Schools of The City of Lake Forest, County of Lake and State of Illinois, to be
collected from the taxes levied for the fiscal year commencing May 1, 2019 and ending April 30, 2020 be
and same hereby is levied against all property subject to taxation with The City of Lake Forest as the same
is assessed and equalized for State and County purposes for the said fiscal year.
That the purposes for which the said amount of thirty-one million, eight hundred ninty-five thousand,
five hundred dollars ($31,895,500) hereto appropriated and hereby levied, respectively are
as follows, to wit:
GENERAL FUND Tax Levy
Appropriation 2019-2020
General Government
Salaries and Benefits 2,545,945$ 1,644,710$
Supplies/Other Services and Charges 5,225,290 3,375,597$
Contingency - to meet expenses of emergencies
and optional expenses not otherwise provided for 3,582,652 -
TOTAL GENERAL GOVERNMENT 11,353,887$ 5,020,307$
Legal
Contractual Services 450,000$ 286,875$
TOTAL LAW 450,000$ 286,875$
First Reading - 11/18/19 CC 17
Tax Levy
Appropriation 2019-2020
Community Development
Salaries and Benefits 1,567,651$ -$
Supplies/Other Services and Charges 241,328 -
Capital Equipment - -
-
TOTAL COMMUNITY DEVELOPMENT 1,808,979$ -$
Public Works Administration
Salaries and Benefits 382,346$ 347,762
Supplies/Other Services and Charges 90,759 82,550
-
TOTAL PUBLIC WORKS ADMINISTRATION 473,105$ 430,312$
Public Buildings
Building Maintenance Administration
Salaries and Benefits 796,657$ 342,096
Supplies/Other Services and Charges 873,495 375,091
TOTAL PUBLIC BUILDINGS 1,670,152$ 717,187$
Streets
Salaries and Benefits 973,064$ -$
Supplies/ Other Service and Charges 700,593 -
TOTAL STREETS 1,673,657$ -$
Sanitation
Salaries and Benefits 1,223,391$ 759,596$
Supplies/ Other Service and Charges 1,086,786 674,778
TOTAL SANITATION 2,310,177$ 1,434,374$
Storm Sewers
Salaries and Benefits 129,913$ 115,325$
Supplies/ Other Service and Charges 31,668 28,112
TOTAL STORM SEWERS 161,581$ 143,437$
Engineering
Salaries and Benefits 528,014$ 168,634$
Supplies/ Other Service and Charges 370,229 118,241
TOTAL ENGINEERING 898,243$ 286,875$
Fire
Fire Administration
Salaries and Benefits 4,738,159$ 2,357,270
Supplies/ Other Service and Charges 317,141 157,780
Capital Equipment - -
Sub-Total 5,055,300$ 2,515,050$
First Reading - 11/18/19 CC 18
Tax Levy
Appropriation 2019-2020
Emergency Medical Services
Supplies/ Other Service and Charges 28,813$ 14,335
Sub-Total 28,813$ 14,335$
Fire Suppression
Supplies/ Other Service and Charges 105,500$ 52,487
Sub-Total 105,500$ 52,487$
TOTAL FIRE 5,189,613$ 2,581,872$
Police
Salaries and Benefits 6,327,291$ 2,907,636$
Supplies/ Other Service and Charges 1,163,906 534,860
TOTAL POLICE 7,491,197$ 3,442,496$
TOTAL AMOUNT APPROPRIATED FROM GENERAL FUND 33,480,591$ 14,343,735$
Less: Total amount appropriated from other sources 19,136,856
other than Tax Levy
Sub-Total 14,343,735
TOTAL AMOUNT TO BE RAISED BY TAX LEVY FOR
GENERAL FUND 14,343,735$
ILLINOIS MUNICIPAL RETIREMENT AND SOCIAL SECURITY
For ILLINOIS MUNICIPAL RETIREMENT and SOCIAL SECURITY
(Excludes Water and Sewer Department, Fleet, Deerpath Golf Course,
Cemetery Commission and School District 67)
General Fund - IMRF 884,120$ 623,246$
General Fund - Social Security 671,917 623,246
Parks and Recreation Fund - IMRF 363,254 289,364
Parks and Recreation Fund - Social Security 340,403 289,363
-
TOTAL AMOUNT APPROPRIATED FROM ILLINOIS 2,259,694$ 1,825,219$
MUNICIPAL RETIREMENT AND SOCIAL SECURITY
Less: Total amount appropriated from other sources 434,475
other than Tax Levy
Sub-Total 1,825,219
TOTAL AMOUNT TO BE RAISED BY TAX LEVY FOR
ILLINOIS MUNICIPAL RETIREMENT AND SOCIAL SECURITY 1,825,219$
First Reading - 11/18/19 CC 19
Tax Levy
Appropriation 2019-2020
FIREFIGHTERS'S PENSION FUND
Other Services and Charges 2,761,271$ 1,791,412$
Contingency to meet expenses for emergencies and expenses
not otherwise provided for 286,503 -
TOTAL AMOUNT APPROPRIATED FOR PAYMENT
TO THE FIREFIGHTERS'S PENSION FUND 3,047,774$ 1,791,412$
Less: Total amount appropriated from other sources
other than Tax Levy 1,256,362
Sub-Total 1,791,412
TOTAL AMOUNT TO BE RAISED BY TAX LEVY FOR
THE FIREFIGHTERS'S PENSION FUND 1,791,412$
Other Services and Charges 103,759$ 103,759$
TOTAL AMOUNT TO BE RAISED BY TAX LEVY FOR
THE FIREFIGHTERS'S PENSION FUND LAW PA 93-0869 103,759$ 103,759$
POLICE PENSION FUND
Other Services and Charges 3,330,030$ 2,690,726$
Contingency to meet expenses for emergencies and expenses
not otherwise provided for 333,003 -
TOTAL AMOUNT APPROPRIATED FOR PAYMENT
TO THE POLICE PENSION FUND 3,663,033$ 2,690,726$
Less: Total amount appropriated from other sources 972,307
other than Tax Levy
Sub-Total 2,690,726
TOTAL AMOUNT TO BE RAISED BY TAX LEVY FOR
THE POLICE PENSION FUND 2,690,726$
PARKS AND RECREATION FUND
Parks and Forestry
Administration
Salaries and Benefits 2,256,824$ 2,013,219$
Supplies/ Other Service and Charges 628,132 560,331
Capital Equipment 255,000 227,475
Sub-Total 3,139,956$ 2,801,025$
Grounds Maintenance
Supplies/ Other Service and Charges 312,500$ 278,768$
Sub-Total 312,500$ 278,768$
First Reading - 11/18/19 CC 20
Tax Levy
Appropriation 2019-2020
Athletic Field Plg/Tennis
Supplies/ Other Service and Charges 72,500$ 64,674$
Sub-Total 72,500$ 64,674$
Lake Front Facilities
Supplies/ Other Service and Charges 27,500$ 24,532$
Sub-Total 27,500$ 24,532$
Tree Trimming
Supplies/ Other Service and Charges 41,250$ 36,797$
Sub-Total 41,250$ 36,797$
Tree Removal
Supplies/ Other Service and Charges 18,500$ 16,503$
Sub-Total 18,500$ 16,503$
Insect & Disease
Supplies/ Other Service and Charges 19,000$ 16,949$
Sub-Total 19,000$ 16,949$
Tree & Shrub Planting/Care
Supplies/ Other Service and Charges 12,500$ 11,151$
Sub-Total 12,500$ 11,151$
TOTAL PARKS AND FORESTRY SECTION 3,643,706$ 3,250,399$
Recreation
Recreation Programs
Salaries and Benefits 3,052,670$ 886,542$
Supplies/ Other Service and Charges 1,720,729 499,726$
Capital Equipment - -$
Sub-Total 4,773,399$ 1,386,268$
Parks Equipment Reserve 255,000 74,056$
Recreation and Parks Specfic Purpose 125,000 125,000$
Contingency to meet expenses of emergencies and expenses
not otherwise provided for 950,076 -
TOTAL RECREATION SECTION 6,103,475$ 1,585,324$
TOTAL AMOUNT APPROPRIATED FROM THE PARKS AND 9,747,181
RECREATION FUND
Less: Total amount appropriated from other sources 8,161,857
other than Tax Levy
Sub-Total 4,835,723
TOTAL AMOUNT TO BE RAISED BY TAX LEVY FOR
THE PARKS AND RECREATION FUND 4,835,723$
First Reading - 11/18/19 CC 21
Tax Levy
Appropriation 2019-2020
Special Recreation
Salaries and Benefits 43,409$ 42,023$
Supplies/Other Services and Charges 286,024 276,890
Capital Improvements 170,384 164,943
Contingency to meet expenses of emergencies and
operational expenses not otherwise provided for 49,982 -
TOTAL AMOUNT TO BE RAISED BY TAX LEVY FOR
SPECIAL RECREATION 549,799$ 483,856$
Capital Improvements Fund
Supplies/Other Services and Charges 6,555
Capital Equipment 481,000
Capital Improvements 8,803,806 1,538,000
Contingency to meet expenses of emergencies and capital
improvements not otherwise provided for 929,136
TOTAL AMOUNT TO BE RAISED BY TAX LEVY FOR
CAPITAL IMPROVEMENTS 10,220,497$ 1,538,000$
PUBLIC LIBRARY FUND
Library Services
Salaries and Benefits 2,339,159$ 2,338,867$
Supplies/Other Services and Charges 1,286,355 1,286,194
Contingency to meet expenses of emergencies and
operational expenses not otherwise provided for 162,335 -
Total Lake Forest Public Library - General 3,787,849$ 3,625,061$
Less: Total amount appropriated from other sources 162,788
other than Tax Levy
Sub-Total 3,625,061
TOTAL AMOUNT TO BE RAISED BY TAX LEVY FOR
THE LAKE FOREST PUBLIC LIBRARY - GENERAL 3,625,061$
Social Security and IMRF
Social Security 145,659$ 119,340$
Illinois Municipal Retirement Fund (IMRF)189,170 119,340
Total Lake Forest Public Library - Social Security and IMRF 334,829$ 238,680$
Less: Total amount appropriated from other sources 96,149
other than Tax Levy
Sub-Total 238,680
TOTAL AMOUNT TO BE RAISED BY TAX LEVY FOR
THE LAKE FOREST PUBLIC LIBRARY - SOCIAL SECURITY AND IMRF 238,680$
First Reading - 11/18/19 CC 22
Tax Levy
Appropriation 2019-2020
Library Building
Salaries and Benefits 159,209$ 101,924$
Supplies/Other Services and Charges 245,800 157,358
Sub-Total 405,009$ 259,282
Capital Equipment 125,000$ 80,024$
Capital Improvements 125,000 80,024
Sub-Total 250,000$ 160,047$
Total Lake Forest Public Library
Building Maintenance and Repair (Sites and Building)655,009$ 419,329$
Less: Total amount appropriated from other sources than Tax Levy 235,680
Sub-Total 419,329
TOTAL AMOUNT TO BE RAISED BY TAX LEVY FOR
THE LAKE FOREST LIBRARY - BUILDING MAINTENANCE AND REPAIR 419,329$
Public Schools THE CITY OF LAKE FOREST
School District No. 67**
From the Educational Fund 29,984,361$ -$
From the Operations, Building and Maintenance Fund 4,407,512 -
From the Capital Projects Fund 2,594,228 -
From the Illinois Municipal Retirement Fund 391,420 -
From the Social Security Fund 391,419 -
From the Transportation Fund 1,028,090 -
TOTAL AMOUNT APPROPRIATED FOR PUBLIC SCHOOLS
OF THE CITY OF LAKE FOREST (School District No. 67)38,797,030$ -$
TOTAL AMOUNT TO BE RAISED BY TAX LEVY FOR
PUBLIC SCHOOLS OF THE CITY OF LAKE FOREST (School District 67)-$
Tax Levy
Summary of the Amounts Appropriated From the Several Funds Appropriation 2019-2020
General 33,480,591$ 14,343,735$
Illinois Municipal Retirement Fund (IMRF)1,247,374 912,610
Social Security 1,012,320 912,609
Firefighters's Pension 3,047,774 1,791,412
Firefighters's Pension law PA 93-0869 103,759 103,759
Police Pension 3,663,033 2,690,726
Sub-Total 42,554,851$ 20,754,851$
Parks and Recreation 9,747,181$ 4,835,723$
Special Recreation 549,799 483,856
Capital Improvements 10,220,497 1,538,000
Public Library 3,787,849 3,625,061
Public Library - Social Security 145,659 119,340
Public Library - IMRF 189,170 119,340
Public Library - Sites and Building 655,009 419,329
Sub-Total 25,295,164$ 11,140,649$
First Reading - 11/18/19 CC 23
Tax Levy
Appropriation 2019-2020
The City of Lake Forest School District No. 67 ***
Educational 29,984,361$ -$
Operations, Building and Maintenance 4,407,512$ -$
Capital Projects Fund 2,594,228$ -$
Illinois Municipal Retirement Fund 391,420$ -$
Social Security 391,419$ -$
Transportation 1,028,090$ -$
Sub-Total 38,797,030$ -$
GRAND TOTAL 106,647,045$ 31,895,500$
*** The City of Lake Forest School District No. 67
will be holding a special meeting and these
tax levy numbers could change.
Section 3: Severability. If any provision of this Ordinance is declared unconstitutional, invalid, or
otherwise unenforceable by a court of competent jurisdiction, then that provision shall be deemed severed
from this Ordinance and the remainder of this Ordinance shall remain in full force and effect.
Section 4: The City Clerk of The City of Lake Forest is hereby directed to file a certified copy of this
ordinance with the County Clerk of Lake County in the State of Illinois as required by law.
Section 5: This ordinance shall be in force and effect ten (10) days after its passage, approval and publication.
PASSED THIS ____ day of ________________, 2019
____________________________________________
City Clerk
APPROVED THIS ____ day of ________________, 2019
_____________________________________________
Mayor
ATTEST:
______________________________________
City Clerk
That this ordinance be published in pamphlet form and be made available to the
public at the City Hall service counter.
First Reading - 11/18/19 CC 24
THE CITY OF LAKE FOREST
ORDINANCE NO. 2019-_________
AN ORDINANCE APPROVING A
FEE SCHEDULE FOR THE CITY OF LAKE FOREST
WHEREAS, The City has established various fees and charges as part of its
codes, ordinances, rules, regulations, and policies, which fees and charges are
reviewed from time-to-time; and
WHEREAS, the City Council has reviewed such fees and charges, and
hereby determines that it is necessary to adjust certain existing fees and charges,
and/or to establish formally other fees and charges; and
WHEREAS, the City Council has determined that it is in the best interests
of the City and its residents to adopt this Ordinance;
NOW, THEREFORE, BE IT ORDAINED BY THE MAYOR AND CITY
COUNCIL OF THE CITY OF LAKE FOREST, COUNTY OF LAKE, STATE
OF ILLINOIS, as follows:
SECTION ONE: Recitals. The foregoing recitals are incorporated as the
findings of the City Council and are hereby incorporated into and made a part of
this Ordinance.
SECTION TWO: Approval of Fee Schedule. The City Council hereby
approves the fee schedule set forth in Exhibit A (“Fee Schedule”). To the extent
any provision of any code, ordinance, regulation, rule, or policy of the City is
25
2
contrary to the Fee Schedule, such provision is hereby deemed amended so that the
Fee Schedule shall control. Any fee or charge not otherwise listed on the Fee
Schedule shall remain unchanged and in full force and effect.
SECTION THREE: Effective Date of Fee Schedule. The fees and
charges set forth on the Fee Schedule shall take effect as of the date noted on the
Fee Schedule.
SECTION FOUR: Effective Date. This Ordinance shall be in full force
and effect upon its passage, approval, and publication in pamphlet form in the
manner provided by law.
Passed this ____ day of _________________________, 2019
AYES:
NAYS:
ABSENT:
ABSTAIN:
Approved this __ day of _________________________, 2019
_____________________________
Mayor
ATTEST:
_______________________________
City Clerk
26
3
Exhibit A
Schedule of Fees and Charges
27
Add prior approved fees
New Fee PROPOSED
Change to fee FY2021
FEE Amount $$
(n/c if %Projected
City Code Section Fund FY2020 blank)CHANGE Revenue
1. Public Works
Water Utility Fees/Charges
Turn Off Water Fee 51.064 Water 75
Turn Off Water Fee After Hours 51.064 Water 100
Turn On Water Fee 51.064 Water 75
Turn On Water Fee After Hours 51.064 Water 100
Water Main Taps:Water
1 Inch 51.030(b)Water 500
1-1/2 Inch 51.030(b)Water 1,000
2 Inch 51.030(b)Water 1,300
3,4,6 and 8 inch taps 51.030(b)Water 900
Water Meter Fees:Water
3/4 Inch 51.045(e)Water 470
1 Inch 51.045(e)Water 540
1-1/2 Inch 51.045(e)Water 910
2 Inch 51.045(e)Water 1,165
3 inch 51.045(e)Water 2,615
4 inch 51.045(e)Water 3,950
6 inch 51.045(e)Water 6,840
Water Meter Contractor Bond 51.015 Water 1,500 0
Plant Investment Fee - SF 52.15 Water 2,900
Multi-Family Dwelling - new structure 52.15 Water 2,652
Residential pools, sprinkler systems 52.15 Water 459
Nonresidential buildings - new structures and additions 52.15 Water 1.02/sq ft of entire
Water interior area of the building
Institutional buildings - new structure and additions 52.15 Water .94/sq ft of entire
only if eligible for fed and state tax exempt status Water interior area of the building
General Fees
Sticker for Leaf/Grass Bags 50.016 General 1.00 per sticker
Sanitation
Special Pickup 50.039 ( c)General $ 40 per cubic yard
White Goods 50.015 General 65
White Goods W/CFC 50.015 General 90
Monthly refuse collection fee 50.021 General 12.00 Per Month
55 Gallon Recycle Cart/Fee for extra cart only General 75
Exhibit A
11/18/19 City Council - First Reading 1 of 19 28
Add prior approved fees
New Fee PROPOSED
Change to fee FY2021
FEE Amount $$
(n/c if %Projected
City Code Section Fund FY2020 blank)CHANGE Revenue
Licenses
Scavengers - collects and disposes of multi-family and 50.055 1,500 per company
commercial waste
Scavengers - collects and disposes of residential and 50.055 750 per company
commercial roll -offs
Scavengers - collection and cleaning of portable toilets 50.055 200 per company
2. Community Development
Water Utility Fees/Charges
Water Service Inspection Fee N/A Water 50
Home Inspection Fee 51.065 Water 150
Home Inspection Fee - Re-Inspection 51.065 Water 50
Home Inspection Waiver 51.065 Water 25
General Fees
Zoning Analysis 159.052 General 100
Building & Development Fees:
Service Contracts:
Lake Bluff N/A General Per Agreement
Bannockburn N/A General $5,000 min.
N/A & 50% over that
Plan Review :
Remodeling up to $12,000 150.145 General 55
$12,001 to $48,000 Remodeling 150.145 General 82
$48,001 - $120,000 Remodeling 150.145 General 138
over $120,000 Remodeling 150.145 General 230
Additional fee for plan reviews that require more than 2 hours 150.145 General $55 per additional hour
New Construction - SFD 150.145 General 400
New Construction - 2FD 150.145 General 230/unit
New Const. - Com. & Multi. Fam.150.145 $572+$50/
3 or more units 150.145 1,000 Sq. Ft.
Plan Re-Submittal Fee 150.145 General $ 140 per re-submittal
Alterations to Approved Plans 150.145 General $ 140 + $55 per hour fee
for reviews
requiring more than 2 hours
11/18/19 City Council - First Reading 2 of 19 29
Add prior approved fees
New Fee PROPOSED
Change to fee FY2021
FEE Amount $$
(n/c if %Projected
City Code Section Fund FY2020 blank)CHANGE Revenue
Building Scale Calculation Fees
Single Family residence - first review N/A General 400
with completed Building Scale worksheet/detailed plans N/A General 200
Two-family dwelling N/A General $ 189 per unit
with completed Building Scale worksheet/detailed plans N/A General 120
Additional reviews (for revised plans)N/A General 102
On-site inspection for an existing dwelling N/A General 102
Office meeting to discuss for building scale calculation N/A General 50
Building Scale Waiver Request N/A General 100
Building Review Board Fees
Signs/Awnings/Landscaping/
Lighting/Fences N/A General 75
Two or more of above N/A General 125
Storefront Alterations N/A General 100
New Commercial building, school, hospital or multi-family building N/A General 700
per building
Alterations or major additions to commercial buildings, schools, N/A General 323
hospitals or multi-family buildings - per building
New multi-building projects - per building N/A General 850 + 175 for more than
4 buildings (per building)
Satellite Dish N/A General 100 0 100.00%
Changes to approved building materials N/A General 60
Demolition with replacement structure N/A General 2,230
Demolition partial and replacement addition N/A General 1,310
Demolition w/o Replacement Structure N/A General 1,310
New Residence on Vacant Property (building scale fee also)155.07 General 1,050
Additions & Alterations to Existing Residence (building scale fee also)155.07 General 500
Replacement/new single family home/duplex structure N/A General 1,310
Variance from Building Scale Ordinance N/A General 367
Revisions to Approved Plans N/A General 225
Historic Preservation Commission Fees
Demolition (complete) and replacement structure 155.07 General 2,450
Demolition (partial) and replacement structure 155.07 General 1,529
Removal of less than 50%155.07
Replacement Structure, prior demolition N/A General 1,310
Demolition w/o Replacement Structure N/A General 1441
Changes to approved building materials 39.140 General 60
New Residence on Vacant Property (building scale fee also)155.07 General 1,050
Additions & Alterations to Existing Residence (building scale fee also)155.07 General 500
Revisions to Approved Plans 155.07 General 225
Variance from Building Scale Ordinance 155.07 General 367
11/18/19 City Council - First Reading 3 of 19 30
Add prior approved fees
New Fee PROPOSED
Change to fee FY2021
FEE Amount $$
(n/c if %Projected
City Code Section Fund FY2020 blank)CHANGE Revenue
Rescission of local landmark designation, amendment of 155.07
local landmark designation or historic map amendment 155.07 General 2,500
Signs/Awnings/Landscaping/
Lighting/Fences N/A General 75
Two or more of above N/A General 125
Storefront Alterations N/A General 100
New Commercial building, school, hospital or multi-family building N/A General 700
per building
Alterations or major additions to commercial buildings, schools, N/A General 323
hospitals or multi-family buildings - per building
New multi-building projects - per building N/A General 850 + 175 for more than
4 buildings (per building)
Revisions to Approved Plans 39.140 General 225
Project Fees
Red Tag , per violation, per day 150.005 General 300
Stop Work Order 150.005 General 750
Street Obstruction - first 30 lineal fee of public right-of-way 150.005 General 100
Re-Inspection all permits (failed/no show)150.005 General 175
Additional Inspections 150.005 General 50
Off Hour Inspections 150.005 General
$50 administration fee plus per hour cost of
inspector
Tree fencing inspection fee N/A 135
Recording of Right-of-Way agreement 150.145 General 70 (up to 4 pages, $5 each addl page)
for sprinkler system
Construction Trailer Permit (Commercial Construction Sites only)150.145 General $100 per month
Tree removal without permit 999.999 General $750 per inch
Vegetation removal in protected area 999.999 General $750 per violation
Recording of Plat of Subdivision General $75 plus Lake County Fee 100.00%150
Const. Codes Comm. Fees:
Variances from Construction Code 150.110 General 250
Administrative Appeals 150.110 General 150
Material/Product Evaluation 150.110 General 350.00
Demolition Tax 150.110 Cap Imp/12,000
Afford Housing
Zoning Board of Appeals
Variations from Zoning Code 159.02 General 287
Administrative Appeals 159.02 General 150
Special Use Permit - Existing Developments 159.02 General 755
Legal Ad Publication (as required)159.02 General 65
11/18/19 City Council - First Reading 4 of 19 31
Add prior approved fees
New Fee PROPOSED
Change to fee FY2021
FEE Amount $$
(n/c if %Projected
City Code Section Fund FY2020 blank)CHANGE Revenue
Plan Commission
Minor Subdivisions-Tentative Approval 2,3 or 4 lots 156.026(a)(3)General 2,184
payable at time of application
Minor Subdivisions-Final Approval 156.026(a)(3)General 250+35/lot plus
156.026(a)(3)engineering and recording fees
Major Subdivisions-Tentative Approval 5 or more lots 156.026(a)(3)General $3,822+35 for each
156.026(a)(3)General lot over 5
Major Subdivisions-Final approval paid prior to recording of plat 156.026(a)(3)General $400+35/
156.026(a)(3)General plus $5/lot
156.026(a)(3)General over 10; +
156.026(a)(3)engineering and recording fees
Planned Preservation Subd Special Use Permit plus minor/major subd fee 156.026(a)(3)General 2,500
Zoning Change 156.026(a)(3)General 3,328
Filing fee for all other developments 156.026(a)(3)General 788
Code Amendment 156.026(a)(3)General 3,328
Extension of Tentative Subdivision Plat Approval 156.026(a)(3)General 150
Administrative Property Line shift 156.026(a)(3)General 250
Legal Ad Publication (as required)156.026(a)(3)General 65
Special Use Permit 156.026(a)(3)General 1,035
Special Use Permit - Restaurant within 150' of Residential 156.026(a)(3)General 600
Permits
Building Permits repair and maintenance under $6,000 150.145 General 40
Building Permits - $100,000 or less 150.145 General 1.5% of total construction
150.145 General (50 min)
Building Permits - over $100,000
$100,001 - $200,000 150.145 General 2% of total construction
$200,001 - $500,000 150.145 General
$4,000 + 1% of total cc in excess of
$200,000
$500,001 and above 150.145 General
$7,000 + .5% of total cc in excess of
$500,000
Underground storage tank removal General
(single family and duplex)150.145 $150 per tank
All other properties 150.145 General $250 per tank
Hot work 150.145 General 100
Permit Extensions 150.145 General
$150 administration fee plus 20% of
the original
150.145 permit fee - 6 month extension
Sign 150.145 General 1.5% construction cost
150.145 General 50 min
Administration Demolition Approval - Life Safety/Nuisance 150.145 General 500
11/18/19 City Council - First Reading 5 of 19 32
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New Fee PROPOSED
Change to fee FY2021
FEE Amount $$
(n/c if %Projected
City Code Section Fund FY2020 blank)CHANGE Revenue
Driveway Permits:
Driveway Resurfacing Permit (not required for sealcoating)150.145 General 50
Driveway Bond 150.485 General 250
Satellite Permit 150.145 General 100
Satellite dish 150.145 General 1.5% of cost, 50 min
Plumbing /Electric/HVAC
Irrigation Systems 150.145 General 2.00 per head
150.145 General $ 60 min
Plumbing - base charge 150.145 General 60+$5.50/fix.
Sanitary Sewer 150.145 General $50 min + 1.00/ft over 50 ft
Storm Sewer 150.145 General $50 min + 1.00/ft over 50 ft
Street Opening 98.056 50.00
Electrical 150.145 General
$100, plus $1 per unit beyond 100
total units
Electrical Service 150.145 General 75
Electric - motors 150.145 General $75 + .50 per horsepower
HVAC
Residential - New or replacement
1 or 2 units 150.145 General 52
Each additional unit 150.145 General 45
Duct work 150.145 General 52
Commercial New 150.145 General $52 per 1,500
150.145 General sq ft of floor area
Commercial - replacement of existing units 150.145 General same as residential
Purchase of Parking
Space per Zoning Code 150.145 General to be set by City Council at the time
150.145 of approval based on market costs
Elevators
Elevator Inspection Fee 150.145 General Variable
Elevator Permits - New elevators 150.145 General 65
Vending Licenses
Health -Restaurant (20 or Less)113.03(d)(1)General 250
Health - Restaurant (21-99)113.03(d)(2)General 350
Health - Restaurant (100 + Seats)113.03(d)(3)General 600
Health - Itinerant Restaurant 113.03(d)(4)General 250
Health - Food Store 113.21(d)General 100.00
Health - Limited Food Store (selling candy)113.21(d)General 50.00
Food Vendor (delivery)113.21(d)General $150/Veh.
Milk Vendor (delivery)113.21(d)General $100/Veh.
Health - Milk Store 113.21(d)General 100
11/18/19 City Council - First Reading 6 of 19 33
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New Fee PROPOSED
Change to fee FY2021
FEE Amount $$
(n/c if %Projected
City Code Section Fund FY2020 blank)CHANGE Revenue
Ice Vending Machine per machine 95.061 General 110
Food Vending Machine per machine 113.21(d)General 55
Candy Vending Machine per machine 113.21(d)General 55
Pop/Soft drink Vending Machine per machine 113.21(d)General 55
Milk Vending Machine per machine 113.21(d)General 55
Tobacco vending machine per machine 135.136 General 50
Tobacco vending machine per machine 110.104 General 55
Amusement Machine per machine 110.104 General 110
HVAC Contractor 150.145 General 60
Electrical Contractor 150.145 General 60
Juke Box 110.083 General 25
Pool Table 112.095(b)(1)General 25
DVD Vending Machine License 110.005 General 110
Tree and Vegetation Removal
Application Review Fee 99 General $40
Removal of Heritage Tree 99 General $ 40 per tree
Removal of tree 10" DBH or larger within the streetscape preservation 99 General $ 40 per tree
area, the front yard or the corner side yard 99
Removal of trees or vegetation from a Conservation Easement 99 General $ 35 per 1 1/2 acre site
Removal of trees from a Tree Preservation or No Disturbance area 99 General $ 40 per tree
Removal of trees or shrubs from any ravine or bluff 99 General $ 40 per 1 1/2 acre site
Removal of trees or shrubs from a public right of way 99 General $ 40 per 1 1/2 acre site
or other public property 99
Ash tree removals, dead or hazardous trees 99 General No Fee
Bonds
Permit Renewal - for projects with estimated construction 150.145 General 19% of permit fee
costs of $200,000 or less refundable upon completion
of project within one year
Permit Renewal - for projects with estimated construction 150.145 General 21% of permit fee
costs of more than $200,000 refundable upon completion
of project within 18 months
Street Opening Bond 98.058 General 500
Public Sanitary/Storm Sewer or Water Main Bond General 500 100.00%0
New Curb Cut and Temporary Curb Crossing General 500 100.00%0
Fire Protection Fees:
Life Safety Plan Review Fee - New Constr/Addition 150.145 General $ 500 min or .05 s.f.
includes all floors
Life Safety Plan Review Fee - Remodel/Alteration 150.145 General $ 60 min or .05 sf
includes all areas
11/18/19 City Council - First Reading 7 of 19 34
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New Fee PROPOSED
Change to fee FY2021
FEE Amount $$
(n/c if %Projected
City Code Section Fund FY2020 blank)CHANGE Revenue
Fire Suppression Systems (Plan review and 2 inspections)
Single Family/Duplex Residential
New 150.145 General $120 or .05 per s.f whichever is greater
Addition/Alteration 150.145 General $60 or .05 per s.f for scope of work area
150.145 whichever is greater
Commercial/Multi Family
New 150.145 General $500 or .05 per s.f. whichever is greater
Addition/Alteration 150.145 General
$250 or .05 s.f. for scope of work area
whichever is greater
Specialized Suppression (FM 200, clean agent)150.145 General
$150 per system ( in addition to above fees for
the overall system)
Stand pipe riser 150.145 General 100
Hood and Duct Extinguishing System - New 150.145 General $300 per system
Hood and Duct Extinguishing System - Alteration 150.145 General $100 per system
Fire Alarms
Single Family/Duplex Residential 150.145 General $75 or .05 per s.f. whichever is greater
Commercial/Multi Family - New General
$500 or .05 per s.f. whichever is
greater
Commercial/Multi Family - Addition/Alteration 150.145 General $75 or .05 per s.f. whichever is greater
Inspections/Tests
Annual & New Underground Flush test 150.145 Water $75 + cost per gallon of water, at current rate as
150.145 established by the City Council, based on pipe size
Annual & New Fire Pump Test 150.145 Water $175 + cost per gallon of water, at current rate as
150.145 established by the City Council, based on pump size
Small Wireless Facilities
Application for Collocation - Installation of facility General $650
Application for Collocation - Installation of multiple facilities General $350 per facility
Application for installation of new utility pole or support structure General $1,000
Annual recurring rate for collocations on a City utility pole
located in the right-of-way. (* Or the City's actual, direct, and
reasonable costs related to the wireless provider's use of space
on the City utility pole)General *$200
Other
Alternative Letter of Credit Review 150.145 General $100 per review
11/18/19 City Council - First Reading 8 of 19 35
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New Fee PROPOSED
Change to fee FY2021
FEE Amount $$
(n/c if %Projected
City Code Section Fund FY2020 blank)CHANGE RevenueConditional Certificate of Occupancy - Landscape only due to
season
(single family and duplex)150.145 General $300 per unit
Conditional Certificate of Occupancy
(single family and duplex)150.145 General 550
Conditional Certificate of Occupancy
(multi-family and commercial)150.145 General
$25 per square foot, whichever is greater,
to a maximum of $2,000
3. Finance
Water Utility Fees/Charges TBD
Water Sales/1,000 Gallons TBD
Effective with Water Bills mailed on or after May 1, 2021 TBD
Lake Forest Residential - to 10,000 Gallons per Quarter 51.061(a)Water 4.60 TBD
Lake Forest Residential - 10,001 to 60,000 Gallons per Quarter 51.061(a)Water 5.90 TBD
Lake Forest Residential - over 60,000 Gallons per Quarter 51.061(a)Water 6.30 TBD
Lake Forest All Other Users 51.061(a)Water 6.10 TBD
Del Mar Woods 51.061(a)Water 8.35 TBD
Other Non resident users 51.061(a)Water 8.35 TBD
Sewer Charge/1,000 Gallons (winter usage)51.061(a)Water 1.16 TBD
Customer Charge - Water (Inside)TBD
5/8" to 1.5" meter 51.061(b)Water $43/quarter TBD
2" to 4" meter 51.061(b)Water $170/quarter TBD
6" and above meter 51.061(b)Water $800/quarter TBD
Benefit Access Program Discount - must renew annually N\A Water TBD
Customer Charge - Water (Outside)TBD
5/8" to 1.5" meter 51.062(b)Water $55/quarter TBD
2" to 4" meter 51.062(b)Water $190/quarter TBD
6" and above meter 51.062(b)Water $850/quarter TBD
Customer Charge - Sewer TBD
5/8" to 1.5" meter 52.15€(1)Water $5/quarter TBD
2" to 4" meter 52.15€(1)Water $20/quarter TBD
6" and above meter 52.15€(1)Water $100/quarter TBD
Beach Parking Fee
Beach Parking
Temporary (R)73.45 General 85
Temporary (NR)73.45 General 910
Parking Permits
Resident-Full Year 73.27(c)(7)Parking 313
Resident-Monthly 73.27(c)(7)Parking 30/Month
Resident - Unlimited 73.27(c)(7)Parking 1,000
11/18/19 City Council - First Reading 9 of 19 36
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New Fee PROPOSED
Change to fee FY2021
FEE Amount $$
(n/c if %Projected
City Code Section Fund FY2020 blank)CHANGE Revenue
Employer Purchased-Full Yr. 73.27(c)(7)Parking 180
Employer Purchased-Monthly 73.27(c)(7)Parking 20/Month
Non-Resident-Full Year 73.27(c)(7)Parking 700
Non-Resident - Monthly 73.27(c)(7)Parking 60/Monthly
An envelope of 10 tokens N\A Parking 25
Daily Parking Fee-Telegraph 73.27(c)(7)Parking 3
Daily Parking Fee-All Other 73.27(c)(7)Parking 3
State Excise Tax on Parking - effective January 1. 2020 Parking
Fees Paid by the Hour, Day or
Week; 6% of the parking fee 100.00%Pass-through
State Excise Tax on Parking - effective January 1. 2020 Parking
Fees Paid by the Month or
Year; 9% of the parking fee 100.00%Pass-through
Licenses
Car and Lt Truck 74.179(b)General 85
Heavy Truck (8,000+ lbs.)74.179(b)General 110
Motorcycles 74.179(b)General 45
Senior Citizen 65 and over N/A General no discount
Transfers 74.184 & 185 General 5
Penalties 74.179(b)General 50%
Dog License 91.032 General 10
Cat License 91.032 General 10
Auto Dealer License 74.183 General 50+20/Veh
Disabled vehicle sticker (Benefit Access Program)N/A General 45
Real Estate Transfer Tax 39.155(b)Cap Imp $4.00 per $1,000
Non-sufficient funds Fee 10.99 General 25
Credit Card Service Fees
Daily Parking 73.27(c)(7)General $.25 per transaction
Development Related Fees N/A General
2.95%
(Minimum $1.95)
Cemetery Related Fees N/A Cemetery
2.95%
(Minimum $1.95)100.00%Pass-through
Public Safety Pension Fee
Residential Utility Accounts N/A General $20 per Quarter
All Other Utility Accounts (exclude irrigation only services)N/A General $70 per Quarter
11/18/19 City Council - First Reading 10 of 19 37
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New Fee PROPOSED
Change to fee FY2021
FEE Amount $$
(n/c if %Projected
City Code Section Fund FY2020 blank)CHANGE Revenue
4. Parks and Recreation
Golf Course Fees/Charges:
Seasonal Fees-Resident: effective January 1, 2020
Class A -Adult Single 97.051 DPG 1475 1480 0.34%2475
Class B -Adult Combo 97.051 DPG 2500
Class D -Junior 97.051 DPG 675
Class F - Senior Citizen 97.051 DPG 865 880 1.73%2785
Seasonal Fees (Non-Resident) effective January 1, 2020
Class A -Adult Single 97.051 DPG 1,850
Class B -Adult Combo 97.051 DPG 2,500
Class D -Junior 97.051 DPG 675
Class F - Senior Citizen 97.051 DPG 1,100
Daily Fees-Resident: effective January 1, 2020
Weekday-9 97.051 DPG 35 36 2.86%15268
Weekday-18 97.051 DPG 48 49 2.08%2601
Weekend 9 97.051 DPG 40 41 2.50%7813
Weekend -18 97.051 DPG 61 62 1.64%1784
Electric Golf Carts: effective January 1, 2020
9 Holes Single Rider 97.052 DPG 13 14 7.69%11000
18 Holes Single Rider 97.052 DPG 20
Range Balls
Small Bucket 97.051 DPG 6
. Medium Bucket 97.051 DPG 8
. Large Bucket 97.051 DPG 15 16 6.67%1120
Pull cart - 9 holes 97.051 DPG 6
Pull cart - 18 hoes 97.051 DPG 8
USGA Handicap Fees - Members 97.051 DPG 40
Permanent Tee Time - Weekend 97.051 DPG 300
Locker - 18 inch 97.051 DPG 135 140 3.70%600
Locker - 12 inch 97.051 DPG 120 125 4.17%240
Park Fees
Park Picnic Permits
0 - 149 People N/A Parks/Rec 100
150 or more People N/A Parks/Rec 150
Picnic Tables Parks/Rec 25 per table
Grills Parks/Rec 85 per grill
11/18/19 City Council - First Reading 11 of 19 38
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New Fee PROPOSED
Change to fee FY2021
FEE Amount $$
(n/c if %Projected
City Code Section Fund FY2020 blank)CHANGE Revenue
Cemetery Fees
Issuance of Deeds 93.45 Cemetery .50 per deed
Boating and Beach Fees - effective February 1, 2020
Watercraft Ramp/Sailboat Permits-Recreation
Watercraft Ramp (R)97.066 Parks/Rec 517
Watercraft Ramp 2nd boat/ half season 97.066 Parks/Rec 259
Watercraft Ramp (R) (Sen.) 97.066 Parks/Rec 413
Watercraft Ramp (R) (Sen) 2nd boat/ half season 97.066 Parks/Rec 208
Watercraft Ramp (NR) 97.066 Parks/Rec 1034
Year round compound storage Resident 97.066 Parks/Rec 2291
Year round compound storage Resident senior 97.066 Parks/Rec 1832
Year round compound storage non-resident 97.066 Parks/Rec 3437
Seasonal compound storage Resident 97.066 Parks/Rec 1551
Seasonal compound storage Resident Senior 97.066 Parks/Rec 1241
Seasonal compound storage Non-resident 97.066 Parks/Rec 2324
Year round watercraft rack storage resident 97.066 Parks/Rec 626
Year round watercraft rack storage resident senior 97.066 Parks/Rec 502
Year round watercraft rack storage non-resident 97.066 Parks/Rec 626
Seasonal watercraft rack storage resident 97.066 Parks/Rec 366
Seasonal watercraft rack storage resident senior 97.066 Parks/Rec 292
Seasonal watercraft rack storage non-resident 97.066 Parks/Rec 366
Year round watercraft sand storage resident 97.066 Parks/Rec 775
Year round watercraft sand storage resident senior 97.066 Parks/Rec 620
Year round watercraft sand storage non-resident 97.066 Parks/Rec 1162
Seasonal watercraft sand storage resident 97.066 Parks/Rec 475
Seasonal watercraft sand storage resident senior 97.066 Parks/Rec 380
Seasonal watercraft sand storage non-resident 97.066 Parks/Rec 713
South Beach Parking Permit (R)97.066 Parks/Rec 151
South Beach Parking Permit (R) (Sen.)97.066 Parks/Rec 119
South Beach Parking Permit (NR)97.066 Parks/Rec 910
South Beach Parking Permit Employee/Retiree 97.066 Parks/Rec 100
Extra vehicle decal resident - center isle 97.066 Parks/Rec 138
Extra vehicle decal senior - center isle 97.066 Parks/Rec 110
Extra vehicle decal nonresident - center isle 97.066 Parks/Rec 208
Daily Boat Launch resident 97.066 Parks/Rec 40
Daily Boat Launch nonresident 97.066 Parks/Rec 65
Resident Guest Daily Parking Pass, limit 5 per season 97.066 Parks/Rec 10
Nanny Parking Pass 97.066 Parks/Rec 85
Senior Caregiver Parking Pass 97.066 Parks/Rec 85
Non resident beach fee, weekends and holidays 97.069 Parks/Rec 15
Fitness Center Fees - effective May 1, 2020
11/18/19 City Council - First Reading 12 of 19 39
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New Fee PROPOSED
Change to fee FY2021
FEE Amount $$
(n/c if %Projected
City Code Section Fund FY2020 blank)CHANGE Revenue
Fitness Center Membership Fees
Individual resident rate N/A Parks/Rec 420 444 5.71%4,416
Individual resident rate - 1 months N/A Parks/Rec 42 45 7.14%51
Individual non-resident rate N/A Parks/Rec 528 552 4.55%24
Individual non-resident rate - 1 months N/A Parks/Rec 53 55 3.77%0
Couple resident rate N/A Parks/Rec 744 780 4.84%2,520
Couple resident rate - 1 month N/A Parks/Rec 74 78 5.41%20
Couple non-resident rate N/A Parks/Rec 888 936 5.41%48
Couple non-resident rate - 1 months N/A Parks/Rec 89 93 4.49%0
Family resident rate N/A Parks/Rec 972 1020 4.94%1,536
Family resident rate - 1 months N/A Parks/Rec 97 102 5.15%20
Family non-resident rate N/A Parks/Rec 1164 1224 5.15%0
Family non-resident rate - 1 months N/A Parks/Rec 116 123 6.03%0
Senior resident rate N/A Parks/Rec 324 336 3.70%996
Senior resident rate - 1 months N/A Parks/Rec 32 34 6.25%18
Senior non-resident rate N/A Parks/Rec 384 408 6.25%24
Senior non-resident rate - 1 months N/A Parks/Rec 38 41 7.89%0
Senior couple resident rate N/A Parks/Rec 540 564 4.44%888
Senior couple resident rate - 1 months N/A Parks/Rec 54 57 5.56%12
Senior couple non-resident rate N/A Parks/Rec 660 684 3.64%48
Senior couple non-resident rate - 1 months N/A Parks/Rec 66 68 3.03%0
Student resident rate N/A Parks/Rec 324 336 3.70%216
Student resident rate - 1 month N/A Parks/Rec 32 34 6.25%18
Student non-resident rate N/A Parks/Rec 384 408 6.25%0
Student non-resident rate - 1 month N/A Parks/Rec 38 41 7.89%0
Matinee resident rate N/A Parks/Rec 228 240 5.26%1,056
Matinee resident rate - 1 month N/A Parks/Rec 23 24 4.35%2
Matinee non-resident rate N/A Parks/Rec 276 288 4.35%60
Matinee non-resident rate - 1 month N/A Parks/Rec 28 0.00%
All-inclusive - member - effective December 6, 2012 N/A Parks/Rec 324 337 4.01%819
All-inclusive - non-member - effective December 6, 2012 N/A Parks/Rec 720 749 4.03%0
5. OCM
General Fees & Charges:
Birth certificates (January 1, 2010)5.36 General $10 first/$4 additional
Death certificates (January 1, 2013)5.36 General $14 first/$6 additional
On-line data entry fee by city staff ( January 1, 2010)N/A General 10
Solicitor/Peddler Permit Original Application 117.01(b)General $40 55 37.50%500
Solicitor/Peddler Permit Renewal 117.40 General $30 40 33.33%300
Electric Car N/A General $1 per Hour
Special Event Fees
11/18/19 City Council - First Reading 13 of 19 40
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New Fee PROPOSED
Change to fee FY2021
FEE Amount $$
(n/c if %Projected
City Code Section Fund FY2020 blank)CHANGE Revenue
Application Fee 10.13 General $50
Application Fee - Late Fee 10.13 General 50% of fee per 30 days
Escrow Deposit - Special Events 10.13 General $500
Police Officer hourly rate 10.13 General 86 88 2.33%460
Firefighter/Paramedic hourly rate 10.13 General 85
Police and Fire Vehicle 10.13 General $110
Public Works hourly rate 10.13 General 67 69 2.99%120
Parks hourly rate 10.13 Parks/Rec.67 69 2.99%120
A-Frame Barricades 98.011 General $5
Barricades 1 - 10 98.011 General $40
Parking Cones 98.011 General $1
Bleacher keep in park 10.13 General 50
Bleacher move to another location 10.13 General 195
Litter Barrels 1 - 6 10.13 General 16 14 -12.50%-150
Picnic Tables 1 - 6 10.13 General 32
Grills 10.13 General 195
Licenses
Raffle License 110.150 General 25 40 60.00%60
Tobacco License 135.138(f)General 500
Landscape License (March 1 to Feb 28)110.217 General 100
Penalties - Landscape License Applications after June 1 110.217 General 25
Auctioneers License 110.026 General $5 Daily & $1.00 per employee
Factories and Slaughterhouses 110.047 General $500
Mobile Auto Service 110.200 General $50 per unit
Athletic Contests 112.0029B)General $50 per day
Bowling Alley 112.025 General $10 per lane per year
Circuses 112.041 General $100 per day circus conducted
Circuses - Side Show 112.042 General $50 per day circus conducted
Motion Pictures - Establishment capacity 500 or more persons 112.075 General .50 per seat
Public Dances 112.112 General $500
Theatrical Performances - less than 500 persons 112.126 General $100
Theatrical Performances - more than 500 persons 112.126 General $150
Theatrical Performance not covered by 112.126 112.127 General $25 per day
Junk Yard or Junk Shop 114.22 General $75
Junk Dealer collected by vehicle 114.23 General $20 per vehicle
Pawnbroker 116.03 General 100
Expressmen and Draymen 118.156 General 25
Alcoholic and Beverages:
Class A-1 111.036 General 2,700
Class A-2 111.036 General 1,500
Class A-3 111.036 General 275
Class A-4 111.036 General 500
11/18/19 City Council - First Reading 14 of 19 41
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New Fee PROPOSED
Change to fee FY2021
FEE Amount $$
(n/c if %Projected
City Code Section Fund FY2020 blank)CHANGE Revenue
Class B-1 111.036 General 2,500
Class C-1 111.036 General 2,600
Class C-2 111.036 General 3,000
Class C-3 111.036 General 800
Class D-1 111.036 General 2,500
Class E-1 111.036 General 3,000
Class F-1 111.036 General 100
Class F-2 111.036 General
100 for each 24 hour period or any part
thereof: $50 not for profit with proof of
501 ( c)3 status
Class F-3 111.036 General
75 for each 24 hour period or any part
thereof: $50 not for profit with proof of
501 ( c)3 status
Class F-4 111.036 General
500 per vendor for the duration of
the sporting event
Class F-5 111.036 General 1,100
Class F-6 111.036 General 600
Class G-1 111.036 General 200
Class G-2 111.036 General 600
Class H-1 111.036 General 600
Class H-2 111.036 General 1,100
Class I-1 111.036 General None
Class I-2 111.036 General 1,500
Class I-3 111.036 General 100
Class J 111.036 General 500
Class K 111.036 General $40/each 7 day license period
Annual Renewal 111.036 General
150 renewal existing or change in
owners or officers
Application Fee 111.043 General 300 new license
Application for Change in Owners or Officers 111.043 General 100
Liquor License Penalty Fee 111.036 General 25
Impact Fees
Library 150.023 Library see ordinance
Fire and Emergency Services 150.023 General see ordinance
Park Site 150.023 PPL see ordinance
Park Development 150.023 PPL see ordinance
Police 150.023 General see ordinance
Public Works 150.023 General see ordinance
School District 67 (information only)150.023 pay School see ordinance
High School District 115 (information only)150.023 pay School see ordinance
6. Police
11/18/19 City Council - First Reading 15 of 19 42
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New Fee PROPOSED
Change to fee FY2021
FEE Amount $$
(n/c if %Projected
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Fines & Penalties:
Overtime Parking - Lot 73.99 General 25/75/125
Improper Parking - Lot 73.99 General 25/75/125
Parking in Prohibited Area- Lot 73.99 General 25/75/125
Overtime Parking - Other 73.99 General 25/75/125
Improper Parking - Other 73.99 General 25/75/125
Parking in Prohibited Area- Other 73.99 General 25/75/125
Parking at Boat Ramp 73.46 General 125/250/350
No Vehicle License 74.179 General 75/100/125
No parking east of Sheridan Road 73.99 General 125/250/350
No Animal License 91.032 General 15/25/50
Dog-At-Large 91.050 General 40/55/70
Code Violations Variable General variable
Motor Code Violations Variable General variable
Dog Barking 91.004 General 15/25/50
Dog Impound 91.014 General 15
Leaf Burning 94.2 General 100
Handicapped Parking 73.21 General 250
Dog Public Nuisance 91.053 General 100/500/750
Burglar Alarm Fees 110.125 General 0/50/100/250
Vehicle Immobilization fee 73.50 General 100
E-911 Surcharge 39.181 E911 Fund 0.65
Copies of Accident Reports 71.032 General 5
FOIA copy fees >50 pages 33.3 General .15 per page
Transient Merchant License 117.20(f)General 100.00
7. Fire
General Fees & Charges:
Ambulance-Resident ALS transport 94.51 General 812.10
Ambulance-Resident ALS2 transport 94.52 General 919.98
Ambulance-Resident BLS transport 94.53 General 704.07
Ambulance-Non Resident ALS transport 94.54 General 987.48
Ambulance- Non Resident ALS2 transport 94.55 General 1,088.92
Ambulance-Non Resident BLS transport 94.56 General 854.08
Ambulance - Mileage 94.58 General 7.27 per mile
Fireworks Permit 94.5 General 200
Open Burn Permit 94.5 General 75
Bonfire Permit 94.5 General 100
Special Event Inspection 94.5 General 100
11/18/19 City Council - First Reading 16 of 19 43
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New Fee PROPOSED
Change to fee FY2021
FEE Amount $$
(n/c if %Projected
City Code Section Fund FY2020 blank)CHANGE Revenue
Tent Permit 94.5 General $100 or .05 per sq ft
Fire Watch 94.5 General Overtime hourly Rate
Annual Fire Pump Test 94.5 General/Water 10.00 Admin Fee + Water Usage
Annual Inspections - 4th re-inspection 94.5 General 100
Annual Inspections - 5th re-inspection 94.5 General 200
Annual Inspections - 6th re-inspection 94.5 General 400
Inflatable amusement inspection 94.5 General 100
Carnival rides 94.5 General 200
Fire Alarm Fees 110.125 General 0/50/100/250
Hazardous Substance Incident
Level I Hazardous Substance Incident 41.01 General
$250 per day during hazard
substance incident occurs or
removal activities
Level II Hazardous Substance incident 41.01 General
$500 per day during hazard
substance incident occurs or
removal activities
Level III Hazardous Substance incident 41.01 General
$1,000 per day during hazard
substance incident occurs or
removal activities
Miscellaneous Materials Cost - Level I incident 41.01 General 50
Miscellaneous Materials Cost - Level II incident 41.01 General 100
Miscellaneous Materials Cost - Level III incident 41.01 General 500
Reimbursable Costs 41.01 General 100% of cost incurred
8. Engineering
Sewer System Connection Fee
Single Family Dwelling N/A 825
Two - family Dwelling N/A 825 per unit
Multi-family Dwelling N/A 165 per population equiv
1,650 min
Non-Residential Buildings N/A 165 per population equiv
1,650 min
Institutional buildings with Fed and State tax exempt status N/A 825/connection
Site Grading
Site Grading - New construction N/A 640
If no grading, request may be submitted for a waiver of the requirement of N/A 240
grading plan
Resubmittal N/A 165
Revisions to approved grading plans N/A 125
Erosion and sediment control measures N/A 240 100.00%7200
11/18/19 City Council - First Reading 17 of 19 44
Add prior approved fees
New Fee PROPOSED
Change to fee FY2021
FEE Amount $$
(n/c if %Projected
City Code Section Fund FY2020 blank)CHANGE Revenue
Site grading security (financial guarantee - refundable)N/A 3,000 per acre of development
Floodplain Development Permit
1 & 2 FAMILY 355 100.00%1065
ALL OTHERS 530 100.00%0
Water Shed Development Fee: Revised Fee Schedule
General Fees
Sediment and Erosion Control Only
Single Family Residential Lot (See site grading ordinance)151.05 see ordinance
Single Family Residential Lot (within regulatory floodplain)151.05 1040
Development (<10 acres)151.05 2400
Development ( ≥ 10 acres)151.05 3560
Minor Development
Without detention 151.05 2120
With detention or Fee - in - lieu 151.05 3120
Major Development
With detention or Fee-in-lieu 151.05 5400
Within regulatory floodplain ( < 10 acres)151.05 3280
Within regulatory floodplain (≥ 10 acres)151.05 8640
Wetland Fees
Category I Wetland impacts less than or equal to 1 acre N/A 880
Category II Wetland impacts greater than 1 acre and less than 2 acres N/A 3640
Category III Wetland impacts greater or equal to 2 acres or impacts a HQAR N/A 4400
Category IV Wetland impacts involving either restoration, creation N/A 1440
or enhancement N/A 2760
Resubmittal fee N/A 347-2880
Earth Change Approval N/A 1720
Securities - financial guarantee refundable N/A 3,000 per acre of development
Variances N/A 4240
Appeals N/A 1920
Flood Plain Analysis and Report N/A 35
Construction Engineering Standards Manual N/A 35
9. Senior Resources
Membership Dues
Residents of Lake Forest, Lake Bluff and unincorporated
Lake Forest and Lake Bluff 97.087 Senior Resources $35 per person
97.087 $55 per family
Outside of Lake Forest and Lake Bluff 97.087 Senior Resources $45 per person
97.087 $75 per family
Circuit Breaker participants Lake Forest and Lake Bluff 97.087 Senior Resources $10 per person
11/18/19 City Council - First Reading 18 of 19 45
Add prior approved fees
New Fee PROPOSED
Change to fee FY2021
FEE Amount $$
(n/c if %Projected
City Code Section Fund FY2020 blank)CHANGE Revenue
residents only 97.087 $15 per family
Car and Bus rides 97.087 Senior Resources $3/fee each direction
97.087 $6 round trip
Taxi subsidy- Lake Forest and Lake Bluff residents 97.087 Senior Resources 16 coupons/month
living within the Lake Forest High School District for a value of $3/each
11/18/19 City Council - First Reading 19 of 19 46
THE CITY OF LAKE FOREST
ORDINANCE NO. 2019 -
AN ORDINANCE ADOPTING NEW FEES
RELATED DEVELOPMENT ACTIVITY
WHEREAS, The City of Lake Forest is a home rule, special charter municipal
corporation; and
WHEREAS, the City Council, on an annual basis reviews fees and charges
related to development activity and having done so, hereby determines that it is necessary
to establish new fees and charges to cover the cost of services provided; and
WHEREAS, the City Council has determined that it is in the best interest of the
City and its residents to adopt this Ordinance;
NOW, THEREFORE, BE IT ORDAINED BY THE MAYOR AND CITY
COUNCIL OF THE CITY OF LAKE FOREST, COUNTY OF LAKE, STATE OF
ILLINOIS AS FOLLOWS:
SECTION ONE. Recitals. The foregoing recitals are incorporated as
the findings of the City Council and are hereby incorporated into and made a part of this
Ordinance.
SECTION TWO. Approval of New Fees Related to Development Activity.
The City Council hereby approves the fees as set forth in Exhibit A, New Fees Related to
Development Activity, and directs that said fees shall be incorporated into the
Supplemental Fee Schedule for the City of Lake Forest and reviewed and adjusted on an
annual basis as part of the Supplemental Fee Schedule as determined to be necessary by
the City Council.
SECTION THREE: Effective Date of the New Fees Related to Development
Activity. The fees and charges set forth in Exhibit A shall take effect as of May 1, 2020,
47
consistent with the date of the Supplemental Fee Schedule for FY 2021 as adopted by the
City Council.
SECTION FOUR: Effective Date. This ordinance shall be in full force
and effect upon its passage, approval, and publication in pamphlet form in the manner
provided by law.
Passed this day of , 2019
AYES:
NAYS:
ABSENT:
ABSTAIN:
Approved this day of , 2019
Mayor
ATTEST:
City Clerk
48
FOR INCORPORATION INTO THE SUPPLEMENTAL FEE SCHEDULE FOR
THE CITY OF LAKE FOREST
EXHIBIT A
New Fees Related to Development Activity
Bond - $500.00 (Refundable if no damage to public sewers/water main)
Bond - $500.00 (Refundable if no damage to curbs/public streets)
Recording of plats of subdivisions - $75.00 (plus Lake County fees)
49
THE CITY OF LAKE FOREST
ORDINANCE NO. 2019 -
AN ORDINANCE ADOPTING NEW FEES
RELATED CEMETERY SALES AND SERVICES
WHEREAS, The City of Lake Forest is a home rule, special charter municipal
corporation; and
WHEREAS, the City Council, on an annual basis reviews fees and charges
related to Cemetery Sales and Services and having done so, hereby determines that it is
necessary to establish new fees and charges to cover the cost of services provided; and
WHEREAS, the City Council has determined that it is in the best interest of the
City and its residents to adopt this Ordinance;
NOW, THEREFORE, BE IT ORDAINED BY THE MAYOR AND CITY
COUNCIL OF THE CITY OF LAKE FOREST, COUNTY OF LAKE, STATE OF
ILLINOIS AS FOLLOWS:
SECTION ONE. Recitals. The foregoing recitals are incorporated as
the findings of the City Council and are hereby incorporated into and made a part of this
Ordinance.
SECTION TWO. Approval of New Fees Related to Cemetery Sales and
Services. The City Council hereby approves the fees as set forth in Exhibit A, New Fees
Related to Cemetery Sales and Services, and directs that said fees shall be incorporated
into the Supplemental Fee Schedule for the City of Lake Forest and reviewed and
adjusted on an annual basis as part of the Supplemental Fee Schedule as determined to be
necessary by the City Council.
SECTION THREE: Effective Date of the New Fees Related to Cemetery
Sales and Services. The fees and charges set forth in Exhibit A shall take effect as of
50
May 1, 2020, consistent with the date of the Supplemental Fee Schedule for FY 2021 as
adopted by the City Council.
SECTION FOUR: Effective Date. This ordinance shall be in full force
and effect upon its passage, approval, and publication in pamphlet form in the manner
provided by law.
Passed this day of , 2019
AYES:
NAYS:
ABSENT:
ABSTAIN:
Approved this day of , 2019
Mayor
ATTEST:
City Clerk
51
FOR INCORPORATION INTO THE SUPPLEMENTAL FEE SCHEDULE FOR
THE CITY OF LAKE FOREST
EXHIBIT A
New Fees Related to Cemetery Sales and Services
Fees paid by Credit Card: 2.95% of the amount charged or a minimum of
$1.95
52
THE CITY OF LAKE FOREST
ORDINANCE NO. 2019 -
AN ORDINANCE ADOPTING NEW FEES
RELATED PARKING
WHEREAS, The City of Lake Forest is a home rule, special charter municipal
corporation; and
WHEREAS, the City Council, on an annual basis reviews fees and charges
related to parking activity and having done so, hereby determines that it is necessary to
establish new fees and charges to cover the cost of services provided; and
WHEREAS, the City Council has determined that it is in the best interest of the
City and its residents to adopt this Ordinance;
NOW, THEREFORE, BE IT ORDAINED BY THE MAYOR AND CITY
COUNCIL OF THE CITY OF LAKE FOREST, COUNTY OF LAKE, STATE OF
ILLINOIS AS FOLLOWS:
SECTION ONE. Recitals. The foregoing recitals are incorporated as
the findings of the City Council and are hereby incorporated into and made a part of this
Ordinance.
SECTION TWO. Approval of New Fees Related to Parking. The City
Council hereby approves the fees as set forth in Exhibit A, New Fees Related to Parking,
and directs that said fees shall be incorporated into the Supplemental Fee Schedule for the
City of Lake Forest and reviewed and adjusted on an annual basis as part of the
Supplemental Fee Schedule as determined to be necessary by the City Council.
SECTION THREE: Effective Date of the New Fees Related to Development
Activity. The fees and charges set forth in Exhibit A shall take effect as of January 1,
53
2020, consistent with the date of the Supplemental Fee Schedule for FY 2021 as adopted
by the City Council.
SECTION FOUR: Effective Date. This ordinance shall be in full force
and effect upon its passage, approval, and publication in pamphlet form in the manner
provided by law.
Passed this day of , 2019
AYES:
NAYS:
ABSENT:
ABSTAIN:
Approved this day of , 2019
Mayor
ATTEST:
City Clerk
54
FOR INCORPORATION INTO THE SUPPLEMENTAL FEE SCHEDULE FOR
THE CITY OF LAKE FOREST
EXHIBIT A
New Fees Related to Parking
Fees paid by the Hour, Day or Week; 6% of the parking fee
Fees paid by the Month or Year: 9% of the parking fee
55
THE CITY OF LAKE FOREST
ORDINANCE NO. 2019 -
AN ORDINANCE ADOPTING NEW FEES RELATED TO PUBLIC WORKS
FOR INCORPORATION INTO THE SUPPLEMENTAL FEE SCHEDULE FOR
THE CITY OF LAKE FOREST
WHEREAS, The City of Lake Forest is a home rule, special charter municipal
corporation; and
WHEREAS, the City Council, on an annual basis reviews fees and charges
related to Public Works and having done so, hereby determines that it is necessary to
establish new fees and charges to cover the cost of services provided; and
WHEREAS, the City Council has determined that it is in the best interest of the
City and its residents to adopt this Ordinance;
NOW, THEREFORE, BE IT ORDAINED BY THE MAYOR AND CITY
COUNCIL OF THE CITY OF LAKE FOREST, COUNTY OF LAKE, STATE OF
ILLINOIS AS FOLLOWS:
SECTION ONE. Recitals. The foregoing recitals are incorporated as
the findings of the City Council and are hereby incorporated into and made a part of this
Ordinance.
SECTION TWO. Approval of New Fees Related to Public Works. The
City Council hereby approves the fees as set forth in Exhibit A, New Fees Related to
Public Works, and directs that said fees shall be incorporated into the Supplemental Fee
Schedule for the City of Lake Forest and reviewed and adjusted on an annual basis as part
of the Supplemental Fee Schedule as determined to be necessary by the City Council.
SECTION THREE: Effective Date of the New Fees Related to Public Works.
The fees and charges set forth in Exhibit A shall take effect as of May 1, 2020, consistent
56
with the date of the Supplemental Fee Schedule for FY 2021 as adopted by the City
Council.
SECTION FOUR: Effective Date. This ordinance shall be in full force
and effect upon its passage, approval, and publication in pamphlet form in the manner
provided by law.
Passed this day of , 2019
AYES:
NAYS:
ABSENT:
ABSTAIN:
Approved this day of , 2019
Mayor
ATTEST:
City Clerk
57
EXHIBIT A
New Fees Related to Public Works
Erosion and sediment control measures - $240
Floodplain Development Permit
o 1 & 2 Family - $355
o All others - $530
58
Supplemental Memos
Regarding Proposed
Fee Adjustments
59
Page 1 of 1 October 21, 2019
MEMORANDUM
TO: Diane Hall, Assistant Director of Finance
Elizabeth Holleb, Director of Finance
FROM: Catherine J. Czerniak, Director of Community Development
DATE: October 19, 2019
SUBJECT: Recommended Fee Adjustments and Clarifications for Fiscal Year
2020
No significant changes are proposed for development related fees. Development related
fees have remained constant for the last several years. A few minor fee updates,
corrections and clarifications are proposed as described below.
Add Prior Approved Fees
Historic Preservation Commission: The following fees were previously approved
for Building Review Board petitions. The also apply to the Historic Preservation
Commission but are not accurately reflected in the Fee Schedule. (39.140)
Changes to approved building materials - $60.00
Revisions to approved plans - $225.00
Project Fees: Previously approved fee not reflected in Fees Schedule. (999.999)
Tree removal without permit - $750.00 per inch
Vegetation removal in protected areas - $750 per violation
New Fees
Bonds: Add a refundable bond in the amount of $500.00 for projects that involve
public sanitary/storm sewers or water mains.
Bonds: Add a refundable bond in the amount of $500.00 for projects that involve
new curb cuts and temporary curb crossings.
Project Fees: Recording of plat of subdivision - $75.00 plus Lake County Fees
Please do not hesitate to contact me if you need further clarifications, have any questions
or have suggestions for changes.
60
Page 1 of 1 October 21, 2019
MEMORANDUM
TO: Diane Hall, Assistant Director of Finance
Elizabeth Holleb, Director of Finance
FROM: Catherine J. Czerniak, Director of Community Development
DATE: October 19, 2019
SUBJECT: Recommended Fee Sheet Clarifications - Fiscal Year
2020
The recommendations offered below are intended to better align fees with the proper
categories and titles.
Corrections/Clarifications
BRB Satellite dish review - Delete
This is an outdated fee. The Building Review Board does not review satellite
dishes.
Move Hood and Duct fees from “Other” to “Fire Suppression Systems”. No
change to fee.
Under Historic Preservation Commission Fees – “Demolition partial and
replacement addition” is not titled correctly, should be, “Replacement Structure,
prior demolition”. No change to fee.
Delete Elevator Inspection Fee listed under the Vendor Licenses. This is a
duplicate of the fee already listed under Elevators. No change to fee.
Change the Plumbing category title to Plumbing/Electric/HVAC. No change to
fee.
Move “Signs” out of the Plumbing category and put it under “Building Permits”.
No change to fee.
Move “Tree Protection Fencing” from General Fee category to Project Fee
category. No change to fee.
Move “Recording of Public Right-of-way Agreements” from Plumbing category
to Project Fees category and clarify to read, “Recording of
Agreements/Ordinances” No change to fee.
Move “Construction Trailer Permit” from Plumbing Category to Project Fees
category. No change to fee.
Please do not hesitate to contact me if you need further clarifications, have any questions
or have suggestions for changes.
61
M E M O R A N D O M
To: Elizabeth Holleb, Director of Finance and IT; and Diane Hall, Assistant Finance
Director
From: Phil Alderks, Cemetery Sexton
Date: October 23, 2019
Re: Cemetery Credit Card Processing
Over the past number of years we have numerous requests from families to pay for
Cemetery purchases and services by credit card. As we are becoming a more ‘cashless’
and ‘check-less’ society these requests have been steadily increasing. In order to better
serve our families and residents of the City we are requesting to have the ability to
process credit cards. Funeral expenses can be high and often occur on short notice so
assets are not always liquid. A family’s ability to use a credit card eases the burden of
converting assets on a short notice in order to pay fees and guarantees the Cemetery
would get paid at the time of service. Because the ability to process credit cards ease that
burden of payment, it also helps our bottom line as people can no longer ‘forget’ to write
the check at the time of service or say, “I left my checkbook at home in Timbuktu so I’ll
drop a check in the mail when I get back home.”
A secondary benefit would be the possibility of increasing sales of services like flower
planting, memorial cleaning, winter grave decorations, etc. by making it easier for
families to make those purchases especially if they could places orders by credit card
online.
We’re requesting the help of the Finance Department to set up the ability to process
credit cards so that we may offer this option for families to pay by credit card and also
place online orders by credit card. I have attached the proposed ordinance and the
proposed fee schedule. We would be passing the credit card processing fee on to the
customer for the option of using their card since some purchases, such as lot sales, can be
quite large.
If you have any questions regarding this situation or need more information, please
contact me.
62
MEMORANDUM
THE CITY OF LAKE FOREST
OFFICE OF THE CITY MANAGER
Page 1
TO: Elizabeth Holleb, Finance Director
CC: Jason C. Wicha, City Manager
FROM: Mike Strong, Assistant to the City Manager
DATE: October 17, 2019
SUBJECT: Proposed OCM Fee Adjustments for FY2021
Purpose and Action Requested
The purpose of this memorandum is to present a request to amend certain fees administered
through the Office of the City Manager for FY2021. City staff is seeking City Council approval
of fee adjustments proposed in this memorandum for general license and special event fees.
Background
The City of Lake Forest processes and issues several different types of permits and licenses
through the Office of the City Manager. These include, among others, special event permits,
filming permits, birth/death certificates, liquor licenses, raffle licenses, etc. City staff regularly
reviews these processes and their associated fees in an effort to ensure they remain compliant
with both local and statutory regulations, consistent with internal administrative directives and
policies, align with the City’s costs to provide services and promote customer-friendly business
practices.
Each year, City staff reviews each of these processes along with their associated applications,
and evaluates fees to ensure that charges are in line with the costs to provide each service.
Proposed fee changes for FY2021 have been broken down into general licenses and permits and
special events.
General Licenses and Permit Fees
City staff reviewed its general licenses and permit fees for FY2021, and is proposing to adjust
fees associated with solicitor permits and raffle licenses. The proposed fees are included in the
table below. The fee adjustments requested capture the processing time for administrative staff,
background investigation services provided by Police records staff, along with administrative
overhead and materials required to review and produce each permit.
63
Page 2
Personnel Classification
Current
City
Expense
Current
Rate
Proposed
Rate % Change
Projected
Additional
Revenue
Solicitor/Peddler Permit
(New)
$56.76 $40.00 $55.00 37.50% $500.00
Solicitor/Peddler Permit
(Renewal)
$40.76 $30.00 $40.00 33.33% $300.00
Raffle License $40.76 $25.00 $40.00 60% $60.00
Special Event Fees
The Office of the City Manager also manages the special event permit process. From time-to-
time, community organizations seek to utilize City-owned property or request special city
services (e.g. equipment rentals/delivery) and City employees (e.g. general event support,
security, or emergency medical services) to support their event. Pursuant to the City Code
(§10.13), fees for these City services may be imposed in connection with recovering costs related
to the personnel time associated with this support.
Rates for City employees are set based on an average total compensation (includes salaries and
benefits) for employees in the workgroup. Traditionally, the City has adjusted these rates to
reflect changes in union contracts and special contractual rates for special time worked or
overtime. Rates proposed for FY2021 reflect approved changes to salaries and benefits as
outlined in the City’s official Pay Plan and bargaining unit contract, if applicable. Accordingly,
City staff is requesting to adjust rates to reflect these contract amounts, as follows:
Personnel Classification
Current
City
Expense
Current
Rate
Proposed
Rate % Change
Projected
Revenue
Police Officer Hourly Rate $87.48 $86.00 $88.00 2.33% $460.0
Public Works Hourly Rate $68.66 $67.00 $69.00 2.99% $120.00
Parks Hourly Rate $66.99 $67.00 $69.00 2.99% $120.00
In addition to personnel costs provided by the City’s Parks Department, event organizers
frequently request the delivery and use of equipment including bleachers, litter barrels, picnic
tables, and grills. In evaluating the current rates for these services and updated personnel costs
incurred (Per the above), the City has opted to modify its procedures for litter barrel requests.
Prior to 2019, the Parks Section staff would have to relocate steel litter barrels from adjacent
parks and facilities. This became problematic for several of the older barrels, which began to
deteriorate more quickly from their relocation between events. Instead, staff has started to
purchase and deliver disposable cardboard bins directly to the event site. Due to less staff time
needed to both deliver and dispose of these litter barrels, staff requests a reduction in the fee to
reflect savings in both materials and personnel costs. This adjustment more equitably assesses
fees for this service based on these changes.
64
Page 3
Service
Current
City
Expense
Current
Rate
Proposed
Rate % Change
Projected
Revenue
Provide Litter Barrels $13.20/can $16/can $14/can -12.50% -$150.00
Please do not hesitate to contact me directly if you have questions concerning these proposed
fee changes for FY2021.
65
Page 1 of 1 October 21, 2019
MEMORANDUM
TO: Elizabeth Holleb, Director of Finance
FROM: Diane Hall, Assistant Finance Director
DATE: October 22, 2019
SUBJECT: Addition of State excise tax for parking.
On June 28, 2019 Governor JB Pritzker signed SB 690 establishing the Parking Excise
Tax Act. The Act imposes a state tax on those paying to use a parking space beginning
January 1, 2020. The tax is to be collected by the operator of the parking facility and
remitted to the State on a monthly basis.
The rates established by the state are:
Fees paid by the Hour, Day or Week: 6% of the parking fee
Fees paid by the Month or Year: 9% of the parking fee
The Illinois Municipal League (IML) believes this new legislation will apply to cities
who own a parking a facility and charge fees to park in said facility. IML is seeking
clarification with Illinois Department of Revenue (IDOR) to determine if municipal-
owned facilities are subject to the parking excise tax. IML will pursue at the 2019 Veto
Session a request to exempt local governments from this new tax prior to the effective
date of January 1, 2020.
The tax is imposed on the customer in the form of an extra line-item cost on each parking
transaction.
Staff is seeking to add the additional fees imposed by the State to the fee schedule to be
effective January 1, 2020 in the event local municipalities are not found to be exempt
from the tax.
66
M E M O R A N D O M
To: Diane Hall, Assistant Finance Director
From: Vince Juarez, Golf Course General Manager
Chuck Myers, Superintendent of Parks, Forestry and Special Facilities
Date: October 17, 2019
Subject: Deerpath Golf Course 2020 Proposed Fee Changes
PURPOSE AND ACTION REQUESTED: City Staff and KemperSports Management Staff are
bringing forward the Deerpath Golf Course fees for FY21. The Park and Recreation Board has
approved the fee schedule on October 15, 2019 and request that the proposed FY21 Deerpath
Golf Course fee structure be forward to City Council for approval as presented.
BACKGROUND/DISCUSSION: Attached is the proposed fee structure for Deerpath Golf Course
for FY21. We analyzed several factors including utilization and surrounding facilities fees while
putting together the fees schedule. KemperSports Management and City Staff are
recommending the following:
Membership Fees: Increase resident Single and Senior Annual Pass fee to allow for
estimated revenue increase in both classifications of 3% for FY21.
Greens Fees: Increase the rate for weekday and weekend fees. The rate for weekday’s
would be capped $67 (green fee / cart fee) while weekend cap would be $81 (green fee
/ cart fee) . Allow the dynamic pricing model to set prices based off of the utilization of
the course. This will allow the green fee prices to fluctuate and take advantage of times
of increased demand. Golf rates will be adjusted during the season based on
marketplace demands.
Other Fees: Increase the 9 -hole weekday cart fee from $13 to $14 while leaving the 18-
hole cart fee at $20 per player. In addition, raise the large range bucket to $16 while
keeping the medium and small at current rates. I also propose with lockers being fully
rented in the open-air facility to increase locker rental prices by an average of 3.5%.
BUDGET/FISCAL IMPACT: Projected revenue impact on fees collected will be an additional
$45,686 from FY20 projections. The additional revenue impact is assuming the Route 41
project does not move forward. Anticipated revenue impact depending on when the Route 41
project starts would be at least 12% off proposed FY2 1 budget revenue or 6% unfavorable to
current FY20 projections.
City Staff and Kemper Sports Management are requesting the approval of the proposed FY21
Deerpath Golf Course fee structure.
67
The City of Lake Forest
MEMORANDUM
TO: Mike Thomas, Director of Public Works
Robert Ells, Superintendent of Engineering
FROM: Brian Joyce, Engineering Supervisor
DATE: October 21, 2019
SUBJECT: Fees
Attached are the proposed fee changes from Engineering related to the existing fee
schedule. These changes involve the following areas.
1. Site Grading Fee: The proposed fees reflect the fees currently being charged by
the Lake County Planning, Building and Development Department.
2. Floodplain Development Permit: The proposed fees reflect the fees currently
being charged by the Lake County Planning, Building and Development
Department for development on a floodplain property.
68
M E M O R A N D O M
To: Diane Hall, Assistant Finance Director
From: Jason Busdeker, Program Manager
Joe Mobile, Superintendent of Recreation
Date: October 17, 2019
Subject: Lake Forest Fitness Center FY 21 Proposed Fee Changes
PURPOSE AND ACTION REQUESTED: City Staff are bringing forward the Lake Forest Fitness
Center fees for fiscal year 2021. The Park and Recreation Board has approved the fee schedule
on October 15, 2019 and request that the proposed FY2021 Fitness Center fee structure be
forwarded to City Council for approval as presented.
BACKGROUND/DISCUSSION: Attached is the proposed fee structure for fitness center fees for
FY2021. Staff have analyzed several factors including membership trends, and surrounding
facilities fees while putting together the fees schedule. The Fitness Center’s memberships
fluctuate considerably throughout the year. As a result, staff takes a conservative approach for
revenue growth by assuming membership levels will remain the same throughout the year
based on membership totals in September. City Staff are recommending the following:
Membership Fees: Increase all membership fees by an adjusted 4% for FY21. The
4% increase was taken over FY20 fees and then adjusted to be divisible by 12
months so that our registration software system can use the automatic monthly
billing for all annual memberships. This adjustment to the increase will provide a
consistent amount to be drawn each month providing our members a smooth and
understandable transaction.
Monthly Memberships: Continue to offer the month to month membership option.
In FY17, Staff had eliminated the 6 month and 3 month membership options and
began offering the Month to Month membership options which allows perspective
members the flexibility to cancel their membership with 30 days written notice. The
month to month membership is also a good alternative for those looking for a short
term option. This option has proved successful as memberships have increased in
several categories.
BUDGET/FISCAL IMPACT: Staff anticipates a positive revenue differential of $12,792 over FY20.
City Staff are requesting the approval of the proposed FY20 21 Lake Forest Fitness Center fee
structure as presented.
69
New Issue DRAFT 11/8/19 Investment Rating:
Date of Sale: Wednesday, December 4, 2019 Moody’s Investors Service …
10:15 – 10:30 A.M., C.S.T. (Open Speer Auction) (Rating Requested)
Official Statement
Subject to compliance by the City with certain covenants, in the opinion of Chapman and Cutler LLP, Chicago, Illinois (“Bond Counsel”), under present
law, interest on the Bonds is excludable from gross income of the owners thereof for federal income tax purposes and is not included as an item of tax preference in
computing the federal alternative minimum tax for individuals. Interest on the Bonds is not exempt from present State of Illinois income taxes. See “TAX
EXEMPTION” herein for a more complete discussion.
$17,500,000*
CITY OF LAKE FOREST
Lake County, Illinois
General Obligation Refunding Bonds, Series 2019
Dated Date of Delivery Book-Entry Due Serially December 15, 2020-2032
The $17,500,000* General Obligation Refunding Bonds, Series 2019 (the “Bonds”), are being issued by the City of Lake Forest, Lake County, Illinois
(the “City”). Interest is payable semiannually on June 15 and December 15 of each year, commencing June 15, 2020. The Bonds will be issued using a book-entry
system. The Depository Trust Company (“DTC”), New York, New York, will act as securities depository for the Bonds. The ownership of one fully registered
Bond for each maturity will be registered in the name of Cede & Co., as nominee for DTC and no physical delivery of Bonds will be made to purchasers. The
Bonds will mature on December 15, in the following years and amounts. Interest is calculated based on a 360-day year of twelve 30-day months.
AMOUNTS*, MATURITIES, INTEREST RATES, PRICES OR YIELDS AND CUSIP NUMBERS(1)
Principal Due Interest Yield or CUSIP Principal Due Interest Yield or CUSIP
Amount* Dec. 15 Rate Price Number(1) Amount* Dec. 15 Rate Price Number(1)
$2,870,000 ...... 2020 _____% _____% __________ $695,000 ........ 2027 _____% _____% __________
2,975,000 ...... 2021 _____% _____% __________ 710,000 ........ 2028 _____% _____% __________
3,105,000 ...... 2022 _____% _____% __________ 640,000 ........ 2029 _____% _____% __________
2,415,000 ...... 2023 _____% _____% __________ 675,000 ........ 2030 _____% _____% __________
620,000 ...... 2024 _____% _____% __________ 715,000 ........ 2031 _____% _____% __________
650,000 ...... 2025 _____% _____% __________ 755,000 ........ 2032 _____% _____% __________
675,000 ...... 2026 _____% _____% __________
Any consecutive maturities may be aggregated into term bonds at the option of the bidder,
in which case the mandatory redemption provisions shall be on the same schedule as above.
OPTIONAL REDEMPTION
The Bonds maturing on or after December 15, 2028, are callable at the option of the City in whole or in part on any date on or after December 15,
2027, at a price of par and accrued interest. See “OPTIONAL REDEMPTION” herein.
PURPOSE, LEGALITY AND SECURITY
The proceeds of the Bonds will be used: (i) to refund certain of the City’s outstanding General Obligation Bonds, Series 2009; Taxable General
Obligation Bonds, Series 2010B (Recovery Zone Economic Development Bonds – Direct Payment); Taxable General Obligation Bonds, Series 2010C (Build
America Bonds – Direct Payment); and General Obligation Refunding Bonds, Series 2011B, and (ii) to pay the costs of issuance of the Bonds. See “PLAN OF
FINANCING” herein.
In the opinion of Bond Counsel, the Bonds are valid and legally binding upon the City and are payable from any funds of the City legally available for
such purpose, and all taxable property in the City is subject to the levy of taxes to pay the same without limitation as to rate or amount, except that the rights of the
owners of the Bonds and the enforceability of the Bonds may be limited by bankruptcy, insolvency, moratorium, reorganization and other similar laws affecting
creditors’ rights and by equitable principles, whether considered at law or in equity, including the exercise of judicial discretion.
This Official Statement is dated November __, 2019, and has been prepared under the authority of the City. An electronic copy of this Official
Statement is available from the www.speerfinancial.com web site under “Debt Auction Center/Official Statements Sales Calendars/Competitive”. Additional copies
may be obtained from Ms. Elizabeth Holleb, Director of Finance, City of Lake Forest, 800 North Field Drive, Lake Forest, Illinois 60045, or from the Municipal
Advisor to the City:
(1) CUSIP numbers appearing in this Official Statement have been provided by the CUSIP Service Bureau, which is managed on behalf of the American Bankers Association by S&P Capital IQ, a part
of McGraw Hill Financial Inc. The City is not responsible for the selection of CUSIP numbers and makes no representation as to their correctness on the Bonds or as set forth on the cover of this
Official Statement.
*Subject to change.
This Preliminary Official Statement and the information contained herein are subject to completion and amendment. Under no circumstances shall this Preliminary Official Statement constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of the Bonds, in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction. As of this date, this Preliminary Official Statement has been deemed "final" by the City for purposes of SEC Rule 15c2-12(b)(1) except for the omission of certain information permitted by SEC Rule 15c2-12(b)(1). 70
(i)
For purposes of compliance with Rule 15c2-12 of the Securities and Exchange Commission, this document, as
the same may be supplemented or corrected by the City from time to time (collectively, the “Official Statement”), may
be treated as an Official Statement with respect to the Bonds described herein that is deemed near final as of the date
hereof (or the date of any such supplement or correction) by the City.
The Official Statement, when further supplemented by an addendum or addenda specifying the maturity dates,
principal amounts and interest rates of the Bonds, together with any other information required by law or deemed
appropriate by the City, shall constitute a “Final Official Statement” of the City with respect to the Bonds, as that term
is defined in Rule 15c2-12. Any such addendum or addenda shall, on and after the date thereof, be fully incorporated
herein and made a part hereof by reference.
No dealer, broker, salesman or other person has been authorized by the City to give any information or to make
any representations with respect to the Bonds other than as contained in the Official Statement or the Final Official
Statement and, if given or made, such other information or representations must not be relied upon as having been
authorized by the City. Certain information contained in the Official Statement and the Final Official Statement may
have been obtained from sources other than records of the City and, while believed to be reliable, is not guaranteed as
to completeness. THE INFORMATION AND EXPRESSIONS OF OPINION IN THE OFFICIAL STATEMENT
AND THE FINAL OFFICIAL STATEMENT ARE SUBJECT TO CHANGE, AND NEITHER THE DELIVERY OF
THE OFFICIAL STATEMENT OR THE FINAL OFFICIAL STATEMENT NOR ANY SALE MADE UNDER
EITHER SUCH DOCUMENT SHALL CREATE ANY IMPLICATION THAT THERE HAS BEEN NO CHANGE
IN THE AFFAIRS OF THE CITY SINCE THE RESPECTIVE DATES THEREOF.
References herein to laws, rules, regulations, ordinances, resolutions, agreements, reports and other documents
do not purport to be comprehensive or definitive. All references to such documents are qualified in their entirety by
reference to the particular document, the full text of which may contain qualifications of and exceptions to statements
made herein. This Official Statement does not constitute an offer to sell, or solicitation of an offer to buy, any
securities to any person in any jurisdiction where such offer or solicitation of such offer would be unlawful.
Unless otherwise indicated, the City is the source of all tables and statistical and financial information contained
in this Official Statement. The information contained in this Official Statement concerning DTC has been obtained
from DTC. The other information set forth herein has been furnished by the City or from other sources believed to be
reliable. The information and opinions expressed herein are subject to change without notice, and neither the delivery
of this Official Statement nor any sale made hereunder shall, under any circumstances, create any implication that there
has been no change in the affairs of the City since the date of this Official Statement.
This Official Statement should be considered in its entirety and no one factor considered less important than any
other by reason of its position in this Official Statement. Where statutes, ordinances, reports or other documents are
referred to herein, reference should be made to such statutes, ordinances, reports or other documents for more complete
information regarding the rights and obligations of parties thereto, facts and opinions contained therein and the subject
matter thereof.
Any statements made in this Official Statement, including the Appendices, involving matters of opinion or
estimates, whether or not so expressly stated, are set forth as such and not as representations of fact, and no
representation is made that any of such estimates will be realized. This Official Statement contains certain forward-
looking statements and information that are based on the City’s beliefs as well as assumptions made by and information
currently available to the City. Such statements are subject to certain risks, uncertainties and assumptions. Should one
or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results may
vary materially from those anticipated, estimated or expected.
71
(ii)
TABLE OF CONTENTS
BOND ISSUE SUMMARY ............................................................................................................... 1
CITY OF LAKE FOREST ................................................................................................................ 2
THE BONDS ................................................................................................................................ 2
THE CITY ................................................................................................................................... 3
Location ................................................................................................................................... 3
History, Growth and Demographics .................................................................................................. 3
Development and Economic Vitality ................................................................................................. 4
Municipal and Other Governmental Services ....................................................................................... 6
Schools/Hospitals ........................................................................................................................ 7
SOCIOECONOMIC INFORMATION ................................................................................................. 8
Employment .............................................................................................................................. 8
Building Permits ........................................................................................................................ 10
Housing .................................................................................................................................. 10
Income .................................................................................................................................... 11
Retail Activity ........................................................................................................................... 12
PLAN OF FINANCING ................................................................................................................. 13
RISK FACTORS .......................................................................................................................... 14
Finances of the State of Illinois ...................................................................................................... 14
Future Pension Plan Funding Requirements ....................................................................................... 15
Cybersecurity ............................................................................................................................ 15
Local Economy ......................................................................................................................... 16
Declining Equalized Assessed Valuations .......................................................................................... 16
Loss or Change of Bond Rating ...................................................................................................... 16
Secondary Market for the Bonds ..................................................................................................... 16
Continuing Disclosure ................................................................................................................. 16
Suitability of Investment ............................................................................................................... 17
Future Changes in Laws ............................................................................................................... 17
Factors Relating to Tax Exemption .................................................................................................. 17
Bankruptcy ............................................................................................................................... 17
DEBT INFORMATION .................................................................................................................. 18
DEFAULT RECORD .................................................................................................................... 20
SHORT-TERM BORROWING ......................................................................................................... 20
PROPERTY ASSESSMENT AND TAX INFORMATION ....................................................................... 21
REAL PROPERTY ASSESSMENT, TAX LEVY AND COLLECTION PROCEDURES .................................. 22
Summary of Property Assessment, Tax Levy and Collection Procedures .................................................... 22
Tax Levy and Collection Procedures ................................................................................................ 22
Exemptions .............................................................................................................................. 23
Property Tax Extension Limitation Law ............................................................................................ 24
Truth in Taxation Law ................................................................................................................. 25
FINANCIAL INFORMATION ......................................................................................................... 25
Budgetary Information ................................................................................................................. 25
Investment Policy ....................................................................................................................... 26
Financial Reports ....................................................................................................................... 27
No Consent or Updated Information Requested of the Auditor ................................................................. 27
Summary Financial Information ...................................................................................................... 27
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(iii)
EMPLOYEE RETIREMENT AND OTHER POSTEMPLOYMENT BENEFITS OBLIGATIONS ....................... 31
Background Regarding Pension Plans ............................................................................................... 32
The Actuarial Valuation ............................................................................................................ 32
GASB Standards ..................................................................................................................... 32
Pension Plans Remain Governed by the Pension Code ........................................................................ 33
Illinois Municipal Retirement Fund.................................................................................................. 33
Contributions ......................................................................................................................... 34
Measures of Financial Position .................................................................................................... 34
Lake Forest Public Safety Pension Funding ........................................................................................ 34
Police Pension Plan .................................................................................................................... 35
Contributions ......................................................................................................................... 35
Measures of Financial Position .................................................................................................... 36
Fire Pension Plan ....................................................................................................................... 36
Contributions ......................................................................................................................... 36
Measures of Financial Position .................................................................................................... 37
Other Post-Employment Benefits .................................................................................................... 37
REGISTRATION, TRANSFER AND EXCHANGE ............................................................................... 38
Registration .............................................................................................................................. 38
Transfers and Exchanges .............................................................................................................. 38
TAX EXEMPTION ....................................................................................................................... 39
CONTINUING DISCLOSURE ......................................................................................................... 41
OPTIONAL REDEMPTION ............................................................................................................ 41
LITIGATION .............................................................................................................................. 42
CERTAIN LEGAL MATTERS ......................................................................................................... 42
OFFICIAL STATEMENT AUTHORIZATION ..................................................................................... 42
INVESTMENT RATING ................................................................................................................ 42
UNDERWRITING ........................................................................................................................ 42
MUNICIPAL ADVISOR ................................................................................................................. 43
CERTIFICATION ......................................................................................................................... 43
APPENDIX A - FISCAL YEAR 2019 COMPREHENSIVE ANNUAL FINANCIAL REPORT
APPENDIX B - DESCRIBING BOOK-ENTRY-ONLY ISSUANCE
APPENDIX C - PROPOSED FORM OF OPINION OF BOND COUNSEL
APPENDIX D - EXCERPTS OF FISCAL YEAR 2019 COMPREHENSIVE ANNUAL FINANCIAL REPORT
RELATING TO THE CITY’S PENSION PLANS AND OTHER POSTEMPLOYMENT BENEFITS
APPENDIX E - FORM OF CONTINUING DISCLOSURE UNDERTAKING
OFFICIAL BID FORM
OFFICIAL NOTICE OF SALE
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City of Lake Forest, Lake County, Illinois
$17,500,000* General Obligation Refunding Bonds, Series 2019
*Subject to change.
1
BOND ISSUE SUMMARY
This Bond Issue Summary is expressly qualified by the entire Official Statement, including the Official Notice of Sale and
the Official Bid Form, which are provided for the convenience of potential investors and which should be reviewed in their entirety
by potential investors.
Issuer: City of Lake Forest, Lake County, Illinois (the “City”).
Issue: $17,500,000* General Obligation Refunding Bonds, Series 2019.
Dated Date: Date of delivery (expected to be on or about December 19, 2019).
Interest Due: Each June 15 and December 15, commencing June 15, 2020.
Principal Due: Serially each December 15, commencing December 15, 2020 through 2032, as detailed on the
front page of this Official Statement.
Optional Redemption: The Bonds maturing on or after December 15, 2028, are callable at the option of the City in
whole or in part on any date on or after December 15, 2027, at a price of par and accrued
interest. See “OPTIONAL REDEMPTION” herein.
Authorization: The Bonds are being issued pursuant to the home-rule powers of the City under Section 6,
Article VII of the 1970 Constitution of the State of Illinois and a bond ordinance to be adopted
by the City Council of the City.
Security: The Bonds are valid and legally binding upon the City and are payable from any funds of the
City legally available for such purpose, and all taxable property in the City is subject to the
levy of taxes to pay the same without limitation as to rate or amount.
Investment Rating: The City’s outstanding general obligation bond rating is “Aaa” from Moody’s Investors
Service, New York, New York (“Moody’s”). A credit rating for the Bonds has been
requested from Moody’s. See “INVESTMENT RATING” herein.
Purpose: The proceeds of the Bonds will be used: (i) to refund certain of the City’s outstanding
General Obligation Bonds, Series 2009; Taxable General Obligation Bonds, Series 2010B
(Recovery Zone Economic Development Bonds – Direct Payment); Taxable General
Obligation Bonds, Series 2010C (Build America Bonds – Direct Payment); and General
Obligation Refunding Bonds, Series 2011B, and (ii) to pay the costs of issuance of the Bonds.
See “PLAN OF FINANCING” herein.
Tax Exemption: Chapman and Cutler LLP, Chicago, Illinois, Bond Counsel, will provide an opinion as to the
federal tax exemption of the interest on the Bonds as discussed under “TAX EXEMPTION”
in this Official Statement. Interest on the Bonds is not exempt from present State of Illinois
income taxes. See also APPENDIX C for the proposed form of Bond Counsel opinion.
Bond Registrar/Paying Agent
Escrow Agent: Amalgamated Bank of Chicago, Chicago, Illinois.
Book-Entry Form: The Bonds will be registered in the name of Cede & Co. as nominee for The Depository Trust
Company (“DTC”), New York, New York. DTC will act as securities depository of the
Bonds. See APPENDIX B herein.
Denomination: $5,000 or integral multiples thereof.
Delivery: The Bonds are expected to be delivered on or about December 19, 2019.
Municipal Advisor: Speer Financial, Inc., Chicago, Illinois.
*Subject to change.
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City of Lake Forest, Lake County, Illinois
$17,500,000* General Obligation Refunding Bonds, Series 2019
*Subject to change.
2
CITY OF LAKE FOREST
Lake County, Illinois
George A. Pandaleon
Mayor
Council Members
Prue Beidler Michelle Moreno Edward U. Notz, Jr.
Raymond Buschmann James E. Morris Jim Preschlack
Ara Goshgarian Melanie K. Rummel
_______________________________
Officials
Jason C. Wicha
City Manager
Elizabeth Holleb
Director of Finance
Ancel Glink, P.C.
Attorneys for the City
THE BONDS
The General Obligation Refunding Bonds, Series 2019 (the “Bonds”), are being issued pursuant to the home-
rule powers of the City of Lake Forest, Lake County, Illinois (the “City”), under Section 6, Article VII of the 1970
Constitution of the State of Illinois and a bond ordinance to be adopted by the City Council of the City on the 2nd day of
December, 2019 (as supplemented by a notification of sale, the “Bond Ordinance”). The Bonds constitute valid and
legally binding full faith and credit general obligations of the City, payable from ad valorem taxes levied on all taxable
property in the City, without limitation as to rate or amount. The Bond Ordinance provides for the levy of ad valorem
taxes, unlimited as to rate or amount, upon all taxable property within the City in amounts sufficient to pay, as and
when due, all principal of and interest on the Bonds. The Bond Ordinance will be filed with the County Clerk of the
County of Lake, Illinois (the “County Clerk”), and will serve as authorization to the County Clerk to extend and collect
the property taxes as set forth in the Bond Ordinance.
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City of Lake Forest, Lake County, Illinois
$17,500,000* General Obligation Refunding Bonds, Series 2019
*Subject to change.
3
THE CITY
Location
The City is a home-rule municipality located in Lake County approximately 30 miles north of downtown
Chicago. It is one of eight communities located north of Chicago, fronting on Lake Michigan, an area collectively
referred to as "The North Shore.”
The City's eastern boundary is Lake Michigan with over three miles of shoreline and over a half of mile of
public beach. Forest Park, a 37-acre public park is located on the table land above the beach with walking trails and
spectacular views across the lake all seasons of the year. Recent public and private investment resulted in stabilization
of the bluff and improvements to the public access road. To the north and south of the City-owned public beach,
private homes line the bluff above the lake, many with direct access to private beaches below. At the south edge of the
City, a 60 acre nature preserve, McCormick Nature Preserve, extends from Sheridan Road, along a ravine, east to the
lake. This high quality natural area is being restored and enhanced through a partnership of the City, Lake Forest Open
Lands Association and the Army Corps of Engineers. Further to the south, an additional 127 acres of lakefront
property is preserved for passive recreation and owned by the Lake County Forest Preserve District. A portion of this
area, formerly the Fort Sheridan Military Base, is located within the city limits and presents opportunities for the
future. Public access to Lake Michigan is provided in this area along with views of the lake from Sheridan Road.
The western boundary of the City is the Illinois Toll Road (I-94) providing easy access to points north and
south including Chicago, O’Hare Airport and Milwaukee, Wisconsin. Making the most of the City’s location mid-way
between two larger cities, Chicago and Milwaukee, several major north/south arterials, in addition to the Tollway,
facilitate access to these cities, places in between, and areas just beyond. Located near the center of Lake Forest, U.S.
Route 41 (Skokie Highway), provides direct access to the Edens Expressway, the Kennedy Expressway and downtown
Chicago; Waukegan Road (Illinois Route 43) provides access to employment centers and commercial hubs. In east
Lake Forest, scenic Green Bay Road and Sheridan Road wind through neighborhoods, past local schools and Lake
Forest College, and provide access to preserved open space areas.
History, Growth and Demographics
Long acknowledged to be one of the most prestigious residential communities in the United States, the City is
rich in history. The City was incorporated by Special Charter of the General Assembly of the State of Illinois in 1869.
The Charter addresses the powers of the City Council in 43 clauses setting the framework for coordinated relationships
with other local entities.
The City prides itself on tradition and honoring its history while at the same time, being at the forefront of new
ideas. Among the significant historic structures in the City are single family residences dating back to 1846. Market
Square serves as the core of the City’s Central Business District, and when constructed in 1916, was reported to be the
first shopping center in the U.S. Churches and educational institutions, prestigious private clubs and former estates of
local and national leaders of industry and commerce are also found here. Estate homes, outbuildings and landscape
features from summer homes and gentlemen’s farms are adaptively reused as homes, schools and community facilities.
Unlike many other communities, Lake Forest historically was always home to both the wealthy and working
class families. This long tradition holds true today. Expansive homes fronting Lake Michigan are only blocks away
from homes in more conventional small lot neighborhoods. The City actively promotes diverse housing options, for all
ages and all types of families, at various price points. Moderately priced and affordable housing, both rental and
ownership, are available in the community in part as a result of the City’s inclusionary housing requirements.
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City of Lake Forest, Lake County, Illinois
$17,500,000* General Obligation Refunding Bonds, Series 2019
*Subject to change.
4
Development and Economic Vitality
The City has a long tradition of careful planning. The City’s first Zoning Code was adopted in 1923 and the
Plan Commission was established in 1926. The City’s Strategic Plan and Comprehensive Land Use Plan guides
development decisions. The City reviews, re-evaluates and updates the entire Comprehensive Plan about every 20
years with interim amendments as necessary. Work is underway currently to update the Comprehensive Plan with a
focus on how to keep Lake Forest viable and distinctive for the next 20 years.
In 1956, an ordinance was adopted regulating the architectural design of buildings within the City and
establishing the Building Review Board. In 1998, the City adopted an historic preservation ordinance and established
the Historic Preservation Commission. These ordinances set Lake Forest apart from other suburban communities by
providing the tools necessary to preserve and protect the unique character of the City’s neighborhoods and ensure that
changes happen in a manner that respects and builds upon the strengths of the community while at the same time,
recognizing individual property rights and embracing new ideas, methodologies, technology and opportunities.
The City’s planning efforts encompass other projects as well, including development of a Bicycle Master Plan
and a Sustainability Plan. Both of these efforts were achieved through work with community partners and significant
public input.
Central Business District
The City’s Central Business District is anchored by Market Square, an iconic and historic development
designed by famed architect, and Lake Forest resident, Howard Van Doren Shaw. Construction of the Square began in
1915 and is still seen as an extraordinary model of a town center. Market Square and the surrounding blocks that make
up the City’s core area are home to a mix of unique boutique retail stores, national chains, restaurants (one located in
the City’s former fire station), banks, real estate offices, a commuter train station, City Hall and the Post Office. Since
2013, $5 million has been invested in Market Square to support repairs, restoration and upgrades including extensive
interior alterations to second floor space which now offers Class A office space to those wishing to office in Lake
Forest, near the recently restored historic train station. As with many projects in the community, the restoration of the
train station was supported by public and private funding as well as grant monies. Just south of Market Square, the
Deer Path Inn, an historic hotel dating back to 1929, was named the No.1 Resort Hotel in the Midwest in the Travel +
Leisure World's Best Awards 2019. The Inn offers guest rooms, meeting rooms, banquet spaces and dining experiences
that are not available elsewhere on the North Shore or in Lake County. The Deer Path Inn easily rivals upscale hotels
and restaurants in downtown Chicago. Recent extensive renovation of the Inn represents an investment exceeding $3
million dollars.
On an ongoing basis, the City, with input from local businesses and the community, upgrades major
infrastructure in the Central Business District and implements streetscape improvements and beautification. The goal is
to continually enhance the welcoming and walkable business district, where people gather, linger, eat, shop and
socialize. Property and business owners continually invest in storefront maintenance and enhancements, expansion of
outdoor eating areas and updated signage.
The historic commuter train station located in the Central Business District was recently restored, another
example of a public/private partnership. The project was supported by $2.4 million in grants and private contributions
in combination with public funds. To expand support for alternate modes of transportation, the project included a new
bicycle shelter and enhanced bicycle paths building on the hub of activity that occurs in the core of the City.
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City of Lake Forest, Lake County, Illinois
$17,500,000* General Obligation Refunding Bonds, Series 2019
*Subject to change.
5
Over the past five years, the City has promoted increased residential density and a variety of housing products
close to the Central Business District. This successful initiative has resulted in the construction of 110 apartments
which today are over 90 percent leased, 37 new high end condominiums and eight new single family homes.
Approximately 30 additional condominiums are planned at the City’s core in the near future. These new housing
opportunities are located within walking distance to the train station, retail stores, restaurants, library, community parks
and gathering areas. In response, new restaurants are vying for space in the Central Business District.
Waukegan Road/Settlers’ Square Business District
In addition to the City’s Central Business District, there is a second business district, in the western portion of
the City, adjacent to the second Metra station that serves the community. This business district includes a grocery
store, restaurants, banks, medical and dental service providers and educational support services. A recently completed
study supports mixed use development and increased residential densities in the area as redevelopment opportunities
become available.
The Waukegan Road Business District provides easy access to goods and services for residents living in the
City’s third and fourth wards and attracts daily commuters traveling through Lake Forest on Waukegan Road, a State
owned north/south arterial. West Lake Forest was developed in the mid to late 90’s for the most part with a focus on
single family homes with yards, tree lined streets and open space. An example of the high quality neighborhoods
located in the west portion of Lake Forest is Conway Farms, a carefully planned residential neighborhood offering
attached and detached single family housing located around a picturesque golf course. Conway Farms Golf Club has
hosted the BMW Championship on three occasions to date bringing national attention to Lake Forest.
Conway Park
Conway Park is a world class corporate office park located at the western gateway to the City, at the
interchange of the Illinois Tollway and Illinois Route 60. Conway Park is stable and thriving. The office park and
surrounding area is developed with 15 office buildings ranging in size from 60,000 to 270,000 square feet. The
buildings serve as the corporate headquarters for prestigious companies with a concentration of pharma and packaging
businesses. Building owners and tenants of the office park include Abbott, Pfizer, Packaging Corp of America, Pactiv
Reynolds Fram Group, Tenneco Automotive, Trustmark, ICU Medical, Akorn, Assertio, Bank Direct, Horizon
Pharma, Omron and Pharmedium. Multi-tenant buildings are available for smaller firms as well. Conway Park offers
amenities to the property owners and businesses including the Lake Forest Graduate School which is located in the
office park and provides corporate leadership programs as well as meeting space for corporate training activities.
Pedestrian pathways and a trail through an adjacent natural area are well used by employees. Construction of a Hyatt
Place Hotel is underway in the office park responding to needs expressed by the businesses for easily accessible hotel
rooms, meeting space and food options.
An eight acre parcel, designated for commercial use is located just outside of the office park. Discussions are
underway about development of the site with restaurants and other hospitality uses to provide additional amenities to
enhance the attractiveness of the office park going forward for existing and future occupants. The potential for
developing additional moderate to high end residential housing options near Conway Park is also being explored to ease
the commute for employees working in the office park.
The Chicago Bears Corporate Headquarters are located north of Conway Park. The Bears’ campus is
comprised of administrative and owners’ offices, training and wellness facilities for players, a broadcast studio,
memorabilia hall, indoor and outdoor practice fields and viewing suites. This facility draws players, coaches, season
ticket holders, corporate sponsors and the media to Lake Forest. Players and coaches often make Lake Forest home
during their tenure with the Bears and remain here in the years after their association with the Bears because of all Lake
Forest has to offer. Earlier this year, the Bears completed 24 months of improvements and facility expansion. The
value of the recent upgrades to the Bears’ campus exceeded $80,000,000 and resulted in what is today a cutting edge
facility.
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City of Lake Forest, Lake County, Illinois
$17,500,000* General Obligation Refunding Bonds, Series 2019
*Subject to change.
6
In 2009, the City of Lake Forest’s Municipal Services Facility and customer service center was relocated from
the Central Business District to the single remaining parcel located north of Conway Park. The facility houses City
administrative staff from various departments in a first class office building. The City’s fleet of vehicles and equipment
is also housed at this location. A high level of municipal services is expected by and delivered to the residents of Lake
Forest. Almost 20 acres of the site acquired by the City is open space and wetlands as a result of a cooperative effort
between the City, Lake Forest Open Lands Association and the Lake County Forest Preserve District. The preserved
area is now under the stewardship of the Forest Preserve District and is developed with walking trails for employees
and residents in the area. Wildlife abounds.
Other development in the Route 60 Corridor, the area surrounding Conway Park, includes townhome,
condominium and single family home developments completed over the last 10 to 15 years with some buildout still
underway.
Looking Forward
Although Lake Forest is consider to be a nearly built out community, development continues and opportunities
for redevelopment are plentiful. Buildout continues on several single family and townhome developments in the
community: Willow Lake, Kelmscott Park, Westleigh Farm, Oak Knoll Woodlands and The Preserve at Westleigh.
Additional multi-family residential units are planned in and around the Central Business District. Demand for housing
in the core area of the City remains high especially for high quality products. Local institutions - schools, churches,
private clubs, Lake Forest College and Northwestern Lake Forest Hospital - continually upgrade their facilities.
Construction of a new hotel is underway in Conway Park. Commercial buildings in the Central Business District are
undergoing or planned for upgrades.
Municipal and Other Governmental Services
The governing and legislative body of the City is the Council composed of a Mayor (elected bi-annually on an
at-large basis) and two aldermen from each of four wards who are each eligible to serve three, two-year terms.
Pursuant to an ordinance adopted in 1956, a professional City Manager is responsible for the day-to-day operations of
the City and its 210 full-time employees (excluding Library employees). The employees in a collective bargaining unit
include 30 police officers, 55 public works/parks employees and 27 fire fighters/fire lieutenants. The City's Police and
Fire departments include 40 uniformed police and 33 uniformed fire personnel. The excellence of the Fire Department
is highlighted by the City's Class 3 fire insurance rating which exceeds that of over 90% of the fire
departments/districts in the State of Illinois. Some of the municipal services provided for and funded out of the tax rate
include: the public library (approximately 15,460 registered borrowers); twice weekly backdoor refuse pick-up and
paramedic service (since 1974).
Unlike many other communities, the Parks and Recreation Department is part of the City, not a separate taxing
body. With support from the Friends of the Park Foundation, the City recently completed an updated Park Master
Plan. The Plan assessed all existing park and recreational facilities, identified current and future needs based in part on
public input and recommends and prioritizes improvements to existing facilities and parks, and new facilities. The Plan
includes cost estimates and recommends fiscally responsible phasing options for achieving the desired enhancements.
The City’s parks facilities include a 145 acre 18 hole golf course, 14 community and neighborhood parks with a total
acreage of 493 acres, a ½ mile expanse of public beach with swimming and sailing and six recreation facilities:
Stirling Hall Arts Center, Kinderhaven Preschool, the Wildlife Discovery Center at Elawa Farm, the Everett
fieldhouse, various park pavilions and the Community Recreation Center which houses the Fitness Center.
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City of Lake Forest, Lake County, Illinois
$17,500,000* General Obligation Refunding Bonds, Series 2019
*Subject to change.
7
Through various agreements, the City provides services to a number of adjacent communities. The City
provides ambulance transport, building inspection and plan review, youth and senior services to the Village of Lake
Bluff. On a contractual basis, the City provides building inspection and plan review services to the Village of
Bannockburn. A recently implemented intergovernmental agreement provides for fire and ambulance services to be
provided to residents of the Knollwood Fire Protection District cooperatively with the Village of Libertyville. The City
has also recently begun providing water plant operation services to the City of Highwood. In 2014, the City
implemented an intergovernmental agreement with the villages of Glenview and Lake Bluff, as well as the cities of
Highland Park and Highwood, for the provision of dispatch services. These agreements help to ensure that services are
provided to the residents of Lake Forest in the most cost-effective and fiscally sustainable manner.
The City draws water for its plant from Lake Michigan. Proceeds of the Series 2001A Bonds were used to pay
the cost of engineering studies for improvements to the water system. The proceeds of the $26,000,000 Series 2002A
Bonds were used for water and sewer system improvements, including water treatment plant improvements, a 36-inch
transmission main and certain sanitary sewers. The Series 2003C Bonds were used for various water and sanitary
sewer system improvements. The Water Plant Improvement Project included the installation of a state of the art
membrane filtration system (the first water plant to have such technology in Illinois), the replacement of both high lift
and low lift pumps, the installation of electrical switch gear, and a new back-up power supply. Water began pumping
from the new plant at the end of April, 2004. The back-up power supply and HVAC improvements were completed by
October, 2004. In 2017, the City issued $9.295 million in bonds to fund further improvements and provide increased
capacity at the City’s Water Treatment Plant. Taking advantage of new technology, a new membrane system was
designed and installed with a 14 million-gallon-per-day capacity. These improvements were completed in 2019.
The City's Comprehensive Annual Financial Report has been awarded the Certificate of Achievement for
Excellence in Financial Reporting by the Governmental Finance Officers' Association (GFOA) of the United States and
Canada, for the City's FY1979-2018 reports. The significance of the GFOA's award is emphasized by their statement:
"The Certificate of Achievement is the highest form of recognition in the area of governmental accounting and financial
reporting and its attainment represents a significant accomplishment by a governmental unit and its management.” The
City annually prepares a "Comprehensive Fiscal Plan" which includes: Operating and Capital Budgets for the current
year; a Five-Year Financial Analysis and Plan; and a Five-Year Projection for Personnel, Capital Investment and
Equipment costs. The City has received the GFOA’s Distinguished Budget Presentation Award for its FY2017-2019
Budget documents. The City has an independent Audit Committee consisting of Council members and residents having
expertise in the area of financial administration and auditing that serves as an oversight body on behalf of the City
Council. The City has been self-insured since 1981 through participation with the Intergovernmental Risk Management
Agency (IRMA), which is a proprietary venture established to manage and fund claims for its 70 member municipalities
and special districts.
Schools/Hospitals
Lake Forest School District No. 67, which serves nearly the City’s entire tax base, has a current enrollment of
1,689 students. The District operates three K-4 schools and one middle school for grades 5-8. The Lake Forest
Community High School District No. 115 serves Lake Forest, Lake Bluff, and surrounding unincorporated areas
including Knollwood. The Lake Forest High School District has an enrollment of approximately 1,600. Private
primary and secondary schools are also located in Lake Forest providing educational options for not only Lake Forest
residents but also attracting students from around the country and the world - Woodlands Academy, Lake Forest
Academy, Lake Forest Country Day School and St. Mary’s School.
The City’s diverse and strong educational institutions continue to grow, upgrade and adapt in response to
education trends. Lake Forest College (enrollment 1,528), a private liberal arts college was established even before the
City itself. The College continually upgrades residence halls and academic buildings, most recently completing a new
science complex representing a $40 million dollar investment in the campus. The science complex offers state of the
art laboratories, research facilities and classrooms. Although focused on liberal arts, science and technology are
integrated into many disciplines and the new facility will position the College well to attract talented students as well as
faculty. A new academic classroom wing and athletic field upgrades are in the planning stages.
80
City of Lake Forest, Lake County, Illinois
$17,500,000* General Obligation Refunding Bonds, Series 2019
*Subject to change.
8
The new Northwestern Lake Forest Hospital opened in March 2018 after an investment of $180,000,000.
Discussions are underway for future phases of development of the hospital campus. The hospital is serving a broad
region of Lake County providing routine and specialty services in a community hospital setting.
SOCIOECONOMIC INFORMATION
The following statistics pertain principally to the City. Additional comparisons are made with Lake County (the
“County”) and the State of Illinois (the “State”).
Employment
Following are lists of large employers located in the City and in the surrounding area.
Major City Employers(1)
Approximate
Name Product/Service Employment
Northwestern Lake Forest Hospital .................... General Medical and Surgical Hospital .............................. 1,510
Pfizer ............................................... Pharmaceuticals .................................................... ___
Abbott ............................................... Healthcare Products ................................................ 779
Trustmark Companies .................................. Health and Life Insurance Benefits and Administration .............. 750
Lake Forest College .................................. Higher Education ................................................... 439(2)
Pactiv LLC ........................................... Corporate Headquarters and Specialty Packaging Products ............ 388
Lake Forest Community High School District No. 115 ... Secondary Education ................................................ 350(3)
Lake Forest School District No. 67 ................... Elementary Education ............................................... 303
Packaging Corp. of America ........................... Corporate Headquarters and Containerboard and Corrugated Packaging . 298
City of Lake Forest .................................. Municipal Government ............................................... 210
Notes: (1) Source: the City, the 2019 Illinois Manufacturers Directory and the 2019 Illinois Services Directory.
(2) Excludes student employees.
(3) Excludes coaches, community education employees and student employees.
Major Area Employers(1)
Approximate
Location Name Product/Service Employment
North Chicago ....... Great Lakes Naval Training Center ........... Department of the Navy .................................... 11,000(2)
Deerfield ........... Walgreens Boots Alliance .................... Holding Company ........................................... 6,500
North Chicago ....... AbbVie, Inc. ............................... Pharmaceutical Manufacturing .............................. 3,400
Riverwoods .......... Discover Financial Services, LLC ............ Company Headquarters and Financial Services ............... 3,000
Deerfield ........... Walgreen Company ........................... Drug Stores Corporate Office .............................. 2,500
Vernon Hills ........ Hawthorn Shopping Center .................... Shopping Center ........................................... 2,500
Waukegan ............ Lake County ................................ Government ................................................ 2,345
Libertyville ........ Advocate Condell Medical Center ............. Acute Care Hospital & Health Network ...................... 2,200
Multiple ............ W. W. Grainger, Inc......................... Corporate headquarters and Wholesaler of
Industrial Equipment and Supplies ........................ 2,031
Grayslake ........... College of Lake County...................... Community College ......................................... 1,818
Deerfield ........... Baxter Healthcare Corp. ..................... Medical and Hospital Equipment ............................ 1,700
Lincolnshire ........ HydraForce, Inc. ........................... Hydraulic Valves .......................................... 1,100
Deerfield ........... Takeda Pharmaceuticals North America, Inc. .. Corporate Headquarters and Pharmaceutical Preparations .... 1,000
Mundelein ........... Medline Industries, Inc. .................... Medical Products and Garments ............................. 900
Lincolnshire ........ Zebra Technologies ......................... Company Headquarters and Bar Code Label, Card and
Receipt Printers ......................................... 900
Lake Bluff .......... Mariani Landscape .......................... Landscape Design and Building Maintenance ................. 764
North Chicago ....... Abbott Laboratories, Inc. ................... Medical Diagnostic Products ............................... 500
Vernon Hills ........ American Hotel Register Co. ................. Hotel Hospitality Supply Sales and Distribution ........... 500
Libertyville ........ Hollister Incorporated...................... Corporate Headquarters and Health Care Products ........... 400
Vernon Hills ........ Mitsubishi Electric Automation, Inc. ........ Programmable Electronic Components ........................ 400
Notes: (1) Source: 2019 Illinois Manufacturers Directory and the 2019 Illinois Services Directory.
(2) Includes civilian and military personnel.
81
City of Lake Forest, Lake County, Illinois
$17,500,000* General Obligation Refunding Bonds, Series 2019
*Subject to change.
9
The following tables show employment by industry and by occupation for the City, Lake County (the
“County”) and the State of Illinois (the “State”) as reported by the U.S. Census Bureau 2013-2017 American
Community Survey 5-year estimated values.
Employment By Industry(1)
The City The County The State
Classification Number Percent Number Percent Number Percent
Agriculture, Forestry, Fishing and Hunting, and Mining ........ 9 0.1% 958 0.3% 65,813 1.1%
Construction .................................................. 193 2.4% 16,952 4.9% 323,578 5.2%
Manufacturing ................................................. 835 10.3% 56,880 16.4% 762,175 12.3%
Wholesale Trade ............................................... 532 6.6% 15,899 4.6% 190,916 3.1%
Retail Trade .................................................. 737 9.1% 39,893 11.5% 669,300 10.8%
Transportation and Warehousing, and Utilities ................. 145 1.8% 12,783 3.7% 378,576 6.1%
Information ................................................... 246 3.0% 6,549 1.9% 120,295 1.9%
Finance and Insurance, and Real Estate
and Rental and Leasing ....................................... 1,171 14.5% 27,637 7.9% 451,556 7.3%
Professional, Scientific, and Management, Administrative,
and Waste Management Services ................................ 1,669 20.6% 48,970 14.1% 722,129 11.7%
Educational Services and Health Care and Social Assistance .... 1,697 21.0% 67,304 19.4% 1,416,064 22.9%
Arts, Entertainment and Recreation and Accommodation
and Food Services ............................................ 475 5.9% 30,229 8.7% 561,894 9.1%
Other Services, Except Public Administration .................. 286 3.5% 14,674 4.2% 292,409 4.7%
Public Administration ......................................... 88 1.1% 9,064 2.6% 226,948 3.7%
Total ....................................................... 8,083 100.0% 347,792 100.0% 6,181,653 100.0%
Note: (1) Source: U.S. Bureau of the Census, American Community Survey 5-year estimates 2013 to 2017.
Employment By Occupation(1)
The City The County The State
Classification Number Percent Number Percent Number Percent
Management, Business, Science, and Art ........................ 5,155 63.8% 147,219 42.3% 2,321,710 37.6%
Service ....................................................... 605 7.5% 53,272 15.3% 1,067,320 17.3%
Sales and Office .............................................. 2,004 24.8% 86,344 24.8% 1,481,082 24.0%
Natural Resources, Construction, and Maintenance .............. 109 1.3% 20,573 5.9% 446,857 7.2%
Production, Transportation, and Material Moving .............. 210 2.6% 40,384 11.6% 864,684 14.0%
Total ....................................................... 8,083 100.0% 347,792 100.0% 6,181,653 100.0%
Note: (1) Source: U.S. Bureau of the Census, American Community Survey 5-year estimates 2013 to 2017.
Unemployment rates for the City are well below the County and the State levels, as shown below.
Annual Average Unemployment Rates(1)
Calendar The The The
Year City County State
2009 ................... 5.7% 9.8% 10.0%
2010 ................... 6.3% 10.5% 10.3%
2011 ................... 5.6% 9.4% 9.8%
2012 ................... 5.3% 8.7% 8.9%
2013 ................... 7.1% 8.7% 9.2%
2014 ................... 5.4% 6.5% 7.1%
2015 ................... 4.7% 5.5% 5.9%
2016 ................... N/A 5.2% 5.9%
2017 ................... 3.5% 4.4% 4.7%
2018 ................... 4.0% 4.5% 4.3%
2019(2) ................ N/A 4.5% 4.0%
Notes: (1) Source: Illinois Department of Employment Security and the City.
(2) For the month of April, 2019.
82
City of Lake Forest, Lake County, Illinois
$17,500,000* General Obligation Refunding Bonds, Series 2019
*Subject to change.
10
Building Permits
City Building Permits(1)
Fiscal Building Permits Residential Commercial
Year Issued Construction Construction
2009 ................. 3,142 23 3
2010 ................. 2,610 4 1
2011 ................. 3,072 8 2
2012 ................. 3,451 11 1
2013 ................. 3,197 7 2
2014 ................. 3,418 17 1
2015 ................. 3,668 15 1
2016 ................. 3,855 51 1
2017 ................. 3,632 21 1
2018 ................. 3,753 9 4
2019 ................. 4,275 13 0
Note: (1) Source: the City.
Housing
The U.S. Census Bureau 5-year estimated values reported that the median value of the City’s owner-occupied
homes was $425,800. This compares to $251,400 for the County and $179,700 for the State. The following table
represents the five year average market value of specified owner-occupied units for the City, the County and the State
at the time of the 2013-2017 American Community Survey.
Home Values(1)
The City The County The State
Value Number Percent Number Percent Number Percent
Under $50,000 ...................... 66 1.1% 6,432 3.6% 231,604 7.3%
$50,000 to $99,999 ................. 39 0.7% 14,702 8.2% 501,389 15.7%
$100,000 to $149,999 ............... 51 0.9% 23,020 12.8% 516,996 16.2%
$150,000 to $199,999 ............... 23 0.4% 26,077 14.5% 514,629 16.2%
$200,000 to $299,999 ............... 235 4.0% 35,557 19.8% 653,765 20.5%
$300,000 to $499,999 ............... 744 12.6% 37,983 21.2% 505,831 15.9%
$500,000 to $999,999 ............... 2,444 41.5% 29,097 16.2% 209,287 6.6%
$1,000,000 or more ................. 2,281 38.8% 6,657 3.7% 51,641 1.6%
Total ............................ 5,883 100.0% 179,525 100.0% 3,185,142 100.0%
Note: (1) Source: U.S. Bureau of the Census, American Community Survey 5-year estimates 2013 to 2017.
Mortgage Status(1)
The City The County The State
Number Percent Number Percent Number Percent
Housing Units with a Mortgage ...... 3,728 63.4% 125,508 69.9% 2,052,491 64.4%
Housing Units Without a Mortgage ... 2,155 36.6% 54,017 30.1% 1,132,651 35.6%
Total ............................ 5,883 100.0% 179,525 100.0% 3,185,142 100.0%
Note: (1) Source: U.S. Bureau of the Census, American Community Survey 5-year estimates 2013 to 2017.
83
City of Lake Forest, Lake County, Illinois
$17,500,000* General Obligation Refunding Bonds, Series 2019
*Subject to change.
11
Income
Per Capita Personal Income
for the Highest Income Counties in the State(1)
Rank 2013-2017
1 ..................... Lake County ................. $42,388
2 ...................... DuPage County ............... 42,050
3 ...................... Monroe County ............... 37,043
4 ...................... McHenry County .............. 36,208
5 ...................... Woodford County ............. 34,198
6 ...................... Will County ................. 33,731
7 ...................... Cook County ................. 33,722
8 ...................... Putnam County ............... 33,697
9 ...................... Piatt County ................ 33,672
10 ..................... Kane County ................. 33,486
11 ..................... Kendall County .............. 33,369
12 ..................... Sangamon County ............. 33,277
Note: (1) Source: U.S. Bureau of the Census. 2013-2017
American Community 5-Year Estimates.
The following shows the median family income for counties in the Chicago metropolitan area.
Ranking of Median Family Income(1)
Family
County Income Rank
DuPage County ............. $103,731 1
Lake County ............... 100,965 2
Kendall County ............ 97,105 3
McHenry County ............ 94,995 4
Will County ............... 93,727 5
Kane County ............... 87,818 7
Cook County ............... 73,012 21
Note: (1) Source: U. S. Bureau of the Census,
American Community Survey, 2013-2017
estimates.
The U.S. Census Bureau 5-year estimated values reported that the City had a median family income of
$212,364. This compares to $100,965 for the County and $76,533 for the State. The following table represents the
distribution of family incomes for the City, the County and the State at the time of the 2013-2017 American Community
Survey.
Family Income(1)
The City The County The State
Value Number Percent Number Percent Number Percent
Under $10,000 ...................... 69 1.3% 4,889 2.7% 126,456 4.0%
$10,000 to $14,999 ................. 27 0.5% 2,769 1.5% 75,208 2.4%
$15,000 to $24,999 ................. 71 1.4% 7,489 4.2% 197,736 6.3%
$25,000 to $34,999 ................. 37 0.7% 8,667 4.8% 227,565 7.3%
$35,000 to $49,999 ................. 231 4.5% 16,065 8.9% 354,977 11.4%
$50,000 to $74,999 ................. 332 6.5% 26,204 14.6% 550,434 17.6%
$75,000 to $99,999 ................. 365 7.1% 22,912 12.8% 452,377 14.5%
$100,000 to $149,999 ............... 642 12.5% 36,124 20.1% 584,593 18.7%
$150,000 to $199,999 ............... 653 12.7% 21,474 12.0% 266,120 8.5%
$200,000 or more ................... 2,702 52.7% 33,090 18.4% 287,025 9.2%
Total ............................ 5,129 100.0% 179,683 100.0% 3,122,491 100.0%
Note: (1) Source: U.S. Bureau of the Census, American Community Survey 5-year estimates 2013 to 2017.
84
City of Lake Forest, Lake County, Illinois
$17,500,000* General Obligation Refunding Bonds, Series 2019
*Subject to change.
12
The U.S. Census Bureau 5-year estimated values reported that the City had a median household income of
$169,122. This compares to $82,613 for the County and $61,229 for the State. The following table represents the
distribution of household incomes for the City, the County and the State at the time of the 2013-2017 American
Community Survey.
Household Income(1)
The City The County The State
Value Number Percent Number Percent Number Percent
Under $10,000 ...................... 198 2.9% 10,052 4.1% 331,315 6.9%
$10,000 to $14,999 ................. 100 1.5% 6,123 2.5% 204,278 4.2%
$15,000 to $24,999 ................. 248 3.7% 15,922 6.5% 446,453 9.3%
$25,000 to $34,999 ................. 162 2.4% 16,144 6.6% 425,803 8.8%
$35,000 to $49,999 ................. 377 5.6% 25,711 10.5% 593,198 12.3%
$50,000 to $74,999 ................. 545 8.0% 38,400 15.7% 836,760 17.4%
$75,000 to $99,999 ................. 533 7.9% 30,128 12.3% 613,614 12.7%
$100,000 to $149,999 ............... 852 12.6% 42,406 17.3% 724,960 15.0%
$150,000 to $199,999 ............... 724 10.7% 23,876 9.8% 311,141 6.5%
$200,000 or more ................... 3,048 44.9% 35,761 14.6% 330,930 6.9%
Total ............................ 6,787 100.0% 244,523 100.0% 4,818,452 100.0%
Note: (1) Source: U.S. Bureau of the Census, American Community Survey 5-year estimates 2013 to 2017.
Retail Activity
The table below shows certain sales tax receipts collected by the City as an indicator of commercial activity.
Retailers’ Occupation, Service Occupation and Use Tax(1)
State Fiscal Year State Sales Tax Annual
Ending June 30 Distribution(2) Change + (-)
2010 ........................ $2,519,529 (15.22%)(3)
2011 ........................ 2,414,327 (4.18%)
2012 ........................ 2,406,211 (0.34%)
2013 ........................ 2,596,446 7.91%
2014 ........................ 2,834,067 9.15%
2015 ........................ 2,756,064 (2.75%)
2016 ........................ 2,671,045 (3.08%)
2017 ........................ 2,615,634 (2.07%)
2018 ........................ 2,534,709 (3.09%)
2019 ........................ 2,362,502 (6.79%)
Growth from 2010 to 2019 ...................................... (6.23%)
Notes: (1) Source: Illinois Department of Revenue.
(2) Tax distributions are based on records of the Illinois Department
of Revenue relating to the 1% municipal portion of the Retailers’
Occupation, Service Occupation and Use Tax, collected on behalf of
the City, less a State administration fee. The municipal 1%
includes tax receipts from the sale of food and drugs which are
not taxed by the State. Includes Home Rule Sales Taxes.
(3) The 2010 percentage is based on 2009 sales tax receipts of
$2,971,996.
85
City of Lake Forest, Lake County, Illinois
$17,500,000* General Obligation Refunding Bonds, Series 2019
*Subject to change.
13
PLAN OF FINANCING
Proceeds of the Bonds will be used to refund certain of the City’s outstanding General Obligation Bonds, Series
2009 (the “Series 2009 Bonds”); Taxable General Obligation Bonds, Series 2010B (Recovery Zone Economic
Development Bonds-Direct Payment) (the “2010B Bonds”); Taxable General Obligation Bonds, Series 2010C (Build
America Bonds-Direct Payment) (the “Series 2010C Bonds”); and General Obligation Refunding Bonds, Series 2011B
(the “Series 2011B Bonds”) (collectively, the “Refunded Bonds”), further described as follows:
Series 2009 Bonds
Outstanding Amount Redemption Redemption
Maturities Amount Refunded Price Date
12/15/2019 ............ $ 190,000 $ 0 N/A N/A
12/15/2020 ............ 200,000 200,000 100.00% 1/20/20
12/15/2021 ............ 205,000(1) 205,000 100.00% 1/20/20
12/15/2022 ............ 215,000 215,000 100.00% 1/20/20
12/15/2023 ............ 225,000(1) 225,000 100.00% 1/20/20
12/15/2024 ............ 235,000 235,000 100.00% 1/20/20
12/15/2025 ............ 245,000(1) 245,000 100.00% 1/20/20
12/15/2026 ............ 255,000 255,000 100.00% 1/20/20
12/15/2027 ............ 265,000(1) 265,000 100.00% 1/20/20
12/15/2028 ............ 280,000 280,000 100.00% 1/20/20
Total .................. $2,315,000 $2,125,000
Series 2010B Bonds
Outstanding Amount Redemption Redemption
Maturities Amount Refunded Price Date
12/15/2029 ............ $ 540,000(1) $ 540,000 100.00% 1/20/20
12/15/2030 ............ 780,000(1) 780,000 100.00% 1/20/20
12/15/2031 ............ 820,000(1) 820,000 100.00% 1/20/20
12/15/2032 ............ 860,000 860,000 100.00% 1/20/20
Total .................. $3,000,000 $3,000,000
Series 2010C Bonds
Outstanding Amount Redemption Redemption
Maturities Amount Refunded Price Date
12/15/2019 ............ $ 215,000 $ 0 N/A N/A
12/15/2020 ............ 405,000 405,000 100.00% 1/20/20
12/15/2021 ............ 415,000 415,000 100.00% 1/20/20
12/15/2022 ............ 425,000 425,000 100.00% 1/20/20
12/15/2023 ............ 435,000 435,000 100.00% 1/20/20
12/15/2024 ............ 445,000 445,000 100.00% 1/20/20
12/15/2025 ............ 460,000 460,000 100.00% 1/20/20
12/15/2026 ............ 475,000 475,000 100.00% 1/20/20
12/15/2027 ............ 490,000(1) 490,000 100.00% 1/20/20
12/15/2028 ............ 490,000(1) 490,000 100.00% 1/20/20
12/15/2029 ............ 240,000 240,000 100.00% 1/20/20
Total .................. $4,495,000 $4,280,000
(1) Mandatory sinking fund payment.
86
City of Lake Forest, Lake County, Illinois
$17,500,000* General Obligation Refunding Bonds, Series 2019
*Subject to change.
14
Series 2011B Bonds
Outstanding Amount Redemption Redemption
Maturities Amount Refunded Price Date
12/15/2019 ............ $ 2,400,000 $ 0 N/A N/A
12/15/2020 ............ 2,470,000 2,470,000 100.00% 1/20/20
12/15/2021 ............ 2,530,000 2,530,000 100.00% 1/20/20
12/15/2022 ............ 2,605,000 2,605,000 100.00% 1/20/20
12/15/2023 ............ 1,870,000 1,870,000 100.00% 1/20/20
Total .................. $11,875,000 $9,475,000
Certain proceeds received from the sale of the Bonds will be deposited in an escrow account (the “Escrow
Account”) to be held by Amalgamated Bank of Chicago, Chicago, Illinois (the “Escrow Agent”), under the terms of an
escrow letter agreement, dated as of the date of issuance of the Bonds, between the City and the Escrow Agent. The
moneys so deposited in the Escrow Account will be held in cash or applied by the Escrow Agent to purchase direct
non-callable obligations of, or obligations guaranteed by the full faith and credit of, the United States of America (the
“Government Securities”) and to provide an initial cash deposit. The Government Securities, together with interest
earnings thereon, and the initial cash deposit will be sufficient to pay when due (i) the principal of the Refunded Bonds
on the redemption date, and (ii) interest on the Refunded Bonds up to and including the redemption date thereof. The
Series 2010B Bonds and Series 2010C Bonds were issued as direct pay-recovery zone economic development bonds and
direct pay-build America bonds. As such, the City receives a federal subsidy equal to 45% of the interest payable on
such recovery zone economic development bonds and a federal subsidy equal to 35% of the interest payable on such
build America bonds, less any sequestration (collectively, the “Subsidy Payments”). The purpose of the refunding of
the Refunded Bonds is to realize debt service savings, net of the amount of Subsidy Payments which the City expects to
receive from the U.S. Treasury with respect to interest payments due on the Series 2010B Bonds and Series
2010C Bonds.
The remaining proceeds of the Bonds will be used to pay the costs of issuing the Bonds.
RISK FACTORS
The purchase of the Bonds involves certain investment risks. Accordingly, each prospective purchaser of the
Bonds should make an independent evaluation of the entirety of the information presented in this Official Statement
and its appendices and exhibits in order to make an informed investment decision. Certain of the investment risks are
described below. The following statements, however, should not be considered a complete description of all risks to
be considered in the decision to purchase the Bonds, nor should the order of the presentation of such risks be
construed to reflect the relative importance of the various risks. There can be no assurance that other risk factors are
not material or will not become material in the future.
Finances of the State of Illinois
The State has experienced adverse fiscal conditions resulting in significant shortfalls between the State’s general
fund revenues and spending demands. The State failed to enact a full budget for the State fiscal years ending June 30,
2016, and June 30, 2017, which had a significant, negative impact on the State’s finances, although certain spending
occurred through statutory transfers, statutory continuing appropriations, court orders and consent decrees, including
spending for elementary and secondary education. In addition, the underfunding of the State’s pension systems and a
bill backlog of billions of dollars contributed to the State’s poor financial health. On July 6, 2017, the General
Assembly of the State (the “General Assembly”) enacted a budget (the “Fiscal Year 2018 Budget”) for the State fiscal
year ending June 30, 2018 (the “State Fiscal Year 2018”), overriding the Governor’s veto. On May 31, 2018, the
General Assembly passed a budget (the “Fiscal Year 2019 Budget”) for the State for fiscal year ending June 30, 2019
(the “State Fiscal Year 2019”), and on June 4, 2018, the Governor approved the same. On June 1, 2019, the General
Assembly passed a budget (the “Fiscal Year 2020 Budget”) for the State for fiscal year ending June 30, 2020 (the
“State Fiscal Year 2020”), and on June 5, 2019, the Governor approved the same.
87
City of Lake Forest, Lake County, Illinois
$17,500,000* General Obligation Refunding Bonds, Series 2019
*Subject to change.
15
Under current law, the State shares a portion of sales tax, income tax and motor fuel tax revenue with
municipalities, including the City. The State’s general fiscal condition and the underfunding of the State’s pension
systems have materially adversely affected the State’s financial condition and may result in decreased or delayed
revenues allocated to the City. In addition, the Fiscal Year 2018 Budget, the Fiscal Year 2019 Budget and the Fiscal
Year 2020 Budget contain a provision reducing the amount of income tax revenue to be deposited into the Local
Government Distributive Fund for distribution to municipalities, like the City, by 10% for State Fiscal Year 2018 and
by 5% for State Fiscal Year 2019 and State Fiscal Year 2020. The Fiscal Year 2018 Budget, the Fiscal Year 2019
Budget and the Fiscal Year 2020 Budget also include a service fee for collection and processing of locally-imposed
sales taxes, such as the Pledged Revenues for the Sales Tax Bonds. Such fee was 2.0% of such sales taxes for State
Fiscal Year 2018 and was reduced to 1.5% of such sales taxes for State Fiscal Year 2019 and State Fiscal Year 2020.
Such provisions result in lower income tax revenues and sales tax revenues distributed by the State to the City. The
City cannot determine at this time the financial impact of these provisions on its overall financial condition but such
provisions may result in lower income tax revenues and sales tax revenues distributed to the City.
The City can give no assurance that there will not be additional changes in applicable law modifying the manner
in which local revenue sharing is allocated by the State.
Future Pension Plan Funding Requirements
The City participates in the Police Pension Plan and the Fire Pension Plan, both as hereinafter defined. Under
the Illinois Pension Code, as amended (the “Pension Code”), the City is required to contribute to each plan in order to
achieve a Funded Ratio of 90% by 2040. In order to achieve the 90% Funded Ratio for both plans by 2040, it is
expected that the annual employer contributions required by the City will increase over time. The City also participates
in the Illinois Municipal Retirement Plan (the “IMRF Plan”), which is a defined benefit pension plan administered by
the Illinois Municipal Retirement Fund (“IMRF”); employer contributions are projected by the IMRF to increase over
time. Increasing annual required employer contributions for the City could have a material adverse effect on the
finances of the City.
The Pension Code allows the State Comptroller, after proper procedures have taken place, to divert State
payments intended for the City, which include Pledged Revenues for the Sales Tax Bonds, to the Police Pension Plan
and the Fire Pension Plan to satisfy contribution shortfalls by the City. If the City does not make 100% of its annual
required contributions to the Police Pension Plan and Fire Pension Plan, the City may have revenues withheld by the
State Comptroller, which include Pledged Revenues. Such withholdings by the State Comptroller could adversely
affect the City’s financial health and operations. See “EMPLOYEE RETIREMENT AND OTHER
POSTEMPLOYMENT BENEFITS OBLIGATIONS” herein for a more complete discussion.
Cybersecurity
Computer networks and data transmission and collection are vital to the efficient operation of the City. Despite
the implementation of network security measures by the City, its information technology and infrastructure may be
vulnerable to deliberate attacks by hackers, malware, ransomware or computer virus, or may otherwise be breached
due to employee error, malfeasance or other disruptions. Any such breach could compromise networks and the
information stored thereon could be disrupted, accessed, publicly disclosed, lost or stolen. Although the City does not
believe that its information technology systems are at a materially greater risk of cybersecurity attacks than other
similarly-situated governmental entities, any such disruption, access, disclosure or other loss of information could have
an adverse effect on the City’s operations and financial health. Further, as cybersecurity threats continue to evolve, the
City may be required to expend significant additional resources to continue to modify and strengthen security measures,
investigate and remediate any vulnerabilities, or invest in new technology designed to mitigate security risks.
88
City of Lake Forest, Lake County, Illinois
$17,500,000* General Obligation Refunding Bonds, Series 2019
*Subject to change.
16
Local Economy
The financial health of the City is in part dependent on the strength of the local economy. Many factors affect
the local economy, including rates of employment and economic growth and the level of residential and commercial
development. It is not possible to predict to what extent any changes in economic conditions, demographic
characteristics, population or commercial and industrial activity will occur and what impact such changes would have
on the finances of the City.
Declining Equalized Assessed Valuations
The amount of property taxes extended for the City is determined by applying the various operating tax rates
and the bond and interest tax rate levied by the City to the City’s Equalized Assessed Valuation (“EAV”). The City’s
EAV could decrease for a number of reasons including, but not limited to, a decline in property values or large
taxpayers moving out of the City. As detailed below, the City’s EAV has declined in four of the most recent five
years. Declining EAVs and increasing tax rates (certain of which may reach their rate ceilings) could reduce the
amount of taxes the City is able to receive.
Loss or Change of Bond Rating
A credit rating for the Bonds has been requested from Moody’s Investors Service, New York, New York
(“Moody’s”). The rating can be changed or withdrawn at any time for reasons both under and outside the City’s
control. Any change, withdrawal or combination thereof could adversely affect the ability of investors to sell the
Bonds or may affect the price at which they can be sold.
Secondary Market for the Bonds
No assurance can be given that a secondary market will develop for the purchase and sale of the Bonds or, if a
secondary market exists, that such Bonds can be sold for any particular price. The Underwriter is not obligated to
engage in secondary market trading or to repurchase any of the Bonds at the request of the owners thereof.
Prices of the Bonds as traded in the secondary market are subject to adjustment upward and downward in
response to changes in the credit markets and other prevailing circumstances. No guarantee exists as to the future
market value of the Bonds. Such market value could be substantially different from the original purchase price.
Continuing Disclosure
A failure by the City to comply with the Undertaking for continuing disclosure (see “CONTINUING
DISCLOSURE” and “APPENDIX E - FORM OF CONTINUING DISCLOSURE UNDERTAKING” herein) will
not constitute an event of default on the Bonds. Any such failure must be reported in accordance with Rule 15c2-12
(the “Rule”) adopted by the Securities and Exchange Commission (the “Commission”) under the Securities Exchange
Act of 1934, as amended (the “Exchange Act”), and may adversely affect the transferability and liquidity of the Bonds
and their market price.
89
City of Lake Forest, Lake County, Illinois
$17,500,000* General Obligation Refunding Bonds, Series 2019
*Subject to change.
17
Suitability of Investment
The interest rate borne by the Bonds is intended to compensate the investor for assuming the risk of investing
in the Bonds. Each prospective investor should carefully examine this Official Statement and its own financial
condition to make a judgment as to its ability to bear the economic risk of such an investment, and whether or not the
Bonds are an appropriate investment for such investor.
Future Changes in Laws
Various state and federal laws, regulations and constitutional provisions apply to the City and to the Bonds.
The City can give no assurance that there will not be a change in, interpretation of, or addition to such applicable
laws, provisions and regulations which would have a material effect, either directly or indirectly, on the City, or the
taxing authority of the City. For example, many elements of local government finance, including the issuance of debt
and the levy of property taxes, are controlled by state government. Future actions of the State may affect the overall
financial conditions of the City, the taxable value of property within the City, and the ability of the City to levy
property taxes or collect revenues for its ongoing operations.
Factors Relating to Tax Exemption
As discussed under “TAX EXEMPTION” herein, interest on the Bonds could become includible in gross
income for purposes of federal income taxation, retroactive to the date the Bonds were issued, as a result of future acts
or omissions of the City in violation of its covenants in the Bond Ordinance. Should such an event of taxability occur,
the Bonds are not subject to any special redemption.
There are or may be pending in the Congress of the United States (“Congress”) legislative proposals relating to
the federal tax treatment of interest on the Bonds, including some that carry retroactive effective dates, that, if enacted,
could affect the market value of the Bonds. It cannot be predicted whether or in what form any such proposal might be
enacted or whether, if enacted, it would apply to Bonds issued prior to enactment. Finally, reduction or elimination of
the tax-exempt status of obligations such as the Bonds could have an adverse effect on the City’s ability to access the
capital markets to finance future capital or operational needs by reducing market demand for such obligations or
materially increasing borrowing costs of the City.
The tax-exempt bond bond office of the Internal Revenue Service (the “Service”) is conducting audits of tax-
exempt bonds, both compliance checks and full audits, with increasing frequency to determine whether, in the view of
the Service, interest on such tax-exempt obligations is includible in the gross income of the owners thereof for federal
income tax purposes. It cannot be predicted whether the Service will commence any such audit. If an audit is
commenced, under current procedures the Service may treat the City as a taxpayer and the Bondholders may have no
right to participate in such proceeding. The commencement of an audit with respect to any tax-exempt obligations of
the City could adversely affect the market value and liquidity of the Bonds, regardless of the ultimate outcome.
Bankruptcy
The rights and remedies of the Bondholders may be limited by and are subject to the provisions of federal
bankruptcy laws, to other laws or equitable principles that may affect the enforcement of creditors’ rights, to the
exercise of judicial discretion in appropriate cases and to limitations on legal remedies against local governments. The
various opinions of counsel to be delivered with respect to the Bonds will be similarly qualified.
90
City of Lake Forest, Lake County, Illinois
$17,500,000* General Obligation Refunding Bonds, Series 2019
*Subject to change.
18
DEBT INFORMATION
After issuance of the Bonds and the refunding of the Refunded Bonds, the City will have outstanding
$48,475,000* principal amount of general obligation bonded debt. Approximately 54% of this indebtedness,
$25,960,000*, is expected to be repaid from sources other than City-wide property taxes, principally water system
revenues and tax increment finance revenues. In addition, the City has $764,069 aggregate principal amount of special
service area bonds as of April 30, 2019. The City does not intend to issue additional debt in 2019.
The City voted to become a home rule unit under the 1970 Illinois Constitution in 2004 and, as such, has no
statutory general obligation debt limit, is not required to seek referendum approval for the issuance of the Bonds, and
has no statutory tax rate limitations for any purpose. The City Council, however, has pledged to abide by the
“property tax cap” limitations of the Property Tax Extension Limitation Law (“PTELL”), unless: (i) the City Council
has determined that a bona fide emergency or legal requirement dictates said increase, or (ii) that an advisory
referendum has determined support with the City for said increase.
Pursuant to Ordinance Number 2013-070, the City is prohibited from levying property taxes to pay debt service
on its general obligation bonds in an amount in excess of its 2004 debt service levy (as adjusted for Consumer Price
Index increases) plus levies for capital improvements. The portion of the Bonds expected to be repaid from sources
other than general property taxes (such portion of the Bonds is described below in the table General Obligation Debt
Outstanding - By Issue) is not included in such prohibition. The City also agreed to abide by the “property tax cap”
for the City’s aggregate levy in accordance with PTELL. The City may, however, increase its aggregate levy by more
than the “property tax cap” (but not more than 5%) by a three-fourths vote of the City Council, but only if the moneys
raised by such increase in property taxes in excess of the aggregate levy otherwise authorized under PTELL are used
either: (a) for supplementing the City’s Capital Improvement Fund; or (b) to replace revenues lost because of changes
in the amount of the State Revenue Sharing Moneys paid to the City.
When issued, the Bonds will meet the restrictions of the City self-imposed tax cap described above and
consequently are full faith and credit general obligation bonds and all taxable property in the City is subject to the levy
of taxes to pay the same without limitation as to rate or amount.
*Subject to change.
91
City of Lake Forest, Lake County, Illinois $17,500,000* General Obligation Refunding Bonds, Series 2019 *Subject to change. 19 Outstanding Bonded Debt(1) (Principal Only) Fiscal Year Less: Total Ending Series Series Series Series Series Series Series Series The The Refunded Bonded Cumulative Retirement(2) April 30 2009 2010B 2010C 2011A 2011B 2013 2015 2017 Bonds(2) Bonds Debt(2) Amount Percent 2020 ..... $ 190,000 $ 0 $ 215,000 $130,000 $ 2,400,000 $ 350,000 $ 305,000 $ 0 $ 0 $ 0 $ 3,590,000 $ 3,590,000 7.41% 2021 ..... 200,000 0 405,000 140,000 2,470,000 430,000 305,000 0 2,870,000 (3,075,000) 3,745,000 7,335,000 15.13% 2022 ..... 205,000 0 415,000 0 2,530,000 435,000 340,000 0 2,975,000 (3,150,000) 3,750,000 11,085,000 22.87% 2023 ..... 215,000 0 425,000 0 2,605,000 440,000 355,000 0 3,105,000 (3,245,000) 3,900,000 14,985,000 30.91% 2024 ..... 225,000 0 435,000 0 1,870,000 450,000 370,000 515,000 2,415,000 (2,530,000) 3,750,000 18,735,000 38.65% 2025 ..... 235,000 0 445,000 0 0 460,000 385,000 525,000 620,000 (680,000) 1,990,000 20,725,000 42.75% 2026 ..... 245,000 0 460,000 0 0 475,000 405,000 535,000 650,000 (705,000) 2,065,000 22,790,000 47.01% 2027 ..... 255,000 0 475,000 0 0 480,000 410,000 550,000 675,000 (730,000) 2,115,000 24,905,000 51.38% 2028 ..... 265,000 0 490,000 0 0 495,000 435,000 565,000 695,000 (755,000) 2,190,000 27,095,000 55.89% 2029 ..... 280,000 0 490,000 0 0 930,000 650,000 580,000 710,000 (770,000) 2,870,000 29,965,000 61.82% 2030 ..... 0 540,000 240,000 0 0 960,000 695,000 590,000 640,000 (780,000) 2,885,000 32,850,000 67.77% 2031 ..... 0 780,000 0 0 0 1,085,000 740,000 610,000 675,000 (780,000) 3,110,000 35,960,000 74.18% 2032 ..... 0 820,000 0 0 0 1,120,000 705,000 630,000 715,000 (820,000) 3,170,000 39,130,000 80.72% 2033 ..... 0 860,000 0 0 0 1,125,000 720,000 645,000 755,000 (860,000) 3,245,000 42,375,000 87.42% 2034 ..... 0 0 0 0 0 0 1,530,000 665,000 0 0 2,195,000 44,570,000 91.94% 2035 ..... 0 0 0 0 0 0 330,000 685,000 0 0 1,015,000 45,585,000 94.04% 2036 ..... 0 0 0 0 0 0 340,000 710,000 0 0 1,050,000 46,635,000 96.20% 2037 ..... 0 0 0 0 0 0 350,000 730,000 0 0 1,080,000 47,715,000 98.43% 2038 ..... 0 0 0 0 0 0 0 760,000 0 0 760,000 48,475,000 100.00% Total .. $2,315,000 $3,000,000 $4,495,000 $270,000 $11,875,000 $9,235,000 $9,370,000 $9,295,000 $17,500,000 $(18,880,000) $48,475,000 Notes: (1) Source: the City. (2) Subject to change. General Obligation Debt Outstanding - By Issue(1) (Principal Only) Property Tax Supported Amount General Obligation Bonds, Series 2009 ............................................................................................ $ 2,315,000 Taxable General Obligation Bonds, Series 2010B (Recovery Zone Economic Development Bonds - Direct Payment) ....................... 3,000,000 Taxable General Obligation Bonds, Series 2010C (Build America Bonds - Direct Payment) ............................................ 4,495,000 General Obligation Refunding Bonds, Series 2013 .................................................................................. 9,235,000 General Obligation Bonds, Series 2015 - (Laurel Avenue Portion) .................................................................. 4,460,000 The Bonds (Property Tax Supported)(2) ............................................................................................ 8,415,000 Less the Refunded Bonds (Property Tax Supported) ................................................................................. (9,405,000) Total Property Tax Supported(2) ................................................................................................ $22,515,000 Self-Supporting General Obligation Refunding Bonds, Series 2011A ................................................................................. $ 270,000 General Obligation Refunding Bonds, Series 2011B ................................................................................. 11,875,000 General Obligation Bonds, Series 2015 - (TIF Portion) ............................................................................ 4,910,000 General Obligation Bonds, Series 2017 ............................................................................................ 9,295,000 The Bonds (Self-Supported)(2) .................................................................................................... 9,085,000 Less the Refunded Bonds (Self-Supported) ......................................................................................... (9,475,000) Total Self-Supporting(2) ....................................................................................................... $25,960,000 Notes: (1) Source: the City. (2) Subject to change. 92
City of Lake Forest, Lake County, Illinois
$17,500,000* General Obligation Refunding Bonds, Series 2019
*Subject to change.
20
Detailed Overlapping Bonded Debt(1)
(As of September 10, 2019)
Outstanding Applicable to City
Debt Percent(2) Amount
Schools:
School District No. 67 ................................................. $ 1,410,000 99.92% $ 1,408,821
School District No. 103 ................................................ 5,565,000 0.01% 581
High School District No. 115 ........................................... 26,390,000 78.23% 20,644,096
Community College District No. 532 ..................................... 47,850,000 9.99% 4,779,436
Total Schools ..................................................................................................... $26,832,934
Others:
Lake County ............................................................ $167,340,000 9.50% $15,891,783
Lake County Forest Preserve District ................................... 237,880,000 9.50% 22,598,600
Total Others ...................................................................................................... $38,490,383
Total Overlapping Debt ............................................................................................ $65,323,317
Notes: (1) Source: Lake County Clerk.
(2) Overlapping percentages are based on 2018 EAVs, the most current available.
Statement of Bonded Indebtedness(1)(2)
Ratio To Per Capita
Amount Equalized Estimated (2010 Census
Applicable Assessed Actual 19,375)
City EAV of Taxable Property, 2018 ............................ $2,526,924,079 100.00% 33.33% $130,421.89
Estimated Actual Value, 2018 .................................. $7,580,772,237 300.00% 100.00% $391,265.66
Total Direct Bonded Debt(3) ................................... $ 48,475,000 1.92% 0.64% $ 2,501.94
Less: Self-Supporting Debt(3) ................................ (25,960,000) (1.03%) (0.34%) (1,339.87)
Total Net Direct Bonded Debt(3) ............................. $ 22,515,000 0.89% 0.30% $ 1,162.06
Overlapping Bonded Debt:
Schools ....................................................... $ 26,832,934 1.06% 0.35% $ 1,384.93
Others ........................................................ 38,490,383 1.52% 0.51% 1,986.60
Total Overlapping Bonded Debt ............................... $ 65,323,317 2.59% 0.86% $ 3,371.53
Total Net Direct and Overlapping Bonded Debt(3) ............. $ 87,838,317 3.48% 1.16% $ 4,533.59
Notes: (1) Source: Lake County Clerk.
(2) As of September 10, 2019 for Overlapping Bonded Debt and the date of issuance of the Bonds for Direct Bonded Debt.
(3) Subject to change.
DEFAULT RECORD
The City has no record of default and has met its debt repayment obligations promptly.
SHORT-TERM BORROWING
The City has not issued tax anticipation warrants or revenue anticipation notes during the last five years to
meet its short-term current year cash flow requirements.
93
City of Lake Forest, Lake County, Illinois
$17,500,000* General Obligation Refunding Bonds, Series 2019
*Subject to change.
21
PROPERTY ASSESSMENT AND TAX INFORMATION
For the 2018 levy year, the City’s EAV was comprised of approximately 91% residential, 8% commercial, and
less than 1% industrial, farm and railroad property valuations.
City Equalized Assessed Valuation(1)(2)
Levy Years
2014 2015 2016 2017 2018
Property Class
Residential ............... $2,047,958,906 $2,105,361,682 $2,226,672,717 $2,309,650,453 $2,305,181,606
Farm ...................... 4,001,932 4,080,940 4,338,665 4,543,630 4,683,551
Commercial ................ 196,562,054 196,233,065 209,668,706 215,722,819 214,536,978
Industrial ................ 61,541 46,548 49,445 51,936 52,832
Railroad .................. 1,844,203 2,213,824 2,252,508 2,298,064 2,469,112
Total ................... $2,250,468,636 $2,307,936,059 $2,442,982,041 $2,532,266,902 $2,526,924,079
Percent change +(-) ....... (0.14%)(3) 2.55% 5.85% 3.65% (0.21%)
Notes: (1) Source: Lake County Clerk.
(2) Excludes the incremental valuation in the City's tax increment financing districts.
(3) Percentage based on 2013 Equalized Assessed Valuation of $2,253,547,404.
There is one tax increment finance (TIF) district within the City. The levy year 2018 frozen EAV for such
district was $90,630, with a levy year 2018 current valuation of $4,202,435. Only the frozen EAV is included in the
table above.
Representative Tax Rates
Per $100 of Equalized Assessed Valuation(1)
Levy Years
2014 2015 2016 2017 2018
Bonds and Interest ................................... $0.090 $0.067 $0.059 $0.061 $0.066
Pensions (Police, Fire, IMRF) ........................ 0.210 0.209 0.198 0.130 0.223
Library .............................................. 0.172 0.170 0.162 0.161 0.165
Playgrounds and Recreation ........................... 0.212 0.214 0.205 0.285 0.207
Corporate Fund ....................................... 0.590 0.619 0.603 0.600 0.617
Total Tax Rate ..................................... $1.274 $1.279 $1.227 $1.237 $1.278
Lake County and Forest Preserve Dist. ................ 0.893 0.871 0.825 0.809 0.794
North Shore Sanitary Dist. ........................... 0.169 0.166 0.157 0.153 0.153
Lake Forest Elementary School District No. 67 ........ 1.453 1.429 1.367 1.355 1.391
Lake Forest High School No. 115 ...................... 1.448 1.409 1.329 1.314 1.336
Community College Dist. No. 532 ...................... 0.306 0.299 0.285 0.281 0.282
All Other ............................................ 0.072 0.070 0.067 0.066 0.066
Total(2) ........................................... $5.615 $5.523 $5.256 $5.214 $5.301
City as a Percent of Total .......................... 22.69% 23.17% 23.34% 23.72% 24.11%
Notes: (1) Source: Lake County Clerk.
(2) Representative tax rate is for Shields Township Tax Code 14, which represents the largest portion of the City's
2018 Equalized Assessed Valuation.
94
City of Lake Forest, Lake County, Illinois
$17,500,000* General Obligation Refunding Bonds, Series 2019
*Subject to change.
22
City Tax Extensions and Collections(1)
Levy Coll. Taxes Total Collections
Year Year Extensions Amount Percent
2009 ............. 2010 ............. $25,526,887 $25,486,745 99.84%
2010 ............. 2011 ............. 26,348,093 26,312,509 99.86%
2011 ............. 2012 ............. 25,984,866 25,911,250 99.72%
2012 ............. 2013 ............. 27,299,981 27,199,369 99.63%
2013 ............. 2014 ............. 28,124,272 28,016,462 99.62%
2014 ............. 2015 ............. 28,673,693 28,622,736 99.82%
2015 ............. 2016 ............. 29,528,749 29,479,003 99.83%
2016 ............. 2017 ............. 29,970,699 29,839,889 99.56%
2017 ............. 2018 ............. 31,313,228 31,259,308 99.83%
2018 ............. 2019 ............. 32,299,902 ------In Collection------
Note: (1) Source: the City and the Lake County Treasurer.
Major City Taxpayers(1)
Major Taxpayers Business/Service 2018 EAV(2)
Hospira Inc. ................................................ Corporate HQ and Surgical and Medical Instruments .......... $16,646,512
Abbott Laboratories ......................................... Healthcare ................................................. 14,228,372
Lake Forest Place LLC ....................................... Retirement Facility ........................................ 12,809,495
Pactiv Corporation .......................................... Real Property .............................................. 9,709,113
Northwestern Lake Forest Hospital ........................... General Medical and Surgical Hospital ...................... 8,273,651
Lake Forest Landmark Company, LLC ........................... Office Building ............................................ 7,568,928
Lake Forest Investments LLC ................................. Real Property .............................................. 7,257,981
Riggs & Co. A Division of Riggs Banks NA .................... Real Property .............................................. 6,162,364
Chicago Title Land and Trust ................................ Real Property .............................................. 5,917,948
Trustmark Insurance Co. ..................................... Health and Life Insurance and Benefits Administration ...... 5,782,755
Total ................................................................................................................. $94,357,119
Ten Largest as a percent of 2018 EAV ($2,526,924,079) ................................................................. 3.73%
Notes: (1) Source: Lake County Clerk.
(2) Every effort has been made to seek out and report the largest taxpayers. However, many of the taxpayers listed
contain multiple parcels and it is possible that some parcels and their valuations have been overlooked. The 2018
EAV is the most current available.
REAL PROPERTY ASSESSMENT, TAX LEVY AND COLLECTION PROCEDURES
Summary of Property Assessment, Tax Levy and Collection Procedures
A separate tax to pay the principal of and certain interest on the Bonds will be levied on all taxable real
property within the City. The information under this caption describes the current procedures for real property
assessments, tax levies and collections in the City. There can be no assurance that the procedures described herein will
not change.
Tax Levy and Collection Procedures
Local assessment officers determine the assessed valuation of taxable real property and railroad property not
held or used for railroad `operations. The Illinois Department of Revenue (the “Department”) assesses certain other
types of taxable property, including railroad property held or used for railroad operations. Local assessment officers’
valuation determinations are subject to review at the county level and then, in general, to equalization by the
Department. Such equalization is achieved by applying to each county’s assessments a multiplier determined by the
Department. The purpose of equalization is to provide a common basis of assessments among counties by adjusting
assessments toward the statutory standard of 33-1/3% of fair cash value. Farmland is assessed according to a statutory
formula which takes into account factors such as productivity and crop mix. Taxes are extended against the assessed
values after equalization.
95
City of Lake Forest, Lake County, Illinois
$17,500,000* General Obligation Refunding Bonds, Series 2019
*Subject to change.
23
Property tax levies of each taxing body are filed in the office of the county clerk of each county in which
territory of that taxing body is located. The county clerk computes the rates and amount of taxes applicable to taxable
property subject to the tax levies of each taxing body and determines the dollar amount of taxes attributable to each
respective parcel of taxable property. The county clerk then supplies to the appropriate collecting officials within the
county the information needed to bill the taxes attributable to the various parcels therein. After the taxes have been
collected, the collecting officials distribute to the various taxing bodies their respective shares of the taxes collected.
Taxes levied in one calendar year are due and payable in two installments during the next calendar year. Taxes that are
not paid when due, or that are not paid by mail and postmarked on or before the due date, are subject to a penalty of
1-1/2% per month until paid. Unpaid property taxes, together with penalties, interest and costs constitute a lien against
the property subject to the tax.
Exemptions
The Illinois Property Tax Code, as amended (the “Property Tax Code”), exempts certain property from
taxation. Certain property is exempt from taxation on the basis of ownership and/or use, including, but not limited to,
public parks, not-for-profit schools, public schools, churches, not-for-profit hospitals and public hospitals. In addition,
the Property Tax Code provides a variety of homestead exemptions, which are discussed below.
An annual General Homestead Exemption provides that the EAV of certain property owned and used for
residential purposes (“Residential Property”) may be reduced by the amount of any increase over the 1977 EAV, up to
a maximum reduction of $6,000 for tax year 2012 and thereafter.
The Homestead Improvement Exemption applies to Residential Property that has been improved and to
properties that have been rebuilt in the two years following a catastrophic event, as defined in the Property Tax Code.
The exemption is limited to an annual maximum amount of $75,000 for up to four years, to the extent the assessed
value is attributable solely to such improvements or rebuilding.
The Senior Citizens Homestead Exemption annually reduces the EAV on residences owned and occupied by
senior citizens. Beginning with tax year 2013, the maximum exemption is $5,000.
The Senior Citizens Assessment Freeze Homestead Exemption freezes property tax assessments for
homeowners who are 65 and older, reside in their property as their principal residence and receive a household income
not in excess of the maximum income limitation. The maximum income limitation is $55,000 for assessment year 2008
through assessment year 2017. Beginning in assessment year 2018, the maximum income limitation is $65,000. This
exemption grants to qualifying senior citizens an exemption equal to the difference between (a) the current EAV of the
residence and (b) the EAV of a senior citizen’s residence for the year prior to the year in which he or she first qualifies
and applies for the exemption, plus the EAV of improvements since such year.
Beginning January 1, 2015 purchasers of certain single family homes and residences of one to six units located
in certain targeted areas (as defined in the Property Tax Code) can apply for the Community Stabilization Assessment
Freeze Pilot Program. To be eligible the purchaser must meet certain requirements for rehabilitating the property,
including expenditures of at least $5 per square foot, adjusted by the Consumer Price Index (“CPI”). Upon meeting the
requirements, the assessed value of the improvements is reduced by (a) 90% in the first seven years, (b) 65% in the
eighth year and (c) 35% in the ninth year. The benefit ceases in the tenth year. The program will be phased out by
June 30, 2029.
96
City of Lake Forest, Lake County, Illinois
$17,500,000* General Obligation Refunding Bonds, Series 2019
*Subject to change.
24
The Natural Disaster Homestead Exemption (the “Natural Disaster Exemption”) applies to homestead
properties containing a residential structure that has been rebuilt following a natural disaster occurring in taxable year
2012 or any taxable year thereafter. A natural disaster is an occurrence of widespread or severe damage or loss of
property resulting from any catastrophic cause including but not limited to fire, flood, earthquake, wind, or storm. The
Natural Disaster Exemption is equal to the EAV of the residence in the first taxable year for which the taxpayer applies
for the exemption minus the base amount. To be eligible for the Natural Disaster Exemption, the residential structure
must be rebuilt within two years after the date of the natural disaster, and the square footage of the rebuilt residential
structure may not be more than 110% of the square footage of the original residential structure as it existed immediately
prior to the natural disaster. The Natural Disaster Exemption remains at a constant amount until the taxable year in
which the property is sold or transferred.
Three exemptions are available to veterans of the United States armed forces. The Veterans with Disabilities
Exemption for Specially-Adapted Housing exempts up to $100,000 of the Assessed Valuation of property owned and
used exclusively by veterans with a disability, their spouses or unmarried surviving spouses. Qualification for this
exemption requires the veteran’s disability to be of such a nature that the federal government has authorized payment
for purchase of specially adapted housing under the U.S. Code as certified to annually by the Illinois Department of
Veterans Affairs or for housing or adaptations donated by a charitable organization to such disabled veteran.
The Standard Homestead Exemption for Veterans with Disabilities provides an annual homestead exemption to
veterans with a service-connected disability based on the percentage of such disability. If the veteran has a (a) service-
connected disability of 30% or more but less than 50%, the annual exemption is $2,500, (b) service-connected
disability of 50% or more but less than 70%, the annual exemption is $5,000, and (c) service-connected disability of
70% or more, the property is exempt from taxation.
The Returning Veterans’ Homestead Exemption is available for property owned and occupied as the principal
residence of a veteran in the assessment year, and the year following the assessment year, in which the veteran returns
from an armed conflict while on active duty in the United States armed forces. This provision grants a one-time, two-
year homestead exemption of $5,000.
Finally, the Homestead Exemption for Persons with Disabilities provides an annual homestead exemption in the
amount of $2,000 for property that is owned and occupied by certain disabled persons who meet State-mandated
guidelines.
Property Tax Extension Limitation Law
The Property Tax Extension Limitation Law (the “Limitation Law”) limits the amount of the annual increase in
property taxes to be extended for certain Illinois non-home rule units of government. In general, the Limitation Law
restricts the amount of such increases to the lesser of 5% or the percentage increase in the Consumer Price Index during
the calendar year preceding the levy year. Currently, the Limitation Law applies only to and is a limitation upon all
non-home rule taxing bodies in Cook County, the five collar counties (DuPage, Kane, Lake, McHenry and Will) and
several downstate counties.
Home rule units, including the City, are exempt from the limitations contained in the Limitation Law. If the
Limitation Law were to apply in the future to the City, the limitations set forth therein will not apply to any taxes levied
by the City to pay the principal of and interest on the Bonds. The City has agreed by ordinance to abide by certain
provisions of the Limitation Law, with certain exceptions. See ”DEBT INFORMATION” herein.
97
City of Lake Forest, Lake County, Illinois
$17,500,000* General Obligation Refunding Bonds, Series 2019
*Subject to change.
25
Truth in Taxation Law
Legislation known as the Truth in Taxation Law (the “Truth in Taxation Law”) limits the aggregate amount of
certain taxes which can be levied by, and extended for, a taxing district to 105% of the amount of taxes extended in the
preceding year unless specified notice, hearing and certification requirements are met by the taxing body. The express
purpose of the Truth in Taxation Law is to require published disclosure of, and hearing upon, an intention to adopt a
levy in excess of the specified levels. The provisions of the Truth in Taxation Law do not apply to levies made to pay
principal of and interest on the Bonds.
FINANCIAL INFORMATION
Budgetary Information
The City Council follows these procedures in establishing the budgetary and appropriations data reflected in its
financial statements:
1. The City Manager submits to the City Council a proposed operating budget for the fiscal year. The
operating budget includes proposed expenditures and estimated revenues.
2. Public budget and appropriations meetings are conducted by the City to obtain taxpayer comments.
3. The budget and the appropriation ordinance, which is 10% higher than the budget, are both legally
enacted through action of the City Council. Once enacted, the budget cannot be amended without
approval from the City Council. Funds may have expenditures in excess of budgeted amounts, but
legally may not have expenditures in excess of appropriations.
4. The legal level of budgetary control is the fund level. Management may make transfers of
appropriations within a fund. Any expenditures that exceed the total appropriations at the fund level
must be approved by the City Council.
5. Formal budgetary integration and legally adopted budgets are employed as a management control
device during the year for all Funds, through an internal reporting system. Such budgetary integration
permits the City's department managers to monitor actual revenues and expenditures relative to budgets
on an ongoing basis throughout the year. Formal encumbrance accounting is not used, and
appropriations not used by the end of the fiscal year lapse.
6. Budgets are adopted on a basis consistent with generally accepted accounting principles (GAAP).
98
City of Lake Forest, Lake County, Illinois
$17,500,000* General Obligation Refunding Bonds, Series 2019
*Subject to change.
26
Investment Policy
The City is authorized to invest in the following types of securities under Illinois law and the City's investment
policy:
Bonds, notes, certificates of indebtedness, treasury bills, or other securities which are guaranteed by the
full faith and credit of the United States of America;
Bonds, notes, debentures, or other similar obligations of U.S. Government or its agencies, or
government sponsored enterprises (GSEs);
Interest bearing bonds of any county, township, city, incorporated town, municipal corporation, or
school district, and the bonds shall be registered in the name of the municipality or held under a
custodial agreement at a bank, provided the bonds shall be rated at the time of purchase within the
three (3) highest general classifications established by a nationally recognized statistical rating
organization (NRSRO);
Interest-bearing savings accounts, interest-bearing certificates of deposit, interest-bearing deposits, or
any other investments constituting direct obligations of any bank as defined by the Illinois Banking Act
(205 ILCS 5/1 et seq.), provided, however, that such investments may be made only in banks which are
insured by the Federal Deposit Insurance Corporation;
Certificate of Deposit Account Registry Service (CDARS) certificates of deposit or Insured Cash Sweep
(ICS) service;
Corporate Obligations - issuer must be a United States corporation with more than $500 million in
assets, rating must be within the highest tier (e.g., A-1, P-1, F-1, D-1, or higher) by two NRSROs,
obligations must mature not later than three (3) years from the date of purchase and such purchases
cannot exceed 10% of the corporation's outstanding obligations, and such purchases cannot exceed one-
third of funds;
Money Market Mutual Funds - registered under the Investment Company Act of 1940 (15 U.S.C.A. §
80a-1 et seq.), provided the portfolio is limited to bonds, notes, certificates, treasury bills, or other
security which are guaranteed by the full faith and credit of the federal government as to principal and
interest;
Short term discount obligations of the Federal National Mortgage Association (established by or under
the National Housing Act (1201 U.S.C. 1701 et seq.)), or in shares or other forms of securities legally
issuable by savings banks or savings and loan associations incorporated under the laws of Illinois or any
other state or under the laws of the United States, provided, however, that the shares or investment
certificates of such savings banks or savings and loan associations are insured by the Federal Deposit
Insurance Corporation;
Dividend-bearing share accounts, share certificates accounts, or class of share accounts of a credit
union chartered under the laws of the State of Illinois or the laws of the United States; provided,
however, the principal office of the credit unions must be located within the State of Illinois; and,
provided further, that such investments may be made only in those credit unions the accounts of which
are insured by applicable law;
Illinois Funds;
Illinois Metropolitan Investment Fund (IMET) – (1) 1-3 year Fund and (2) Convenience Fund;
99
City of Lake Forest, Lake County, Illinois
$17,500,000* General Obligation Refunding Bonds, Series 2019
*Subject to change.
27
Public Treasurers’ Investment Pool created under Section 17 of the State Treasurer Act, pursuant to the
Public Fund Investment Act 30 ILCS 235/2 – Section 2(e); and
Repurchase agreements of government securities having the meaning set out in the Government
Securities Act of 1986 (15 U.S.C.A. § 780-5) subject to the provisions of that Act and the regulations
issued thereunder, provided, however, that such government securities, unless registered or inscribed in
the name of the City, shall be purchased through banks or trust companies authorized to do business in
the State of Illinois; and such other repurchase agreements as are authorized in subsection (h) of Section
2 of the Public Funds Investment Act (30 ILCS 235/2). Repurchase agreements may be executed only
with approved financial institutions or broker/dealers meeting the City's established standards, which
shall include mutual execution of a Master Repurchase Agreement adopted by the City.
Financial Reports
The City’s financial statements are audited annually by certified public accountants. The City’s financial
statements are completed on a modified accrual basis of accounting consistent with generally accepted accounting
principles applicable to governmental entities. See APPENDIX A for more detail.
No Consent or Updated Information Requested of the Auditor
The tables and excerpts (collectively, the “Excerpted Financial Information”) contained in this “FINANCIAL
INFORMATION” section and in APPENDIX A are from the audited financial statements of the City, including the
audited financial statements for the fiscal year ended April 30, 2019 (the “2019 Audit”) which was approved by formal
action of the City Council. The 2019 Audit was prepared by Baker Tilly Virchow Krause, LLP, the City’s independent
auditor (the “Auditor”). The Auditor has not been engaged to perform, and has not performed since the date of its
2019 Audit report, any procedures on the financial statements addressed in the 2019 Audit report. The Auditor also has
not performed any procedures relating to this Official Statement.
The City has not requested the Auditor to update information contained in the Excerpted Financial Information;
nor has the City requested that the Auditor consent to the use of the Excerpted Financial Information in this Official
Statement. Other than as expressly set forth in this Official Statement, the financial information contained in the
Excerpted Financial Information has not been updated since the date of the 2019 Audit. The inclusion of the Excerpted
Financial Information in this Official Statement in and of itself is not intended to demonstrate the fiscal condition of the
City since the date of the 2019 Audit. Questions or inquiries relating to financial information of the City since the date
of the 2019 Audit should be directed to the City.
Summary Financial Information
The following tables are summaries and do not purport to be the complete audits, copies of which are available
upon request. The City has budgeted for a surplus in its General Fund for the fiscal year ending April 30, 2020. See
the table titled “General Fund Budget Financial Information” below. To date, revenue and expenditures are
generally within budgeted amounts. See APPENDIX A for the City’s 2019 fiscal year audit.
100
City of Lake Forest, Lake County, Illinois
$17,500,000* General Obligation Refunding Bonds, Series 2019
*Subject to change.
28
Statement of Net Position
Audited as of April 30
2015 2016 2017 2018 2019
ASSETS:
Cash and Cash Equivalents ........................ $ 37,671,531 $ 48,493,885 $ 52,667,449 $ 52,586,986 $ 59,331,141
Investments ...................................... 4,359,036 4,487,724 4,968,042 6,065,340 6,579,706
Property Held of Resale .......................... 380,000 380,000 0 0
Receivables (net):
Property Taxes .................................. 24,670,331 25,526,738 25,911,934 27,134,875 28,006,568
Other Taxes ..................................... 406,832 343,289 359,077 383,312 383,900
Accounts ........................................ 1,015,835 1,375,185 1,874,306 1,826,593 2,134,281
Loans ........................................... 1,208,044 905,054 608,961 311,283 13,147
Other ........................................... 1,404,950 1,370,947 2,789,368 2,427,752 3,139,477
Due from Other Governments ....................... 1,933,837 1,662,440 1,661,356 1,358,723 1,454,205
Internal Balances ................................ (369,946) (545,075) (668,310) (583,562) (751,614)
Inventories ...................................... 397,273 429,436 434,119 396,478 394,865
Prepaids ......................................... 643,472 698,889 625,950 667,413 677,246
Due from Fiduciary Funds ......................... 0 18,382 51,808 87,136 126,463
Net Pension Asset ................................ 2,432,828 0 0 0 0
Capital Assets:
Not Being Depreciated ........................... 112,681,944 113,144,182 104,915,713 104,945,459 106,161,487
Being Depreciated, Net .......................... 102,535,256 101,614,443 95,694,118 94,038,770 90,525,705
Total Assets ................................... $291,371,223 $299,905,519 $291,893,891 $291,646,558 $298,176,577
DEFERRED OUTFLOWS OF RESOURCES:
Deferred Loss on Refunding ....................... $ 98,303 $ 68,701 $ 43,189 $ 21,789 $ 4,536
Resources Related to Pensions .................... 0 10,576,993 8,874,943 3,247,934 16,959,502
Deferred Outflows Related to Total OPED Liability . 0 0 0 0 26,656
Total Deferred Outflows of Resources ........... $ 0 $ 10,645,694 $ 8,918,132 $ 3,269,723 $ 16,990,694
LIABILITIES:
Accounts Payable ................................. $ 1,866,976 $ 2,272,967 $ 2,236,726 $ 1,672,002 $ 3,461,056
Accrued Liabilities .............................. 1,803,648 1,697,242 1,845,350 1,764,767 1,872,250
Accrued Interest Payable ......................... 488,702 475,710 371,795 360,188 346,817
Retainage Payable ................................ 25,838 0 0 0 0
Deposits ......................................... 770,528 953,263 1,053,363 948,296 920,787
Due to Fiduciary Funds ........................... 0 0 14,575 43,663 72,152
Unearned Revenue - Other ......................... 2,009,528 1,839,321 1,984,282 2,349,957 2,828,305
Long Term Obligations:
Due within One Year ............................. 1,718,218 1,911,696 1,902,156 1,549,625 1,850,851
Due in More than One Year ....................... 34,574,042 92,345,953 86,426,657 76,818,472 96,756,505
Total Liabilities .............................. $ 43,257,480 $101,496,152 $ 95,834,904 $ 85,506,970 $108,108,723
DEFERRED INFLOWS OF RESOURCES:
Property Tax Levies for Future Periods ........... $ 24,670,331 $ 25,526,738 $ 25,911,934 $ 27,134,875 $ 28,006,568
Resources Related to Pensions .................... 0 2,020,708 2,088,030 6,480,158 2,471,434
Total Deferred Inflows of Resources ............ $ 0 $ 27,547,446 $ 27,999,964 $ 33,615,033 $ 30,478,002
NET POSITION:
Investment in Capital Assets,
Net of Related Debt ............................. $181,056,601 $181,481,470 $170,568,584 $166,607,491 $164,675,251
Restricted For:
Capital Projects ................................ 3,784,497 6,491,161 1,578,300 6,338,753 11,298,736
Debt Service .................................... 1,316,900 1,201,300 1,067,027 1,161,697 1,292,816
Culture and Recreation .......................... 3,173,000 3,608,444 3,302,996 3,170,905 3,333,955
Highways and Streets ............................ 319,264 811,846 1,304,150 514,629 1,019,023
Public Safety ................................... 524,673 547,826 579,449 643,857 663,539
Cemetery Purposes ............................... 4,935,384 5,143,285 6,269,175 6,945,742 7,767,095
Affordable Housing .............................. 726,659 702,211 1,375,879 1,417,922 1,339,808
Parking ......................................... 957,420 0 0 0 0
Unrestricted ..................................... 26,747,317 (18,479,928) (9,068,405) (11,006,718) (14,809,677)
Total Net Position ............................. $223,541,715 $181,507,615 $176,977,155 $175,794,278 $176,580,546
101
City of Lake Forest, Lake County, Illinois
$17,500,000* General Obligation Refunding Bonds, Series 2019
*Subject to change.
29
Statement of Activities
Governmental Activities
Net (Expense) Revenue and Charges in Net Positon
Audited Fiscal Year Ended April 30
2015 2016 2017 2018 2019
PRIMARY GOVERNMENT:
Governmental Activities(1):
General Government .............................. $ (6,690,972) $ (2,961,632) $ (6,584,706) $ (3,966,839) $ (8,024,829)
Highways and Streets ............................ (7,199,098) (7,609,224) (9,640,079) (8,104,676) (5,859,522)
Sanitation ...................................... (1,792,293) (1,510,891) (1,877,120) (1,864,664) (1,830,423)
Culture and Recreation .......................... (6,616,445) (4,721,843) (6,905,629) (6,093,485) (5,522,668)
Public Safety ................................... (13,493,422) (14,795,532) (15,341,595) (15,013,038) (17,612,606)
Interest on Long-Term Debt ...................... (1,357,552) (1,293,742) (1,559,100) (1,271,181) (1,231,944)
Total Governmental Activities .................. $(37,149,782) $(32,892,864) $(41,908,229) $(36,313,883) $(40,081,992)
General Revenues:
Property Taxes .................................. $ 24,468,769 $ 25,006,224 $ 25,928,864 $ 26,193,444 $ 27,591,773
Replacement Taxes ............................... 142,763 115,251 144,942 135,417 127,460
Sales Tax ....................................... 2,851,103 2,889,306 2,829,607 2,688,837 2,700,829
Income Tax ...................................... 2,386,567 2,251,828 2,306,546 2,272,639 2,593,506
Utility Tax ..................................... 2,589,941 2,195,830 2,305,619 2,358,448 2,437,127
Real Estate Transfer Tax ........................ 1,224,610 1,288,175 1,398,160 1,622,900 1,471,595
Other Taxes ..................................... 391,862 174,760 265,736 1,237,671 261,974
Telecommunication ............................... 1,364,060 1,355,661 1,290,556 1,081,917 1,166,254
Investment Income ............................... 547,118 145,329 1,042,049 1,665,391 2,215,202
Other ........................................... 73,613 224,220 225,690 222,057 1,416,128
Gain (Loss) on Sale of Assets .................... 0 0 0 (3,874) 7,775
Transfers ........................................ (168,750) (924,496) (360,000) (4,343,841) 786,850
Total .......................................... $ 35,871,656 $ 34,722,088 $ 37,377,769 $ 35,131,006 $ 42,776,473
Change in Net Position ........................... $ (1,278,126) $ 1,829,224 $ (4,530,460) $ (1,182,877) $ 2,694,481
Net Position - Beginning of Year ................. 224,819,841 179,678,391(2) 181,507,615 176,977,155 173,886,065(2)
Net Position - End of Year ....................... $223,541,715 $181,507,615 $176,977,155 $175,794,278 $176,580,546
Notes: (1) Expenses less Program Revenues of Charges for Services, Operating Grants, and Capital Grants.
(2) As restated.
General Fund
Balance Sheet
Audited as of April 30
2015 2016 2017 2018 2019
ASSETS:
Cash and Investments ............................. $19,453,778 $23,746,130 $29,929,975 $30,715,101 $30,458,960
Property Taxes Receivable ........................ 17,199,721 17,724,843 17,989,460 18,979,072 18,704,847
Other Receivables ................................ 2,135,891 1,812,793 1,699,432 1,298,990 1,693,915
Due from other Funds ............................. 1,879,980 0 0 0 0
Due from other Governments ....................... 0 1,612,648 1,611,944 1,306,270 1,400,215
All Other Assets ................................. 440,788 367,170 169,199 150,038 129,280
Total Assets ................................... $41,110,158 $45,263,584 $51,400,010 $52,449,471 $52,387,217
LIABILITIES(1):
Accounts Payable/Accrued Payroll ................. $ 476,374 $ 605,858 $ 588,612 $ 563,045 $ 543,479
Deferred Property Tax Revenues ................... 0 1,449,668 1,439,471 1,837,836
Unearned Revenue ................................. 2,347,787
Accrued Liabilities .............................. 901,404
Deposits ......................................... 872,364
Due to Fiduciary Funds ........................... 72,152
All Other Liabilities ............................ 2,841,184 1,701,022 1,805,019 1,788,636
Total Liabilities .............................. $ 3,317,558 $ 3,756,548 $ 3,833,102 $ 4,189,517 $ 4,737,186
DEFERRED INFLOWS OF RESOURCES:
Property Tax Levies for a Future Period .......... $17,199,721 $17,724,843 $17,989,460 $18,979,072 $18,704,847
Other Unavailable Revenues ....................... 76,590 0 0 0 0
Total Deferred Inflows of Resources ............ $17,276,311 $17,724,843 $17,989,460 $18,979,072 $18,704,847
FUND BALANCE:
Nonspendable ..................................... $ 1,648,832 $ 1,272,224 $ 778,160 $ 150,038 $129,280
Restricted ....................................... 957,420 0 0 0 0
Unreserved – Undesignated - Unassigned ........... 17,910,037 22,509,969 28,799,288 29,130,844 28,815,904
Total Fund Balance ............................. $20,516,289 $23,782,193 $29,577,448 $29,280,882 $28,945,184
Total Liabilities, Deferred Inflows of
Resources and Fund Balance .................... $41,110,158 $45,263,584 $51,400,010 $52,449,471 $52,387,217
Note: (1) Format change in 2019.
102
City of Lake Forest, Lake County, Illinois
$17,500,000* General Obligation Refunding Bonds, Series 2019
*Subject to change.
30
General Fund
Revenues and Expenditures(1)
Audited Fiscal Year Ended April 30
2015 2016 2017 2018 2019
REVENUES:
Taxes:
Property ........................................ $17,035,476 $17,430,405 $18,024,168 $18,186,629 $19,235,378
Other ........................................... 3,320,856 2,885,141 3,114,897 3,115,606 3,231,992
Intergovernmental Revenues ....................... 6,265,533 6,145,512 6,114,346 5,781,763 6,172,591
Grants and Contributions ......................... 2,002 0 8,218 18,950 27,560
Charges for Services ............................. 2,917,441 3,074,032 3,051,184 3,568,354 3,354,997
Licenses and Permits ............................. 2,821,066 5,222,568 5,157,398 3,232,276 3,456,703
Fines and Forfeitures ............................ 287,333 254,563 312,643 345,438 355,304
Investment Income ................................ 70,843 99,319 203,554 486,609 859,448
Other ............................................ 771,515 777,621 791,954 1,110,893 1,349,720
Total Revenues ................................. $33,492,065 $35,889,161 $36,778,362 $35,846,518 $38,043,693
EXPENDITURES:
Current:
General Government .............................. $ 9,304,354 $ 9,624,910 $ 9,895,864 $ 9,851,906 $ 9,904,969
Highways and Streets ............................ 2,371,461 2,157,463 2,276,480 2,354,587 2,472,144
Sanitation ...................................... 2,235,135 2,276,433 2,311,435 2,290,986 2,480,420
Public Safety ................................... 14,311,143 14,879,565 14,767,076 15,181,216 16,478,486
Capital Outlay ................................... 492,547 1,789,865 0 51,489 0
Debt Service ..................................... 0 173,360 173,360 483,360 0
Total Expenditures ............................. $28,714,640 $30,901,596 $29,424,215 $30,213,544 $31,336,019
Excess (Deficiency) of Revenues
Over Expenditures ............................... $ 4,777,425 $ 4,987,565 $ 7,354,147 $ 5,632,974 $ 6,707,674
OTHER FINANCING SOURCES (USES):
Loan Proceeds .................................... $ 0 $ 830,080 $ 0 $ 0 $ 0
Transfers In ..................................... 57,162 0 13,991 0 0
Transfers Out .................................... (1,933,258) (2,551,741) (1,572,883) (5,929,540) (7,043,372)
Total Other Financing Sources and Uses, Net .... $(1,876,096) $(1,721,661) $(1,558,892) $(5,929,540) $(7,043,372)
Net Change in Fund Balance ....................... $ 2,901,329 $ 3,265,904 $ 5,795,255 $ (296,566) $ (335,698)
Fund Balance - Beginning of Year ................. $17,614,960 $20,516,289 $23,782,193 $29,577,448 $29,280,882
Fund Balance - End of Year ....................... $20,516,289 $23,782,193 $29,577,448 $29,280,882 $28,945,184
Note: (1) This condensed financial information has been excerpted from the full Comprehensive Annual Financial Reports of
The City of Lake Forest. The full financial statements, together with the report of the City's independent
accountants, are available upon request. The General Corporate Fund is accounted for using the modified accrual
basis of accounting. Revenues are recognized when susceptible to accrual (both measurable and available),
Expenditures, other than interest on long-term debt, are recorded when the liability is incurred, if measurable.
Property taxes due within the current fiscal year and collected within the current fiscal year or within 60 days
of the end of the fiscal year are recorded as revenue. As a result, the current year tax levy, which has a payment
due date after the end of the current fiscal year, is not recorded as revenue but rather as a receivable with a
corresponding amount of deferred revenue.
103
City of Lake Forest, Lake County, Illinois
$17,500,000* General Obligation Refunding Bonds, Series 2019
*Subject to change.
31
General Fund
Budget Financial Information
Budget
Fiscal Year
2020
REVENUES:
Property Taxes ...................................................... $18,989,621
Sales Tax ........................................................... 2,237,000
Telecommunication and Utility Tax ................................... 3,506,160
State Income Tax/Local Use .......................................... 2,381,000
Other Taxes ......................................................... 520,461
Building Permits .................................................... 884,600
Licenses ............................................................ 1,433,056
Fines ............................................................... 227,000
Interest ............................................................ 786,665
Charges for Services ................................................ 5,638,711
Miscellaneous ....................................................... 10,000
Total Revenues .................................................... $36,614,274
EXPENDITURES:
Office of the City Manager .......................................... $ 1,002,331
City Council ........................................................ 841,830
Cable TV ............................................................ 38,498
Finance ............................................................. 806,257
Information Technology .............................................. 653,898
CROYA ............................................................... 607,245
Police .............................................................. 10,275,494
Fire ................................................................ 7,088,662
Human Resources ..................................................... 651,251
Community Development ............................................... 2,010,278
Public Works/Engineering ............................................ 7,663,038
Non-Department ...................................................... 4,002,422
Total Expenditures ................................................ $35,641,204
Revenues over (under) Expenditures .................................. $ 973,070
EMPLOYEE RETIREMENT AND OTHER POSTEMPLOYMENT BENEFITS OBLIGATIONS
The City participates in three defined benefit pension plans: (i) the IMRF Plan, (ii) the Police Pension Plan (the
“Police Pension Plan”), and (iii) the Firefighters’ Pension Plan (the “Fire Pension Plan” and, together with the IMRF
Plan and the Police Pension Plan, the “Pension Plans”). The Pension Plans provide defined benefit pension benefits to
the City’s employees, retirees and beneficiaries. The IMRF Plan is an agent multiple-employer public employee
retirement system, and the Police Pension Plan and the Fire Pension Plan are single-employer pension plans. The City
makes certain contributions to the Pension Plans on behalf of its employees, as further described in this section. The
operations of the Pension Plans, including the contributions to be made to the Pension Plans, the benefits provided by
the Pension Plans, and the actuarial assumptions and methods employed in generating the liabilities and contributions of
the Pension Plans, are governed by the Pension Code. This section first describes certain concepts related to pensions
generally, then describes the applicable provisions of Pension Plans. These concepts are more completely described in
Note ___ to the Audit, as hereinafter defined, as well as the supplementary schedules thereto, attached hereto as
APPENDIX A.
104
City of Lake Forest, Lake County, Illinois
$17,500,000* General Obligation Refunding Bonds, Series 2019
*Subject to change.
32
The Pension Code allows the State Comptroller to divert State payments intended for the City to the Police
Pension Plan and the Fire Pension Plan to satisfy contribution shortfalls by the City (the “Recapture Provisions”). If the
City fails to contribute to the Police Pension Plan or the Fire Pension Plan as required by the Pension Code, the City
will be subject to a reallocation of payments of State funds to the City if (i) the City fails to make the required payment
for 90 days past the due date, (ii) the subject retirement fund gives notice of the failure to the City, and (iii) such
retirement fund certifies to the State Comptroller that such payment has not been made. Upon the occurrence of these
events, the State Comptroller will withhold payments of State funds from the City in an amount not in excess of the
delinquent payment amount in the proportion of 100% of the amount of any payments of State funds to the City.
Should the Recapture Provisions be enforced as a result of the City’s failure to contribute all of its required
contribution, a reduction in payments of State funds may have an adverse impact on the City’s finances.
For fiscal year 2019, the City contributed $1,719,445 or 99.85% of the actuarially determined contribution to
the Fire Pension Plan and $2,504,581 or 99.94% of the actuarially determined contribution to the Police Pension Plan.
In each case, such actuarially determined contribution exceeded 100% of the statutory actuarial minimum required
contribution. If the City does not contribute 100% of its statutory actuarial minimum required contributions to both
pension plans in a year, the State Comptroller may withhold State payments otherwise due to the City.
Background Regarding Pension Plans
The Actuarial Valuation
The disclosures in the Audit related to the Pension Plans are based in part on the actuarial valuations of the
Pension Plans. In the actuarial valuations, the actuary for each of the Pension Plans measures the financial position of a
Pension Plan, determines the amount to be contributed to a Pension Plan pursuant to statutory requirements, and
produces information mandated by the financial reporting standards issued by the Governmental Accounting Standards
Board (“GASB”), as described below.
In producing an actuarial valuation, the actuary for a Pension Plan uses demographic data (including employee
age, salary and service credits), economic assumptions (including estimated future salary and interest rates), and
decrement assumptions (including employee turnover, mortality and retirement rates) and employs various actuarial
methods to generate the information required to be included in such valuation.
GASB Standards
Prior to the fiscal year ended December 31, 2015, the applicable GASB financial reporting standards with
respect to the Pension Plans were GASB Statement No. 25 and GASB Statement No. 27 (together, the “Prior GASB
Standards”). The Prior GASB Standards required the disclosure of an Annually Required Contribution (which was
such pronouncement’s method for calculating the annual amounts needed to fully fund a pension plan) and the
calculation of pension funding statistics such as the unfunded actuarial accrued liability (“UAAL”), which was the
shortfall of the assets held by the pension plan when compared against the liabilities of such pension plan, as actuarially
determined (the “Actuarial Accrued Liability”), and the “Funded Ratio,” which was the ratio, expressed as a
percentage, derived from dividing the assets of the pension plan by the Actuarial Accrued Liability. In addition, the
Prior GASB Standards allowed pension plans to prepare financial reports pursuant to various approved actuarial
methods and to use an assumed investment rate of return determined by the pension plan for financial reporting
purposes.
Beginning with the fiscal year ended December 31, 2015, the applicable GASB financial reporting standards
with respect to the Pension Plans became GASB Statement No. 67 and GASB Statement No. 68 (together, the “New
GASB Standards”). Unlike the Prior GASB Standards, the New GASB Standards do not establish approaches to
funding pension plans, and, therefore, do not require computation of the Annually Required Contribution or a similar
contribution number. Instead, the New GASB Standards provide standards solely for financial reporting and accounting
related to pension plans.
105
City of Lake Forest, Lake County, Illinois
$17,500,000* General Obligation Refunding Bonds, Series 2019
*Subject to change.
33
The New GASB Standards require calculation and disclosure of a “Net Pension Liability” or “Net Pension
Asset”, which is the difference between the actuarial present value of projected benefit payments that is attributed to
past periods of employee service calculated pursuant to the methods and assumptions set forth in the New GASB
Standards (referred to in such statements as the “Total Pension Liability”) and the fair market value of the pension
plan’s assets (referred to as the “Fiduciary Net Position”). This concept is similar to the UAAL, which was calculated
under the Prior GASB Standards, but most likely will differ from the UAAL on any calculation date because the
Fiduciary Net Position is calculated at fair market value and because of the differences in the manner of calculating the
Total Pension Liability as compared to the Actuarial Accrued Liability under the Prior GASB Standards.
Furthermore, the New GASB Standards employ a rate, referred to in such statements as the “Discount Rate,”
which is used to discount projected benefit payments to their actuarial present values. The Discount Rate is a blended
rate comprised of (1) a long-term expected rate of return on a pension plan’s investments (to the extent that such assets
are projected to be sufficient to pay benefits), and (2) a tax-exempt municipal bond rate meeting certain specifications
set forth in the New GASB Standards. Therefore, in certain cases in which the assets of a pension plan are not
expected to be sufficient to pay the projected benefits of such pension plan, the Discount Rate calculated pursuant to the
New GASB Standards may differ from the assumed investment rate of return used in reporting pursuant to the Prior
GASB Standards.
Finally, the New GASB Standards require that the Net Pension Liability be disclosed in the notes to the
financial statements of the pension system and that a proportionate share of the Net Pension Liability be recognized on
the balance sheet of the employer. In addition, the New GASB Standards require an expense to be recognized on the
income statement of the City.
Pension Plans Remain Governed by the Pension Code
As described above, each of the Prior GASB Standards and the New GASB Standards establish requirements
for financial reporting purposes. However, the Pension Plans are ultimately governed by the provisions of the Pension
Code in all respects, including, but not limited to, the amounts to be contributed by the City to the Pension Plans in
each year.
Illinois Municipal Retirement Fund
The City participates in the IMRF Plan, which is a defined-benefit, agent multiple employer pension plan
administered by the IMRF that acts as a common investment and administrative agent for units of local government and
school districts in Illinois. All employees (other than those covered by the Police Pension Plan and the Fire Pension
Plan), including Library employees, hired in positions that meet or exceed the prescribed annual hourly standard must
be enrolled in IMRF as participating members.
The IMRF Plan is established and administered under statutes adopted by the General Assembly. The Pension
Code sets the benefit provisions of the IMRF Plan, which can only be amended by the General Assembly.
Each employer participating in the IMRF Plan, including the City, has an employer reserve account with the
IMRF Plan separate and distinct from all other participating employers (the “IMRF Account”) along with a unique
employer contribution rate determined by the IMRF Board of Trustees (the “IMRF Board”), as described below. The
employees of a participating employer receive benefits solely from such employer’s IMRF Account. Participating
employers are not responsible for funding the deficits of other participating employers.
The IMRF issues a publicly available financial report that includes financial statements and required
supplementary information which may be viewed at the IMRF’s website.
See Note IV to the Audit for additional information on the IMRF Plan’s actuarial methods and assumptions.
106
City of Lake Forest, Lake County, Illinois
$17,500,000* General Obligation Refunding Bonds, Series 2019
*Subject to change.
34
Contributions
Both employers and employees contribute to the IMRF Plan. At present, employees contribute 4.50% of their
salary to the IMRF Plan, as established by statute. Employers are required to make all additional contributions
necessary to fund the benefits provided by the IMRF Plan to its employees. The annual rate at which an employer must
contribute to the IMRF Plan is established by the IMRF Board. The City’s contribution rates for calendar years 2017,
2018 and 2019 were 12.77%, 12.55% and 11.73% of covered payroll, respectively. For the fiscal year ended April
30, 2019, the City contributed $1,694,029 to the IMRF Plan, which compares to contributions of $1,662,367 and
$1,677,759 in fiscal years 2018 and 2017, respectively.
Measures of Financial Position
The following table presents the measures of the IMRF Account’s financial position as of fiscal years ended
April 30, 2017, 2018 and 2019, which are presented pursuant to the New GASB Standards. Such measures were
calculated pursuant to the Discount Rates shown below.
CALENDAR YEAR ENDED
DECEMBER 31
TOTAL PENSION
LIABILITY
FIDUCIARY NET
POSITION
NET PENSION
LIABILITY/(ASSET)
FIDUCIARY NET POSITION AS A %
OF TOTAL PENSION LIABILITY
DISCOUNT RATE
2017 $101,386,197 $89,262,776 $15,092,853 86.17% 7.50%
2018 101,973,214 100,777,356 1,195,858 98.83% 7.50%
2019 109,106,649 94,013,796 12,123,421 88.04% 7.25%
______________________________
Source: Audited financial statements for the City for fiscal year ended April 30, 2019.
See Note IV to the Audit, and the related required supplementary information disclosures, for a description of
the IMRF Plan, the IMRF Account, the City’s funding policy, information on the assumptions and methods used by the
Actuary, and the financial reporting information required by the New GASB Standards.
Lake Forest Public Safety Pension Funding
In 2017, the City created a Pension Subcommittee made up of the City Council Finance Chair, another
Alderman, the City Manager and the City Finance Director. The Pension Subcommittee works in conjunction with the
City’s independent actuary and the Fire and Police Pension Boards to develop recommendations for the City Council to
consider in meeting its statutory obligations in the most fiscally responsible and sustainable manner. On September 3,
2019, the City revised its pension funding policy (as revised, the “Policy”). The City has done the following in recent
years:
· Reduced its investment return assumption from 7.5% in April 2013 to 6.75% for April 2019;
· Adjusted the mortality table to PubS-2010 for April 2019; and
· Reduced the payroll growth rate assumption from 5.5% to 2.0%.
Currently, the City funds its public safety pension obligations based on a 100% funded ratio in 2040.
However, the Policy provides for phasing in a 15-year open amortization period as the most fiscally sustainable method
of funding. The Policy also establishes the statutory minimum contribution in any given year as the minimum. The
City’s contribution is funded through a combination of the property tax levy and a public safety pension fee that was
effective May 1, 2017. Following is a three year summary of the City’s contribution compared to the Statutory
Minimum.
107
City of Lake Forest, Lake County, Illinois
$17,500,000* General Obligation Refunding Bonds, Series 2019
*Subject to change.
35
Police Pension Plan
The City provides retirement, death and disability benefits to its sworn police personnel and retirees and their
beneficiaries through the Police Pension Plan. The Police Pension Plan is a single-employer defined benefit
contribution plan. The benefits provided by the Police Pension Plan and the amount of employer and employee
contributions to the Police Pension Plan are governed by the Pension Code and may only be amended by the General
Assembly. As of April 30, 2019, the Police Pension Plan had a membership of 92.
Contributions
As stated above, both the City and its participating employees make contributions to the Police Pension Plan. At
present, employees contribute 9.91% of their base salary to the Police Pension Plan. The City is required to make all
additional contributions necessary to fund the benefits provided by the Police Pension Plan to its members.
The Pension Code requires that the City contribute annually the amount necessary to fund the normal cost of
the Police Pension Plan for such year plus an amount sufficient to bring the total assets of the Police Pension Plan up to
90% of the total actuarial liabilities of the Police Pension Plan by the end of fiscal year 2040, as determined by an
actuary (the “Funding Requirement”). The Pension Code provides a levy of a separate tax annually by the City to
generate the funds necessary to make this contribution.
As the Funding Requirement represents an amortization of the unfunded portion of the actuarial liabilities of the
Police Pension Plan over a closed period of time, the City’s required contributions to the Police Pension Plan are
expected to increase, possibly by a significant margin, during the period of fiscal years leading up to 2040.
For fiscal year ended April 30, 2019, the City’s contribution was 63.56% of covered payroll. For the fiscal
years ended April 30, 2017, 2018 and 2019, the City contributed the following amounts to the Police Pension Plan:
FISCAL YEAR ENDED
APRIL 30
ACTUARIALLY
DETERMINED
CONTRIBUTION
POLICE PENSION
PLAN CONTRIBUTION
CONTRIBUTION
(DEFICIENCY)/EXCESS
2017 $1,737,445 $1,895,500 $158,055
2018 1,832,059 2,094,124 262,065
2019 2,505,888 2,504,581 (1,307)
______________________________
Source: Audited financial statements for the City for fiscal year ended April 30, 2019.
Actuarial
Valuation
Date Fiscal Year Fire Police Combined
City Policy* 4/30/19 FY21 $2,075,171 $3,090,726 $5,165,897
Statutory Minimum 4/30/19 FY21 1,696,742 2,742,544 4,439,286
City Policy 4/30/18 FY20 1,826,568 2,594,845 4,421,413
Statutory Minimum 4/30/18 FY20 1,487,136 2,266,450 3,753,586
City Policy 4/30/17 FY19 1,721,953 2,505,888 4,227,841
Statutory Minimum 4/30/17 FY19 1,397,971 2,188,687 3,586,658
______________________________
*Proposed tax levy to be approved on December 2, 2019.
108
City of Lake Forest, Lake County, Illinois
$17,500,000* General Obligation Refunding Bonds, Series 2019
*Subject to change.
36
Measures of Financial Position
The following table provides statistical information produced pursuant to the New GASB Standards with respect
to the Police Pension Plan for each of the last three fiscal years. The Total Pension Liability was calculated pursuant to
the Discount Rates shown below.
FISCAL YEAR ENDED
APRIL 30
TOTAL PENSION
LIABILITY
PLAN FIDUCIARY NET
POSITION
NET PENSION
LIABILITY
FIDUCIARY NET POSITION AS A
% OF TOTAL PENSION LIABILITY
DISCOUNT RATE
2017 $56,248,128 $29,758,448 $26,489,680 52.91% 7.00%
2018 58,400,246 31,650,935 26,749,311 54.20% 7.00%
2019 66,252,095 33,350,826 32,901,269 50.34% 6.75%
______________________________
Source: Audited financial statements for the City for fiscal year ended April 30, 2019.
See Note IV to the Audit, and the related required supplementary information disclosures, for a description of
the Police Pension Plan, the City’s funding policy, information on the assumptions and methods used by the actuary for
the Police Pension Plan, and the financial reporting information required by the New GASB Standards.
Fire Pension Plan
The City provides retirement, death and disability benefits to its sworn fire personnel and retirees and their
beneficiaries through the Fire Pension Plan. The Fire Pension Plan is a single-employer defined benefit contribution
plan. The benefits provided by the Fire Pension Plan and the amount of employer and employee contributions to the
Fire Pension Plan are governed by the Pension Code and may only be amended by the General Assembly. As of April
30, 2019, the Fire Pension Plan had a membership of 77.
Contributions
As stated above, both the City and its participating employees make contributions to the Fire Pension Plan. At
present, employees contribute 9.455% of their salary to the Fire Pension Plan. The City is required to make all
additional contributions necessary to fund the benefits provided by the Fire Pension Plan to its members.
The Pension Code requires that the City contribute annually the Funding Requirement, the same being the
amount necessary to fund the normal cost of the Fire Pension Plan for such year plus an amount sufficient to bring the
total assets of the Fire Pension Plan up to 90% of the total actuarial liabilities of the Fire Pension Plan by the end of
fiscal year 2040, as determined by an actuary. The Pension Code provides a levy of a separate tax annually by the City
to generate the funds necessary to make this contribution.
As the Funding Requirement represents an amortization of the unfunded portion of the actuarial liabilities of the
Fire Pension Plan over a closed period of time, the City’s required contributions to the Fire Pension Plan are expected
to increase, possibly by a significant margin, during the period of fiscal years leading up to 2040.
109
City of Lake Forest, Lake County, Illinois
$17,500,000* General Obligation Refunding Bonds, Series 2019
*Subject to change.
37
For fiscal year ended April 30, 2019, the City’s contribution was 51.50% of covered payroll. For the fiscal
years ended April 30, 2017, 2018 and 2019, the City contributed the following amounts to the Fire Pension Plan:
FISCAL YEAR ENDED
APRIL 30
ACTUARIALLY
DETERMINED
CONTRIBUTION
FIRE PENSION PLAN
CONTRIBUTION
CONTRIBUTION
(DEFICIENCY)/
EXCESS
2017 $1,137,826 $1,211,587 $73,761
2018 1,298,188 1,308,348 10,160
2019 1,721,953 1,719,445 (2,508)
______________________________
Source: Audited financial statements for the City for fiscal year ended April 30, 2019.
Measures of Financial Position
The following table provides statistical information produced pursuant to the New GASB Standards with respect
to the Fire Pension Plan for each of the last three fiscal years. The Total Pension Liability was calculated pursuant to
the Discount Rates shown below.
FISCAL YEAR ENDED
APRIL 30
TOTAL PENSION
LIABILITY
PLAN FIDUCIARY NET
POSITION
NET PENSION
LIABILITY
FIDUCIARY NET POSITION AS A
% OF TOTAL PENSION LIABILITY
DISCOUNT RATE
2017 $49,290,987 $34,210,064 $15,080,923 69.40% 7.00%
2018 51,327,313 36,256,485 15,070,828 70.64% 7.00%
2019 56,470,867 38,685,520 17,785,347 68.51% 6.75%
______________________________
Source: Audited financial statements for the City for fiscal year ended April 20, 2019.
See Note IV to the Audit, and the related required supplementary information disclosures, for a description of
the Fire Pension Plan, the City’s funding policy, information on the assumptions and methods used by the actuary for
the Fire Pension Plan, and the financial reporting information required by the New GASB Standards.
Other Post-Employment Benefits
In addition to providing the pension benefits described above, the City provides post-employment healthcare
benefits (“OPEB”) for eligible retired employees, City and library, through a single employer defined benefit plan (the
“OPEB Plan”). The benefits, benefit levels, employee contributions and employer contributions are governed by the
City Council and can be amended by the City through its personnel manual and union contracts. As of April 30, 2019,
the OPEB Plan had a membership of 267. For additional information regarding the OPEB Plan, see Note IV to the
Audit. The City does not currently fund the cost of benefits due under the OPEB Plan in advance of the payment of
such expenses. Active employees do not contribute to the OPEB Plan until retirement.
The City provides post-employment health care benefits to its retirees. To be eligible for benefits, an employee
must qualify for retirement under one of the City’s retirement plans. All health care benefits are provided through the
City’s health insurance plan. The benefit levels are the same as those afforded to active employees. All retirees
contribute 100% of the actuarially determined premium to the plan.
The City’s total OPEB liability, including the library’s OPEB liability, as of April 30, 2019 was $2,642,076.
For additional information on the City’s post-employment benefits other than pensions, see Note IV and the required
supplementary information to the 2019 Audit.
110
City of Lake Forest, Lake County, Illinois
$17,500,000* General Obligation Refunding Bonds, Series 2019
*Subject to change.
38
REGISTRATION, TRANSFER AND EXCHANGE
Registration
The registered owner of a Bond will be deemed and regarded as the absolute owner thereof for the purpose of
receiving payment of, or on account of, the principal of, premium, if any, or interest thereon and for all other purposes
whatsoever, and all such payments so made to such registered owner or upon his order shall be valid and effectual to
satisfy and discharge the liability upon such Bond to the extent of the sum or sums so paid, and neither the City nor the
Bond Registrar will be affected by any notice to the contrary.
Transfers and Exchanges
The transfer of Bonds will be registerable only upon the registration books maintained by the City for that
purpose at the principal corporate trust office of the Bond Registrar, by the registered owner thereof or by his attorney
duly authorized in writing, upon surrender thereof together with an instrument of transfer satisfactory to the Bond
Registrar and duly executed by the registered owner or his duly authorized agent. Upon such surrender for transfer,
the City will execute and the Bond Registrar will authenticate and deliver a new Bond or Bonds of any authorized
denominations, registered in the name of the transferee, and of the same aggregate principal amount, maturity and
interest rate as the surrendered Bond.
Bonds may be exchanged for an equal aggregate principal amount of Bonds of the same maturity and interest
rate and of any authorized denominations, upon surrender thereof as the principal corporate trust office of the Bond
Registrar with a written instrument of transfer satisfactory to the Bond Registrar, duly executed by the registered owner
or his duly authorized agent.
For every such exchange or registration of transfer of Bonds, the City or the Bond Registrar may make a
charge sufficient to reimburse it for any tax or other governmental charge required to be paid with respect to such
exchange or registration of transfer, except in the case of the issuance of a Bond or Bonds for the unredeemed portion
of a Bond surrendered for redemption. No charge will be made in connection with such exchange or registration of
transfer to pay the cost of preparing each new Bond issued upon such exchange or registration of transfer.
The Bond Registrar shall not be required to transfer or exchange any Bond during the period beginning at the
close of business on the 1st day of the month of any interest payment date on such Bond and ending at the opening of
business on such interest payment date, nor to transfer or exchange any Bond after notice calling such Bond for
redemption has been mailed, nor during a period of fifteen (15) days next preceding mailing of a notice of redemption
of any Bonds.
111
City of Lake Forest, Lake County, Illinois
$17,500,000* General Obligation Refunding Bonds, Series 2019
*Subject to change.
39
TAX EXEMPTION
Federal tax law contains a number of requirements and restrictions which apply to the Bonds, including
investment restrictions, periodic payments of arbitrage profits to the United States, requirements regarding the proper
use of bond proceeds and the facilities financed therewith, and certain other matters. The City has covenanted to
comply with all requirements that must be satisfied in order for the interest on the Bonds to be excludable from gross
income for federal income tax purposes. Failure to comply with certain of such covenants could cause interest on the
Bonds to become includible in gross income for federal income tax purposes retroactively to the date of issuance of the
Bonds.
Subject to the City’s compliance with the above-referenced covenants, under present law, in the opinion of
Bond Counsel, interest on the Bonds is excludable from the gross income of the owners thereof for federal income tax
purposes and is not included as an item of tax preference in computing the federal alternative minimum tax for
individuals under the Internal Revenue Code of 1986, as amended (the “Code”).
In rendering its opinion, Bond Counsel will rely upon certifications of the City with respect to certain material
facts within the City’s knowledge. Bond Counsel’s opinion represents its legal judgment based upon its review of the
law and the facts that it deems relevant to render such opinion and is not a guarantee of a result.
Ownership of the Bonds may result in collateral federal income tax consequences to certain taxpayers,
including, without limitation, corporations subject to the branch profits tax, financial institutions, certain insurance
companies, certain S corporations, individual recipients of Social Security or Railroad Retirement benefits and
taxpayers who may be deemed to have incurred (or continued) indebtedness to purchase or carry tax exempt
obligations. Prospective purchasers of the Bonds should consult their tax advisors as to applicability of any such
collateral consequences.
The issue price for original issue discount (as further discussed below) and market discount purposes (the “OID
Issue Price”) for each maturity of the Bonds is the price at which a substantial amount of such maturity of the Bonds is
first sold to the public (excluding bond houses and brokers and similar persons or organizations acting in the capacity of
underwriters, placement agents or wholesalers). The OID Issue Price of a maturity of the Bonds may be different from
the price set forth, or the price corresponding to the yield set forth, on the cover page hereof.
If the OID Issue Price of a maturity of the Bonds is less than the principal amount payable at maturity, the
difference between the OID Issue Price of each such maturity, if any, of the Bonds (the “OID Bonds”) and the principal
amount payable at maturity is original issue discount.
For an investor who purchases an OID Bond in the initial public offering at the OID Issue Price for such
maturity and who holds such OID Bond to its stated maturity, subject to the condition that the City complies with the
covenants discussed above, (a) the full amount of original issue discount with respect to such OID Bond constitutes
interest which is excludable from the gross income of the owner thereof for federal income tax purposes; (b) such
owner will not realize taxable capital gain or market discount upon payment of such OID Bond at its stated maturity; (c)
such original issue discount is not included as an item of tax preference in computing the alternative minimum tax for
individuals under the Code; and (d) the accretion of original issue discount in each year may result in certain collateral
federal income tax consequences in each year even though a corresponding cash payment may not be received until a
later year. Based upon the stated position of the Department under State income tax law, accreted original issue
discount on such OID Bonds is subject to taxation as it accretes, even though there may not be a corresponding cash
payment until a later year. Owners of OID Bonds should consult their own tax advisors with respect to the state and
local tax consequences of original issue discount on such OID Bonds.
Owners of Bonds who dispose of Bonds prior to the stated maturity (whether by sale, redemption or otherwise),
purchase Bonds in the initial public offering, but at a price different from the OID Issue Price or purchase Bonds
subsequent to the initial public offering should consult their own tax advisors.
112
City of Lake Forest, Lake County, Illinois
$17,500,000* General Obligation Refunding Bonds, Series 2019
*Subject to change.
40
If a Bond is purchased at any time for a price that is less than the Bond’s stated redemption price at maturity or,
in the case of an OID Bond, its OID Issue Price plus accreted original issue discount (the “Revised Issue Price”), the
purchaser will be treated as having purchased a Bond with market discount subject to the market discount rules of the
Code (unless a statutory de minimis rule applies). Accrued market discount is treated as taxable ordinary income and is
recognized when a Bond is disposed of (to the extent such accrued discount does not exceed gain realized) or, at the
purchaser’s election, as it accrues. Such treatment would apply to any purchaser who purchases an OID Bond for a
price that is less than its Revised Issue Price. The applicability of the market discount rules may adversely affect the
liquidity or secondary market price of such Bond. Purchasers should consult their own tax advisors regarding the
potential implications of market discount with respect to the Bonds.
An investor may purchase a Bond at a price in excess of its stated principal amount. Such excess is
characterized for federal income tax purposes as “bond premium” and must be amortized by an investor on a constant
yield basis over the remaining term of the Bond in a manner that takes into account potential call dates and call prices.
An investor cannot deduct amortized bond premium relating to a tax-exempt bond. The amortized bond premium is
treated as a reduction in the tax-exempt interest received. As bond premium is amortized, it reduces the investor’s
basis in the Bond. Investors who purchase a Bond at a premium should consult their own tax advisors regarding the
amortization of bond premium and its effect on the Bond’s basis for purposes of computing gain or loss in connection
with the sale, exchange, redemption or early retirement of the Bond.
There are or may be pending in Congress legislative proposals, including some that carry retroactive effective
dates, that, if enacted, could alter or amend the federal tax matters referred to above or affect the market value of the
Bonds. It cannot be predicted whether or in what form any such proposal might be enacted or whether, if enacted, it
would apply to bonds issued prior to enactment. Prospective purchasers of the Bonds should consult their own tax
advisors regarding any pending or proposed federal tax legislation. Bond Counsel expresses no opinion regarding any
pending or proposed federal tax legislation.
The Service has an ongoing program of auditing tax-exempt obligations to determine whether, in the view of
the Service, interest on such tax-exempt obligations is includible in the gross income of the owners thereof for federal
income tax purposes. It cannot be predicted whether or not the Service will commence an audit of the Bonds. If an
audit is commenced, under current procedures the Service may treat the City as a taxpayer and the Bondholders may
have no right to participate in such procedure. The commencement of an audit could adversely affect the market value
and liquidity of the Bonds until the audit is concluded, regardless of the ultimate outcome.
Payments of interest on, and proceeds of the sale, redemption or maturity of, tax-exempt obligations, including
the Bonds, are in certain cases required to be reported to the Service. Additionally, backup withholding may apply to
any such payments to any Bond owner who fails to provide an accurate Form W-9 Request for Taxpayer Identification
Number and Certification, or a substantially identical form, or to any Bond owner who is notified by the Service of a
failure to report any interest or dividends required to be shown on federal income tax returns. The reporting and
backup withholding requirements do not affect the excludability of such interest from gross income for federal tax
purposes.
Interest on the Bonds is not exempt from present State of Illinois income taxes. Ownership of the Bonds may
result in other state and local tax consequences to certain taxpayers. Bond Counsel expresses no opinion regarding any
such collateral consequences arising with respect to the Bonds. Prospective purchasers of the Bonds should consult
their tax advisors regarding the applicability of any such state and local taxes.
See APPENDIX C for a proposed form of opinion of Bond Counsel.
113
City of Lake Forest, Lake County, Illinois
$17,500,000* General Obligation Refunding Bonds, Series 2019
*Subject to change.
41
CONTINUING DISCLOSURE
The City will enter into a Continuing Disclosure Undertaking (the “Undertaking”) for the benefit of the
beneficial owners of the Bonds to send certain information annually and to provide notice of certain events to the
Municipal Securities Rulemaking Board (the “MSRB”) pursuant to the requirements of the Rule. No person, other than
the City, has undertaken, or is otherwise expected, to provide continuing disclosure with respect to the Bonds. The
information to be provided on an annual basis, the events which will be noticed on an occurrence basis and a summary
of other terms of the Undertaking, including termination, amendment and remedies, are set forth in APPENDIX E -
FORM OF CONTINUING DISCLOSURE UNDERTAKING.
The City Council is expected to amend its existing disclosure policies and procedures to include additional
procedures to be followed by the City in relation to the two new reportable events added to the list of reportable events
for which the City must provide notice to the EMMA system.
There have been no instances in the previous five years in which the City failed to comply, in all material
respects, with any undertaking previously entered into by it pursuant to the Rule. A failure by the City to comply with
the Undertaking will not constitute a default under the Bond Ordinance and beneficial owners of the Bonds are limited
to the remedies described in the Undertaking. The City must report any failure to comply with the Undertaking in
accordance with the Rule. Any broker, dealer or municipal securities dealer must consider such report before
recommending the purchase or sale of the Bonds in the secondary market. Consequently, such a failure may adversely
affect the transferability and liquidity of the Bonds and their market price.
OPTIONAL REDEMPTION
The Bonds maturing on or after December 15, 2028, are subject to redemption prior to maturity at the option of
the City in whole or in part on any date on or after December 15, 2027, at a price of par and accrued interest. If less
than all the Bonds are called, they shall be redeemed in such principal amounts and from such maturities as determined
by the City and within any maturity by lot.
The Bond Registrar will give notice of redemption, identifying the Bonds (or portions thereof) to be redeemed,
by mailing a copy of the redemption notice by first class mail not less than thirty (30) days nor more than sixty (60)
days prior to the date fixed for redemption to the registered owner of each Bond (or portion thereof) to be redeemed at
the address shown on the registration books maintained by the Bond Registrar. Unless moneys sufficient to pay the
redemption price of the Bonds to be redeemed are received by the Bond Registrar prior to the giving of such notice of
redemption, such notice may, at the option of the City, state that said redemption will be conditional upon the receipt of
such moneys by the Bond Registrar on or prior to the date fixed for redemption. If such moneys are not received, such
notice will be of no force and effect, the City will not redeem such Bonds, and the Bond Registrar will give notice, in
the same manner in which the notice of redemption has been given, that such moneys were not so received and that
such Bonds will not be redeemed. Otherwise, prior to any redemption date, the City will deposit with the Bond
Registrar an amount of money sufficient to pay the redemption price of all the Bonds or portions of Bonds which are to
be redeemed on the date.
Subject to the provisions for a conditional redemption described above, notice of redemption having been given
as described above and in the Bond Ordinance, and notwithstanding failure to receive such notice, the Bonds or
portions of Bonds so to be redeemed will, on the redemption date, become due and payable at the redemption price
therein specified, and from and after such date (unless the City shall default in the payment of the redemption price)
such Bonds or portions of Bonds shall cease to bear interest. Upon surrender of such Bonds for redemption in
accordance with said notice, such Bonds will be paid by the Bond Registrar at the redemption price.
114
City of Lake Forest, Lake County, Illinois
$17,500,000* General Obligation Refunding Bonds, Series 2019
*Subject to change.
42
LITIGATION
There is no litigation of any nature now pending or threatened restraining or enjoining the issuance, sale,
execution or delivery of the Bonds, or in any way contesting or affecting the validity of the Bonds or any proceedings
of the City taken with respect to the issuance or sale thereof.
CERTAIN LEGAL MATTERS
Certain legal matters incident to the authorization, issuance and sale of the Bonds are subject to the approving
legal opinion of Chapman and Cutler LLP, Chicago, Illinois, as Bond Counsel (the “Bond Counsel”), who has been
retained by, and acts as, Bond Counsel to the City. Bond Counsel has not been retained or consulted on disclosure
matters and has not undertaken to review or verify the accuracy, completeness or sufficiency of this Official Statement
or other offering material relating to the Bonds and assumes no responsibility for the statements or information
contained in or incorporated by reference in this Official Statement, except that in its capacity as Bond Counsel,
Chapman and Cutler LLP has, at the request of the City, reviewed only those portions of this Official Statement
involving the description of the Bonds, the security for the Bonds (excluding forecasts, projections, estimates or any
other financial or economic information in connection therewith), and the description of the federal tax exemption of
the interest on the Bonds. This review was undertaken solely at the request and for the benefit of the City and did not
include any obligation to establish or confirm factual matters set forth herein.
OFFICIAL STATEMENT AUTHORIZATION
This Official Statement has been authorized for distribution to prospective purchasers of the Bonds. All
statements, information, and statistics herein are believed to be correct but are not guaranteed by the consultants or by
the City, and all expressions of opinion, whether or not so stated, are intended only as such.
INVESTMENT RATING
The City has supplied certain information and material concerning the Bonds and the City to Moody’s,
including certain information and materials which may not have been included in this Official Statement, as part of its
application for an investment rating on the Bonds. A rating reflects only the views of Moody’s and an explanation of
the significance of such rating may be obtained from Moody’s. Generally, such rating service bases its rating on such
information and material, and also on such investigations, studies and assumptions that it may undertake independently.
There is no assurance that such rating will continue for any given period of time or that it may not be lowered or
withdrawn entirely by such rating service if, in its judgment, circumstances so warrant. Any such downward change in
or withdrawal of such rating may have an adverse effect on the secondary market price of the Bonds. An explanation
of the significance of the investment rating may be obtained from the rating agency: Moody’s Investors Service, 7
World Trade Center at 250 Greenwich Street, New York, New York 10007, telephone 212-553-1658. The City will
provide appropriate periodic credit information to the rating service to maintain a rating on the Bonds.
UNDERWRITING
The Bonds were offered for sale by the City at a public, competitive sale on December 4, 2019. The best bid
submitted at the sale was submitted by ____________________ (the “Underwriter”). The City awarded the contract
for sale of the Bonds to the Underwriter at a price of $___________. The Underwriter has represented to the City that
the Bonds have been subsequently re-offered to the public initially at the yields or prices set forth in the addendum to
this Official Statement.
115
City of Lake Forest, Lake County, Illinois
$17,500,000* General Obligation Refunding Bonds, Series 2019
*Subject to change.
43
MUNICIPAL ADVISOR
The City has engaged Speer Financial, Inc. as municipal advisor (the “Municipal Advisor”) in connection with
the issuance and sale of the Bonds. The Municipal Advisor is a Registered Municipal Advisor in accordance with the
rules of the MSRB. The Municipal Advisor will not participate in the underwriting of the Bonds. The financial
information included in the Official Statement has been compiled by the Municipal Advisor. Such information does not
purport to be a review, audit or certified forecast of future events and may not conform with accounting principles
applicable to compilations of financial information. The Municipal Advisor is not obligated to undertake any
independent verification of or to assume any responsibility for the accuracy, completeness or fairness of the information
contained in this Official Statement, nor is the Municipal Advisor obligated by the City’s continuing disclosure
undertaking.
CERTIFICATION
I have examined this Official Statement dated November __, 2019, for the $17,500,000* General Obligation
Refunding Bonds, Series 2019, believe it to be true and correct and will provide to the purchaser of the Bonds at the
time of delivery a certificate confirming to the purchaser that to the best of my knowledge and belief information in the
Official Statement was at the time of acceptance of the bid for the Bonds and, including any addenda thereto, was at the
time of delivery of the Bonds true and correct in all material respects and does not include any untrue statement of a
material fact, nor does it omit the statement of any material fact required to be stated therein, or necessary to make the
statements therein, in the light of the circumstances under which they were made, not misleading.
/s/ ELIZABETH HOLLEB
Director of Finance
CITY OF LAKE FOREST
Lake County, Illinois
*Subject to change.
116
APPENDIX A
CITY OF LAKE FOREST, LAKE COUNTY, ILLINOIS
FISCAL YEAR 2019 COMPREHENSIVE ANNUAL FINANCIAL REPORT
117
APPENDIX B
DESCRIBING BOOK-ENTRY-ONLY ISSUANCE
1. The Depository Trust Company (“DTC”), New York, New York, will act as securities depository for
the Bonds (the “Securities”). The Securities will be issued as fully-registered securities registered in the name of Cede
& Co. (DTC’s partnership nominee) or such other name as may be requested by an authorized representative of DTC.
One fully-registered Security certificate will be issued for each issue of the Securities, each in the aggregate principal
amount of such issue, and will be deposited with DTC.
2. DTC, the world’s largest securities depository, is a limited-purpose trust company organized under the
New York Banking Law, a “banking organization” within the meaning of the New York Banking Law, a member of
the Federal Reserve System, a “clearing corporation” within the meaning of the New York Uniform Commercial Code,
and a “clearing agency” registered pursuant to the provisions of Section 17A of the Securities Exchange Act of 1934.
DTC holds and provides asset servicing for over 3.5 million issues of U.S. and non-U.S. equity issues, corporate and
municipal debt issues, and money market instruments (from over 100 countries) that DTC’s participants (“Direct
Participants”) deposit with DTC. DTC also facilitates the post-trade settlement among Direct Participants of sales and
other securities transactions in deposited securities, through electronic computerized book-entry transfers and pledges
between Direct Participants’ accounts. This eliminates the need for physical movement of securities certificates. Direct
Participants include both U.S. and non-U.S. securities brokers and dealers, banks, trust companies, clearing
corporations, and certain other organizations. DTC is a wholly-owned subsidiary of The Depository Trust & Clearing
Corporation (“DTCC”). DTCC is the holding company for DTC, National Securities Clearing Corporation and Fixed
Income Clearing Corporation, all of which are registered clearing agencies. DTCC is owned by the users of its
regulated subsidiaries. Access to the DTC system is also available to others such as both U.S. and non-U.S. securities
brokers and dealers, banks, trust companies, and clearing corporations that clear through or maintain a custodial
relationship with a Direct Participant, either directly or indirectly (“Indirect Participants”). DTC has Standard & Poor’s
rating: AA+. The DTC Rules applicable to its Participants are on file with the Securities and Exchange Commission.
More information about DTC can be found at www.dtcc.com.
3. Purchases of Securities under the DTC system must be made by or through Direct Participants, which
will receive a credit for the Securities on DTC’s records. The ownership interest of each actual purchaser of each
Security (“Beneficial Owner”) is in turn to be recorded on the Direct and Indirect Participants’ records. Beneficial
Owners will not receive written confirmation from DTC of their purchase. Beneficial Owners are, however, expected
to receive written confirmations providing details of the transaction, as well as periodic statements of their holdings,
from the Direct or Indirect Participant through which the Beneficial Owner entered into the transaction. Transfers of
ownership interests in the Securities are to be accomplished by entries made on the books of Direct and Indirect
Participants acting on behalf of Beneficial Owners. Beneficial Owners will not receive certificates representing their
ownership interests in Securities, except in the event that use of the book-entry system for the Securities is
discontinued.
4. To facilitate subsequent transfers, all Securities deposited by Direct Participants with DTC are
registered in the name of DTC’s partnership nominee, Cede & Co., or such other name as may be requested by an
authorized representative of DTC. The deposit of Securities with DTC and their registration in the name of Cede & Co.
or such other DTC nominee do not effect any change in beneficial ownership. DTC has no knowledge of the actual
Beneficial Owners of the Securities; DTC’s records reflect only the identity of the Direct Participants to whose accounts
such Securities are credited, which may or may not be the Beneficial Owners. The Direct and Indirect Participants will
remain responsible for keeping account of their holdings on behalf of their customers.
B-1
118
5. Conveyance of notices and other communications by DTC to Direct Participants, by Direct Participants
to Indirect Participants, and by Direct Participants and Indirect Participants to Beneficial Owners will be governed by
arrangements among them, subject to any statutory or regulatory requirements as may be in effect from time to time.
Beneficial Owners of Securities may wish to take certain steps to augment the transmission to them of notices of
significant events with respect to the Securities, such as redemptions, tenders, defaults, and proposed amendments to
the Security documents. For example, Beneficial Owners of Securities may wish to ascertain that the nominee holding
the Securities for their benefit has agreed to obtain and transmit notices to Beneficial Owners. In the alternative,
Beneficial Owners may wish to provide their names and addresses to the registrar and request that copies of notices be
provided directly to them.
6. Redemption notices shall be sent to DTC. If less than all of the Securities within an issue are being
redeemed, DTC’s practice is to determine by lot the amount of the interest of each Direct Participant in such issue to be
redeemed.
7. Neither DTC nor Cede & Co. (nor any other DTC nominee) will consent or vote with respect to
Securities unless authorized by a Direct Participant in accordance with DTC’s MMI Procedures. Under its usual
procedures, DTC mails an Omnibus Proxy to the City as soon as possible after the record date. The Omnibus Proxy
assigns Cede & Co.’s consenting or voting rights to those Direct Participants to whose accounts Securities are credited
on the record date (identified in a listing attached to the Omnibus Proxy).
8. Redemption proceeds, distributions, and dividend payments on the Securities will be made to Cede &
Co., or such other nominee as may be requested by an authorized representative of DTC. DTC’s practice is to credit
Direct Participants’ accounts upon DTC’s receipt of funds and corresponding detail information from the City or the
Paying Agent, on payable date in accordance with their respective holdings shown on DTC’s records. Payments by
Participants to Beneficial Owners will be governed by standing instructions and customary practices, as is the case with
securities held for the accounts of customers in bearer form or registered in “street name,” and will be the
responsibility of such Participant and not of DTC, the Paying Agent, or the City, subject to any statutory or regulatory
requirements as may be in effect from time to time. Payment of redemption proceeds, distributions, and dividend
payments to Cede & Co. (or such other nominee as may be requested by an authorized representative of DTC) is the
responsibility of the City or the Paying Agent, disbursement of such payments to Direct Participants will be the
responsibility of DTC, and disbursement of such payments to the Beneficial Owners will be the responsibility of Direct
and Indirect Participants.
9. A Beneficial Owner shall give notice to elect to have its Securities purchased or tendered, through its
Participant, to any Tender/Remarketing Agent, and shall effect delivery of such Securities by causing the Direct
Participant to transfer the Participant’s interest in the Securities, on DTC’s records, to any Tender/Remarketing Agent.
The requirement for physical delivery of Securities in connection with an optional tender or a mandatory purchase will
be deemed satisfied when the ownership rights in the Securities are transferred by Direct Participants on DTC’s records
and followed by a book-entry credit of tendered Securities to any Tender/Remarketing Agent’s DTC account.
10. DTC may discontinue providing its services as depository with respect to the Securities at any time by
giving reasonable notice to the City or the Paying Agent. Under such circumstances, in the event that a successor
depository is not obtained, Security certificates are required to be printed and delivered.
11. The City may decide to discontinue use of the system of book-entry-only transfers through DTC (or a
successor securities depository). In that event, Security certificates will be printed and delivered to DTC.
12. The information in this section concerning DTC and DTC’s book-entry system has been obtained from
sources that the City believes to be reliable, but the City takes no responsibility for the accuracy thereof.
B-2
119
APPENDIX C
PROPOSED FORM OF OPINION OF BOND COUNSEL
120
APPENDIX D
CITY OF LAKE FOREST, LAKE COUNTY, ILLINOIS
EXCERPTS OF FISCAL YEAR 2019 COMPREHENSIVE ANNUAL FINANCIAL REPORT
RELATING TO THE CITY’S PENSION PLANS AND OTHER POSTEMPLOYMENT BENEFITS
121
APPENDIX E
FORM OF CONTINUING DISCLOSURE UNDERTAKING
122
OFFICIAL BID FORM
(Open Speer Auction)
City of Lake Forest December 4, 2019
220 East Deerpath Speer Financial, Inc.
Lake Forest, Illinois 60045
City Council Members:
For the $17,500,000* General Obligation Refunding Bonds, Series 2019 (the “Bonds”), of the City of Lake Forest, Lake County, Illinois (the “City”), as
described in the annexed Official Notice of Sale, which is expressly made a part of this bid, we will pay you $_______________________ (no less than
$17,360,000). The Bonds are dated the date of delivery, expected to be on or about December 19, 2019. The Bonds will bear interest as follows (each rate a
multiple of 1/8 or 1/100 of 1%). The premium or discount, if any, is subject to adjustment allowing the same $___________ gross spread per $1,000 bond as
bid herein.
MATURITIES* – DECEMBER 15
$2,870,000 ................ 2020 $620,000 .................. 2024 $640,000 .................. 2029
2,975,000 ................ 2021 650,000 .................. 2025 675,000 .................. 2030
3,105,000 ................ 2022 675,000 .................. 2026 715,000 .................. 2031
2,415,000 ................ 2023 695,000 .................. 2027 755,000 .................. 2032
710,000 .................. 2028
Any consecutive maturities may be aggregated into term bonds at the option of the bidder,
in which case the mandatory redemption provisions shall be on the same schedule as above.
The Bonds are to be executed and delivered to us in accordance with the terms of this bid accompanied by the approving legal opinion of Chapman and
Cutler LLP, Chicago, Illinois. The City will pay for the legal opinion. The underwriter agrees to apply for CUSIP numbers within 24 hours and pay the fee
charged by the CUSIP Service Bureau and will accept the Bonds with the CUSIP numbers as entered on the Bonds.
As evidence of our good faith, if we are the winning bidder, we will wire transfer the amount of TWO PERCENT OF PAR (the “Deposit”) WITHIN
TWO HOURS after the bid opening time to the City’s good faith bank and under the terms provided in the Official Notice of Sale for the Bonds. Alternatively, we
have wire transferred or enclosed herewith a check payable to the order of the Treasurer of the City in the amount of the Deposit under the terms provided in the
Official Notice of Sale for the Bonds. In submitting this bid, we represent that (i) this bid constitutes a firm offer to purchase the Bonds, on the terms set forth in
this bid form and the Notice of Sale and is not subject to any conditions, except as permitted by the Notice of Sale, and (ii) we have an established industry
reputation for underwriting new issuances of municipal bonds and notes.
Form of Deposit (Check One) Account Manager Information
Prior to Bid Opening: Name
Certified/Cashier’s Check [ ]
Wire Transfer [ ] Address
Within TWO hours of Bidding: By
Wire Transfer [ ]
City State/Zip
Amount: $350,000
Direct Phone ( )
FAX Number ( )
E-Mail Address
The foregoing bid was accepted and the Bonds sold pursuant to an ordinance of the City Council of the City adopted on December 4, 2019, and receipt is
hereby acknowledged of the Deposit which is being held in accordance with the terms of the annexed Official Notice of Sale.
CITY OF LAKE FOREST, LAKE COUNTY, ILLINOIS
Mayor
*Subject to change.
----------------------- NOT PART OF THE BID -----------------------
(Calculation of true interest cost)
Bid Post Sale Revision
Gross Interest $ $
Less Premium/Plus Discount $ $
True Interest Cost $ $
True Interest Rate % %
BOND YEAR DOLLARS 83,495.56 $
AVERAGE LIFE 4.771 Years Years
123
OFFICIAL NOTICE OF SALE
$17,500,000*
CITY OF LAKE FOREST
Lake County, Illinois
General Obligation Refunding Bonds, Series 2019
(Open Speer Auction)
The City of Lake Forest, Lake County, Illinois (the “City”), will receive electronic bids on the SpeerAuction (“SpeerAuction”) website address
“www.SpeerAuction.com” for its $17,500,000* General Obligation Refunding Bonds, Series 2019 (the “Bonds”), on an all or none basis between 10:15 A.M. and 10:30
A.M., C.S.T., Thursday, December 4, 2019. To bid, bidders must have: (1) completed the registration form on the SpeerAuction website, and (2) requested and received
admission to the City’s sale (as described below). Award will be made or all bids rejected at a meeting of the City on that date. The City reserves the right to change the date
or time for receipt of bids. Any such change shall be made not less than twenty-four (24) hours prior to the revised date and time for receipt of the bids for the Bonds and shall
be communicated by publishing the changes in the Amendments Page of the SpeerAuction webpage and through Thomson Municipal News.
The Bonds are valid and legally binding upon the City and are payable from any funds of the City legally available for such purpose, and all taxable property in the
City is subject to the levy of taxes to pay the same without limitation as to rate or amount, except that the rights of the owners of the Bonds and the enforceability of the Bonds
may be limited by bankruptcy, insolvency, moratorium, reorganization and other similar laws affecting creditors’ rights and by equitable principles, whether considered at law
or in equity, including the exercise of judicial discretion.
Bidding Details
Bidders should be aware of the following bidding details associated with the sale of the Bonds.
(1) All bids must be submitted on the SpeerAuction website at www.SpeerAuction.com. No telephone, telefax or personal delivery bids will
be accepted. The use of SpeerAuction shall be at the bidder’s risk and expense and the City shall have no liability with respect thereto,
including (without limitation) liability with respect to incomplete, late arriving and non-arriving bid. Any questions regarding bidding on the
SpeerAuction website should be directed to Grant Street Group at (412) 391-5555 x 370.
(2) Bidders may change and submit bids as many times as they like during the bidding time period; provided, however, each and any bid
submitted subsequent to a bidder’s initial bid must result in a lower true interest cost (“TIC”) with respect to a bid, when compared to the
immediately preceding bid of such bidder. In the event that the revised bid does not produce a lower TIC with respect to a bid the prior bid
will remain valid.
(3) If any bid in the auction becomes a leading bid two (2) minutes prior to the end of the auction, then the auction will be automatically
extended by two (2) minutes from the time such bid was received by SpeerAuction. The auction end time will continue to be extended,
indefinitely, until a single leading bid remains the leading bid for at least two minutes.
(4) The last valid bid submitted by a bidder before the end of the bidding time period will be compared to all other final bids submitted by
others to determine the winning bidder or bidders.
(5) During the bidding, no bidder will see any other bidder’s bid, but bidders will be able to see the ranking of their bid relative to other bids
(i.e., “Leader”, “Cover”, “3rd” etc.)
(6) On the Auction Page, bidders will be able to see whether a bid has been submitted.
Rules of SpeerAuction
Bidders must comply with the Rules of SpeerAuction in addition to the requirements of this Official Notice of Sale. To the extent there is a conflict between the
Rules of SpeerAuction and this Official Notice of Sale, this Official Notice of Sale shall control.
Establishment of Issue Price
(a) The winning bidder shall assist the City in establishing the issue price of the Bonds and shall execute and deliver to the City at closing an “issue price” or
similar certificate setting forth the reasonably expected initial offering price to the public or the sales price or prices of the Bonds, together with the supporting pricing wires or
equivalent communications, substantially in the form attached hereto as Exhibit A to this Official Notice of Sale, with such modifications as may be appropriate or necessary,
in the reasonable judgment of the winning bidder, the City and Chapman and Cutler LLP, Chicago, Illinois (“Bond Counsel”). All actions to be taken by the City under this
Official Notice of Sale to establish the issue price of the Bonds may be taken on behalf of the City by the City’s municipal advisor, Speer Financial, Inc., Chicago, Illinois
(“Speer”), and any notice or report to be provided to the City may be provided to Speer. Within one hour of the award, the winning bidder will confirm to the City the
expected initial offering prices of the Bonds, which the winning bidder used in formulating its bid.
(b) The City intends that the provisions of Treasury Regulation Section 1.148-1(f)(3)(i) (defining “competitive sale” for purposes of establishing the issue price
of the Bonds) will apply to the initial sale of the Bonds (the “Competitive Sale Requirements”) because:
(1) the City shall disseminate this Official Notice of Sale to potential underwriters in a manner that is reasonably
designed to reach potential underwriters;
(2) all bidders shall have an equal opportunity to bid;
(3) the City may receive bids from at least three underwriters of municipal bonds who have established industry
reputations for underwriting new issuances of municipal bonds; and
(4) the City anticipates awarding the sale of the Bonds to the bidder who submits a firm offer to purchase the Bonds at
the highest price (or lowest interest cost), as set forth in this Official Notice of Sale.
Any bid submitted pursuant to this Official Notice of Sale shall be considered a firm offer for the purchase of the Bonds, as specified in the bid.
*Subject to change.
124
City of Lake Forest, Lake County, Illinois
$17,500,000* General Obligation Refunding Bonds, Series 2019
Official Notice of Sale, Page 2 of 5
*Subject to change.
(c) In the event that the Competitive Sale Requirements are not satisfied, the City shall so advise the winning bidder. The City may determine to treat (i) the
first price at which 10% of a maturity of the Bonds (the “10% test”) is sold to the public as the issue price of that maturity, or (ii) the initial offering price to the public as of
the sale date of any maturity of the Bonds as the issue price of that maturity (the “hold-the-offering-price rule”), in each case applied on a maturity-by-maturity basis (and if
different interest rates apply within a maturity, to each separate CUSIP number within that maturity). The winning bidder shall advise the City if any maturity of the Bonds
satisfies the 10% test as of the date and time of the award of the Bonds. The City will not require bidders to comply with the “hold-the-offering-price rule” and therefore does
not intend to use the initial offering price to the public as of the sale date of any maturity of the Bonds as the issue price of that maturity, unless the winning bidder elects to
comply with the hold-the-offering-price rule. The City shall promptly advise the winning bidder, at or before the time of award of the Bonds, which maturities (and if different
interest rates apply within a maturity, which separate CUSIP number within that maturity) of the Bonds shall be subject to the 10% test or shall be subject to the
hold-the-offering-price rule or both. Bids will not be subject to cancellation in the event that the Competitive Sale Requirements are not satisfied. Bidders should prepare
their bids on the assumption that some or all of the maturities of the Bonds will be subject to the 10% test in order to establish the issue price of the Bonds unless the
winning bidder elects to comply with the hold-the-offering-price rule.
(d) If the Competitive Sale Requirements are not satisfied and the winning bidder selects the hold-the-offering-price rule, then by submitting a bid, the winning
bidder shall (i) confirm that the underwriters have offered or will offer the Bonds to the public on or before the date of award at the offering price or prices (the “initial
offering price”), or at the corresponding yield or yields, set forth in the bid submitted by the winning bidder, and (ii) agree, on behalf of the underwriters participating in the
purchase of the Bonds, that the underwriters will neither offer nor sell unsold Bonds of any maturity to which the hold-the-offering-price rule shall apply to any person at a
price that is higher than the initial offering price to the public during the period starting on the sale date and ending on the earlier of the following:
(1) the close of the fifth business day after the sale date; or
(2) the date on which the underwriters have sold at least 10% of that maturity of the Bonds to the public at a price that is
no higher than the initial offering price to the public.
The winning bidder will advise the City promptly after the close of the fifth (5th) business day after the sale date whether it has sold 10% of that maturity of the
Bonds to the public at a price that is no higher than the initial offering price to the public. Within one hour of the award, the winning bidder will inform the City of the initial
offering price for each maturity of the Bonds.
(e) If the Competitive Sale Requirements are not satisfied, then until the 10% test has been satisfied as to each maturity of the Bonds, the winning bidder
agrees to promptly report to the City the prices at which the unsold Bonds of that maturity have been sold to the public. That reporting obligation shall continue, whether or
not the closing date (expected to be December 19, 2019) has occurred, until either (i) all Bonds of that maturity have been sold to the public or (ii) the 10% test has been
satisfied as to the Bonds of that maturity, provided that the winning bidder’s reporting obligation after the closing date may be at reasonable periodic intervals or otherwise
upon request of the City or Bond Counsel. In addition, if the 10% test has not been satisfied with respect to any maturity of the Bonds prior to closing, then the winning bidder
shall provide the City with a representation as to the price or prices, as of the date of closing, at which the purchaser reasonably expects to sell the remaining Bonds of such
maturity.
(f) The City acknowledges that, in making the representations set forth above, the winning bidder will rely on (i) the agreement of each underwriter to comply
with the requirements for establishing issue price of the Bonds, including, but not limited to, its agreement to comply with the hold the offering price rule, if applicable to the
Bonds, as set forth in an agreement among underwriters and the related pricing wires, (ii) in the event a selling group has been created in connection with the initial sale of the
Bonds to the public, the agreement of each dealer who is a member of the selling group to comply with the requirements for establishing issue price of the Bonds, including,
but not limited to, its agreement to comply with the hold the offering price rule, if applicable to the Bonds, as set forth in a selling group agreement and the related pricing
wires, and (iii) in the event that an underwriter or dealer who is a member of the selling group is a party to a third party distribution agreement that was employed in
connection with the initial sale of the Bonds to the public, the agreement of each broker dealer that is a party to such agreement to comply with the requirements for
establishing issue price of the Bonds, including, but not limited to, its agreement to comply with the hold the offering price rule, if applicable to the Bonds, as set forth in the
third party distribution agreement and the related pricing wires. The City further acknowledges that each underwriter shall be solely liable for its failure to comply with its
agreement regarding the requirements for establishing issue price of the Bonds, including, but not limited to, its agreement to comply with the hold the offering price rule, if
applicable to the Bonds, and that no underwriter shall be liable for the failure of any other underwriter, or of any dealer who is a member of a selling group, or of any broker
dealer that is a party to a third party distribution agreement to comply with its corresponding agreement to comply with the requirements for establishing issue price of the
Bonds, including, but not limited to, its agreement to comply with the hold the offering price rule, if applicable to the Bonds.
(g) By submitting a bid, each bidder confirms that:
(1) any agreement among underwriters, any selling group agreement and each third-party distribution agreement (to
which the bidder is a party) relating to the initial sale of the Bonds to the public, together with the related pricing
wires, contains or will contain language obligating each underwriter, each dealer who is a member of the selling
group, and each broker-dealer that is a party to such third-party distribution agreement, as applicable: (A) (i) to
report the prices at which it sells to the public the unsold Bonds of each maturity allocated to it, whether or not the
closing date has occurred, until either all Bonds of that maturity allocated to it have been sold to the public or it is
notified by the winning bidder that the 10% test has been satisfied as to the Bonds of that maturity, provided that, the
reporting obligation after the closing date may be at reasonable periodic intervals or otherwise upon request of the
winning bidder, and (ii) to comply with the hold-the-offering-price rule, if applicable, if and for so long as directed
by the winning bidder and as set forth in the related pricing wires, (B) to promptly notify the winning bidder of any
sales of Bonds that, to its knowledge, are made to a purchaser who is a related party to an underwriter participating
in the initial sale of the Bonds to the public (each such term being used as defined below), and (C) to acknowledge
that, unless otherwise advised by the underwriter, dealer or broker-dealer, the winning bidder shall assume that each
order submitted by the underwriter, dealer or broker-dealer is a sale to the public.
(2) any agreement among underwriters or selling group agreement relating to the initial sale of the Bonds to the public,
together with the related pricing wires, contains or will contain language obligating each underwriter or dealer that is
a party to a third-party distribution agreement to be employed in connection with the initial sale of the Bonds to the
public to require each broker-dealer that is a party to such third-party distribution agreement to (A) report the prices
at which it sells to the public the unsold Bonds of each maturity allocated to it whether or not the closing date has
occurred, until either all Bonds of that maturity allocated to it have been sold or it is notified by the winning bidder
or such underwriter that the 10% test has been satisfied as to the Bonds of that maturity, provided that, the reporting
obligation after the closing date may be at reasonable periodic intervals or otherwise upon the request of the winning
bidder or such underwriter, and (B) comply with the hold-the-offering-price rule, if applicable, if and for so long as
directed by the winning bidder or the underwriter and as set forth in the related pricing wires, which shall be at least
until the 10% test has been satisfied as to the Bonds of that maturity or until the close of business on the fifth
business day following the date of the award.
125
City of Lake Forest, Lake County, Illinois
$17,500,000* General Obligation Refunding Bonds, Series 2019
Official Notice of Sale, Page 3 of 5
*Subject to change.
(h) Sales of any Bonds to any person that is a related party to an underwriter participating in the initial sale of the Bonds to the public (each such term being
used as defined below) shall not constitute sales to the public for purposes of this Official Notice of Sale. Further, for purposes of this Official Notice of Sale:
(1) “public” means any person other than an underwriter or a related party,
(2) “underwriter” means (A) any person that agrees pursuant to a written contract with the City (or with the lead
underwriter to form an underwriting syndicate) to participate in the initial sale of the Bonds to the public and (B) any
person that agrees pursuant to a written contract directly or indirectly with a person described in clause (A) to
participate in the initial sale of the Bonds to the public (including a member of a selling group or a party to a third-
party distribution agreement participating in the initial sale of the Bonds to the public),
(3) a purchaser of any of the Bonds is a “related party” to an underwriter if the underwriter and the purchaser are
subject, directly or indirectly, to (A) more than 50% common ownership of the voting power or the total value of
their stock, if both entities are corporations (including direct ownership by one corporation of another), (B) more
than 50% common ownership of their capital interests or profits interests, if both entities are partnerships (including
direct ownership by one partnership of another), or (C) more than 50% common ownership of the value of the
outstanding stock of the corporation or the capital interests or profit interests of the partnership, as applicable, if one
entity is a corporation and the other entity is a partnership (including direct ownership of the applicable stock or
interests by one entity of the other), and
(4) “sale date” means the date that the Bonds are awarded by the City to the winning bidder.
Rules
(1) A bidder (“Bidder”) submitting a winning bid (“Winning Bid”) is irrevocably obligated to purchase the Bonds at the rates and prices of the
winning bid, if acceptable to the City, as set forth in the related Official Notice of Sale. Winning Bids are not officially awarded to Winning
Bidders until formally accepted by the City.
(2) Neither the City, Speer Financial, Inc., nor Grant Street Group (the “Auction Administrator”) is responsible for technical difficulties that
result in loss of Bidder’s internet connection with SpeerAuction, slowness in transmission of bids, or other technical problems.
(3) If for any reason a Bidder is disconnected from the Auction Page during the auction after having submitted a Winning Bid, such bid is valid
and binding upon such Bidder, unless the City exercises its right to reject bids, as set forth herein.
(4) Bids which generate error messages are not accepted until the error is corrected and bid is received prior to the deadline.
(5) Bidders accept and agree to abide by all terms and conditions specified in the Official Notice of Sale (including amendments, if any) related
to the auction.
(6) Neither the City, Speer Financial, Inc., nor the Auction Administrator is responsible to any bidder for any defect or inaccuracy in the
Official Notice of Sale, amendments, or Official Statement as they appear on SpeerAuction.
(7) Only Bidders who request and receive admission to an auction may submit bids. SpeerAuction and the Auction Administrator reserve the
right to deny access to SpeerAuction website to any Bidder, whether registered or not, at any time and for any reason whatsoever, in their
sole and absolute discretion.
(8) Neither the City, Speer Financial, Inc., nor the Auction Administrator is responsible for protecting the confidentiality of a Bidder’s
SpeerAuction password.
(9) If two bids submitted in the same auction by the same or two or more different Bidders result in same True Interest Cost, the first confirmed
bid received by SpeerAuction prevails. Any change to a submitted bid constitutes a new bid, regardless of whether there is a corresponding
change in True Interest Cost.
(10) Bidders must compare their final bids to those shown on the Observation Page immediately after the bidding time period ends, and if they
disagree with the final results shown on the Observation Page they must report them to SpeerAuction within 15 minutes after the bidding
time period ends. Regardless of the final results reported by SpeerAuction, Bonds are definitively awarded to the winning bidder only upon
official award by the City. If, for any reason, the City fails to: (i) award Bonds to the winner reported by SpeerAuction, or (ii) deliver
Bonds to winning bidder at settlement, neither the City, Speer Financial, Inc., nor the Auction Administrator will be liable for damages.
The City reserves the right to reject all proposals, to reject any bid proposal not conforming to this Official Notice of Sale, and to waive any irregularity or
informality with respect to any proposal. Additionally, the City reserves the right to modify or amend this Official Notice of Sale; however, any such modification or
amendment shall not be made less than twenty-four (24) hours prior to the date and time for receipt of bids on the Bonds and any such modification or amendment will be
announced on the Amendments Page of the SpeerAuction webpage and through Thomson Municipal News.
The Bonds will be in fully registered form in the denominations of $5,000 and integral multiples thereof in the name of Cede & Co. as nominee of The Depository
Trust Company (“DTC”), New York, New York, to which principal and interest payments on the Bonds will be paid. Individual purchases will be in book-entry only form.
Interest on each Bond shall be paid by check or draft of the Bond Registrar to the person in whose name such bond is registered at the close of business on the first day of the
month in which an interest payment date occurs. The principal of the Bonds shall be payable in lawful money of the United States of America at the principal corporate trust
office of the Bond Registrar in Chicago, Illinois. Semiannual interest is due June 15 and December 15 of each year commencing June 15, 2020, and is payable by
Amalgamated Bank of Chicago (the “Bond Registrar”). The Bonds are dated date of delivery, expected to be on or about December 19, 2019.
If the winning bidder is not a direct participant of DTC and does not have clearing privileges with DTC, the Bonds will be issued as Registered Bonds in the name
of the purchaser. At the request of such winning bidder, the City will assist in the timely conversion of the Registered Bonds into book-entry bonds with DTC as described
herein.
MATURITIES* – DECEMBER 15
$2,870,000 .................. 2020 $620,000 ................... 2024 $640,000 .................... 2029
2,975,000 .................. 2021 650,000 ................... 2025 675,000 .................... 2030
3,105,000 .................. 2022 675,000 ................... 2026 715,000 .................... 2031
2,415,000 .................. 2023 695,000 ................... 2027 755,000 .................... 2032
710,000 ................... 2028
Any consecutive maturities may be aggregated into term bonds at the option of the bidder,
in which case the mandatory redemption provisions shall be on the same schedule as above.
*Subject to change. 126
City of Lake Forest, Lake County, Illinois
$17,500,000* General Obligation Refunding Bonds, Series 2019
Official Notice of Sale, Page 4 of 5
*Subject to change.
The Bonds maturing on or after December 15, 2028, are callable at the option of the City in whole or in part on any date on or after December 15, 2027, at a price
of par and accrued interest. If less than all the Bonds are called, they shall be redeemed in such principal amounts and from such maturities as determined by the City and
within any maturity by lot.
All interest rates must be in multiples of one-eighth or one one-hundredth of one percent (1/8 or 1/100 of 1%), and not more than one rate for a single maturity
shall be specified. The rates bid for Bonds maturing on and after December 15, 2028 shall be in non-descending order. The differential between the highest rate bid and the
lowest rate bid shall not exceed five percent (5%). All bids must be for all of the Bonds and must be for not less than $17,360,000.
Award of the Bonds: The Bonds will be awarded on the basis of true interest cost, determined in the following manner. True interest cost shall be computed by
determining the annual interest rate (compounded semi-annually) necessary to discount the debt service payments on the Bonds from the payment dates thereof to the dated date
and to the bid price. For the purpose of calculating true interest cost, the Bonds shall be deemed to become due in the principal amounts and at the times set forth in the table
of maturities set forth above. In the event two or more qualifying bids produce the identical lowest true interest cost, the winning bid shall be the bid that was submitted first in
time on the SpeerAuction webpage.
The Bonds will be awarded to the bidder complying with the terms of this Official Notice of Sale whose bid produces the lowest true interest cost rate to the City as
determined by the City’s Municipal Advisor, which determination shall be conclusive and binding on all bidders; provided, that the City reserves the right to reject all bids or
any non-conforming bid and reserves the right to waive any informality in any bid. Bidders should verify the accuracy of their final bids and compare them to the winning bids
reported on the SpeerAuction Observation Page immediately after the bidding.
The premium or discount, if any, is subject to pro rata adjustment if the maturity amounts of the Bonds are changed, allowing the same dollar
amount of profit per $1,000 bond as submitted on the Official Bid Form. The dollar amount of profit must be written on the Official Bid Form for any
adjustment to be allowed, and is subject to verification.
The true interest cost of each bid will be computed by SpeerAuction and reported on the Observation Page of the SpeerAuction webpage immediately following the
date and time for receipt of bids. These true interest costs are subject to verification by the City’s Municipal Advisor, will be posted for information purposes only and will not
signify an actual award of any bid or an official declaration of the winning bid. The City or its Municipal Advisor will notify the bidder to whom the Bonds will be awarded, if
and when such award is made.
The winning bidder will be required to make the standard filings and maintain the appropriate records routinely required pursuant to MSRB Rules G-8, G-11 and
G-32. The winning bidder will be required to pay the standard MSRB charge for Bonds purchased. In addition, the winning bidder who is a member of the Securities Industry
and Financial Markets Association (“SIFMA”) will be required to pay SIFMA’s standard charge per bond.
The winning bidder is required to wire transfer from a solvent bank or trust company to the City’s good faith bank the amount of TWO PERCENT OF PAR (the
“Deposit”) WITHIN TWO HOURS after the bid opening time as evidence of the good faith of the bidder. Alternatively, a bidder may submit its Deposit upon or prior to the
submission of its bid in the form of a certified or cashier’s check on, or a wire transfer from, a solvent bank or trust company for TWO PERCENT OF PAR payable to the
Treasurer of the City. The City reserves the right to award the Bonds to a winning bidder whose wire transfer is initiated but not received within such two hour time period
provided that such winning bidder’s federal wire reference number has been received. In the event the Deposit is not received as provided above, the City may award the
Bonds to the bidder submitting the next best bid provided such bidder agrees to such award.
The Deposit of the successful bidder will be retained by the City pending delivery of the Bonds and all others will be promptly returned. Should the successful
bidder fail to take up and pay for the Bonds when tendered in accordance with this Notice of Sale and said bid, said Deposit shall be retained as full and liquidated damages to
the City caused by failure of the bidder to carry out the offer of purchase. Such Deposit will otherwise be applied on the purchase price upon delivery of the Bonds. No
interest on the Deposit will accrue to the purchaser.
If a wire transfer is used for the Deposit, it must be sent according to the following wire instructions:
Amalgamated Bank of Chicago
Corporate Trust
30 N. LaSalle Street, 38th Floor
Chicago, IL 60602
ABA # 071003405
Credit To: 3281 Speer Bidding Escrow
RE: City of Lake Forest, Lake County, Illinois
bid for $17,500,000* General Obligation Refunding Bonds, Series 2019
Contemporaneously with such wire transfer, the bidder shall send an email to biddingescrow@aboc.com with the following information: (1) indication that a wire
transfer has been made, (2) the amount of the wire transfer, (3) the issue to which it applies, and (4) the return wire instructions if such bidder is not awarded the Bonds. The
City and any bidder who chooses to wire the Deposit hereby agree irrevocably that Speer Financial, Inc. (“Speer”) shall be the escrow holder of the Deposit wired to such
account subject only to these conditions and duties: (i) if the bid is not accepted, Speer shall, at its expense, promptly return the Deposit amount to the unsuccessful bidder; (ii)
if the bid is accepted, the Deposit shall be forwarded to the City; (iii) Speer shall bear all costs of maintaining the escrow account and returning the funds to the bidder; (iv)
Speer shall not be an insurer of the Deposit amount and shall have no liability except if it willfully fails to perform, or recklessly disregards, its duties specified herein; and (v)
income earned on the Deposit, if any, shall be retained by Speer.
The City covenants and agrees to enter into a written agreement or contract, constituting an undertaking (the “Undertaking”) to provide ongoing disclosure about
the City for the benefit of the beneficial owners of the Bonds on or before the date of delivery of the Bonds as required under Section (b)(5) of Rule 15c2-12 (the “Rule”)
adopted by the Securities and Exchange Commission under the Securities Exchange Act of 1934. The Undertaking shall be as described in the Official Statement, with such
changes as may be agreed in writing by the Underwriter.
The Underwriter's obligation to purchase the Bonds shall be conditioned upon the City delivering the Undertaking on or before the date of delivery of the Bonds.
The winning bidder shall provide a certificate, in form as drafted by or acceptable to Bond Counsel, to evidence the issue price of each maturity of the Bonds, form
of which certificate is attached hereto as Exhibit A.
*Subject to change.
127
City of Lake Forest, Lake County, Illinois
$17,500,000* General Obligation Refunding Bonds, Series 2019
Official Notice of Sale, Page 5 of 5
*Subject to change.
By submitting a bid, any bidder makes the representation that it understands Bond Counsel represents the City in the Bond transaction and, if such bidder has
retained Bond Counsel in an unrelated matter, such bidder represents that the signatory to the bid is duly authorized to, and does consent to and waive for and on behalf of such
bidder any conflict of interest of Bond Counsel arising from any adverse position to the City in this matter; such consent and waiver shall supersede any formalities otherwise
required in any separate understandings, guidelines or contractual arrangements between the bidder and Bond Counsel.
Bonds will be delivered to the successful purchaser against full payment in immediately available funds as soon as they can be prepared and executed, which is
expected to on or about December 19, 2019. Should delivery be delayed beyond sixty (60) days from the date of sale for any reason beyond the control of the City except
failure of performance by the purchaser, the City may cancel the award or the purchaser may withdraw the good faith deposit and thereafter the purchaser's interest in and
liability for the Bonds will cease.
The Official Statement, when further supplemented by an addendum or addenda specifying the maturity dates, principal amounts, and interest rates of the Bonds,
and any other information required by law or deemed appropriate by the City, shall constitute a “Final Official Statement” of the City with respect to the Bonds, as that term is
defined in the Rule. Any such addendum or addenda shall, on and after the date thereof, be fully incorporated herein and made a part hereof by reference. Alternatively, such
final terms of the Bonds and other information may be included in a separate document entitled “Final Official Statement” rather than through supplementing the Official
Statement by an addendum or addenda. By awarding the Bonds to any underwriter or underwriting syndicate, the City agrees that, no more than seven (7) business days after
the date of such award, it shall provide, without cost to the senior managing underwriter of the syndicate to which the Bonds are awarded, up to 100 copies of the Final Official
Statement to permit each “Participating Underwriter” (as that term is defined in the Rule) to comply with the provisions of such Rule. The City shall treat the senior managing
underwriter of the syndicate to which the Bonds are awarded as its designated agent for purposes of distributing copies of the Final Official Statement to each Participating
Underwriter. Any underwriter executing and delivering an Official Bid Form with respect to the Bonds agrees thereby that if its bid is accepted by the City it shall enter into a
contractual relationship with all Participating Underwriters of the Bonds for purposes of assuring the receipt by each such Participating Underwriter of the Final Official
Statement.
By submission of its bid, the senior managing underwriter of the successful bidder agrees to supply all necessary pricing information and any Participating
Underwriter identification necessary to complete the Official Statement within 24 hours after award of the Bonds. Additional copies of the Final Official Statement may be
obtained by Participating Underwriters from the printer at cost.
The City will, at its expense, deliver the Bonds to the purchaser in New York, New York, through the facilities of DTC and will pay for the bond attorney’s
opinion. At the time of closing, the City will also furnish to the purchaser the following documents, each dated as of the date of delivery of the Bonds: (1) the unqualified
opinion of Chapman and Cutler LLP, Chicago, Illinois, that the Bonds are valid and legally binding obligations of the City in accordance with their terms; (2) the opinion of
said attorneys that the interest on the Bonds is exempt from federal income taxes as and to the extent set forth in the Official Statement for the Bonds; and (3) a no litigation
certificate by the City.
The City has authorized the printing and distribution of an Official Statement containing pertinent information relative to the City and the Bonds. Copies of such
Official Statement or additional information may be obtained from Ms. Elizabeth Holleb, Director of Finance, City of Lake Forest, 800 North Field Drive, Lake Forest,
Illinois 60045; telephone (847) 810-3612 or an electronic copy of this Official Statement is available from the www.speerfinancial.com web site under “Debt Auction
Center/Official Statements Sales Calendar/Competitive” from the Independent Public Finance Consultants to the City, Speer Financial, Inc., One North LaSalle Street, Suite
4100, Chicago, Illinois 60602, telephone (312) 346-3700.
/s/ ELIZABETH HOLLEB
Director of Finance
CITY OF LAKE FOREST
Lake County, Illinois
128
Exhibit A
Example Issue Price Certificate
129
First Reading – 11/18/19 CC
ORDINANCE NO. 2019-__
AN ORDINANCE providing for the issuance of not to exceed
$19,500,000 General Obligation Refunding Bonds, Series 2019, of
the City of Lake Forest, Lake County, Illinois, for the purpose of
refunding certain outstanding general obligation bonds of said City,
providing for the levy and collection of a direct annual tax sufficient
to pay the principal of and interest on said bonds, authorizing and
directing the execution of an escrow agreement in connection with
the issuance of said bonds, and authorizing the sale of said bonds to
the winning bidder thereof.
WHEREAS, the City of Lake Forest, Lake County, Illinois (the “City”), has elected on
November 2, 2004, pursuant to the provisions of the 1970 Constitution of the State of Illinois (the
“State”), and particularly Article VII, Section 6(a) thereof, to become a home rule unit and as such
may exercise any power or perform any function pertaining to its government and affairs,
including, but not limited to, the power to tax and to incur debt; and
WHEREAS, pursuant to the provisions of said Section 6, the City has the power to incur debt
payable from ad valorem property tax receipts or from any other lawful source and maturing within
40 years from the time it is incurred without prior referendum approval; and
WHEREAS, the City has heretofore issued the following outstanding and validly subsisting
and unpaid general obligation bonds: General Obligation Bonds, Series 2009 (the “Series 2009
Bonds”); Taxable General Obligation Bonds, Series 2010B (Recovery Zone Economic
Development Bonds-Direct Payment), Taxable General Obligation Bonds, Series 2010C (Build
America Bonds-Direct Payment), and General Obligation Refunding Bonds, Series 2011B (the
“Series 2011B Bonds” and collectively, the “Prior Bonds” and those Prior Bonds being refunded,
the “Refunded Bonds”); and
WHEREAS, the Refunded Bonds will be further described in the Escrow Agreement (as
hereinafter defined); and
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WHEREAS, it is necessary and desirable to refund the Refunded Bonds in order to realize
certain interest cost savings for the City, net of the amount of subsidy payments which the City
expected to receive from the U.S. Treasury with respect to interest payments due on certain of the
Refunded Bonds; and
WHEREAS, the City Council of the City (the “City Council”) has determined that in order
to refund the Refunded Bonds, it is necessary and in the best interests of the City to borrow not to
exceed $19,500,000 and issue bonds of the City therefor; and
WHEREAS, it is in the best interest of the City to issue bonds of the City in an amount not
to exceed $19,500,000 (the “Bonds”) for the purpose of refunding the Refunded Bonds; and
WHEREAS, pursuant to Ordinance No. 2013-070, adopted by the City Council on the
2nd day of December, 2013 (“Ordinance No. 2013-070”), and notwithstanding the City’s home
rule status, the City has adopted a limit on the amount of property taxes it may levy on an annual
basis to provide for debt service payments on its outstanding general obligation bonds to an amount
not exceeding its 2004 debt service property tax levy (as adjusted for Municipal Price Index
increases) plus levies for capital improvements (the “City Debt Limit”); and
WHEREAS, the City has levied separate property taxes for capital improvements, and after
the refunding of the Refunded Bonds and the issuance of the Bonds, the City will have, excluding
the Bonds, four outstanding series of general obligation bonds that are expected to be repaid from
sources other than general property taxes, namely, the City’s General Obligation Refunding Bonds,
Series 2011A, the Series 2011B Bonds, a portion of the General Obligation Refunding Bonds,
Series 2015, and the General Obligation Bonds, Series 2017; and
WHEREAS, the portion of the Bonds that will refund the Series 2011B Bonds are also
expected to be repaid from a source other than general property taxes, and therefore such portion
is excluded from the restrictions of the City Debt Limit; and
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WHEREAS, the City hereby determines that after the issuance of the Bonds and the
refunding of the Refunded Bonds, the Bonds will comply with the City Debt Limit; and
WHEREAS, the Bonds shall be payable from a direct annual ad valorem tax levied against
all taxable property in the City, without limitation as to rate or amount; and
WHEREAS, in accordance with the terms of the Prior Bonds, the Refunded Bonds may be
called for redemption in advance of their maturity, and it is necessary and desirable to make such
call for the redemption of the Refunded Bonds on their earliest possible call date, and provide for
the giving of proper notice to the registered owners of the Refunded Bonds:
NOW THEREFORE BE IT ORDAINED by the City Council of the City of Lake Forest, Lake
County, Illinois, in the exercise of its home rule powers, as follows:
Section 1. Incorporation of Preambles. The City Council hereby finds that all of the
recitals contained in the preambles to this Ordinance are true, correct and complete and does
incorporate them into this Ordinance by this reference.
Section 2. Authorization. It is hereby found and determined that pursuant to the
provisions of the Illinois Municipal Code, as supplemented and amended, and the home rule
powers of the City under Section 6 of Article VII of the Illinois Constitution of 1970 (in the event
of conflict between the provisions of said code and home rule powers, the home rule powers shall
be deemed to supersede the provisions of said code), the City Council has been authorized by law
to borrow an amount not to exceed $19,500,000 upon the credit of the City and as evidence of such
indebtedness to issue bonds of the City to said amount, the proceeds of said bonds to be used to
refund the Refunded Bonds, and that it is necessary to borrow not to exceed $19,500,000 of said
authorized sum and issue the Bonds in evidence thereof, and these findings and determinations,
together with those set forth in the preambles to this Ordinance, shall be deemed conclusive.
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Section 3. Bond Details. There be borrowed by for and on behalf of the City an amount
not to exceed $19,500,000 for the purpose aforesaid, and that bonds of the City shall be issued to
said amount and shall be designated “General Obligation Refunding Bonds, Series 2019,” or with
such other series designation as set forth in the Bond Notification (as hereinafter defined). The
Bonds shall be dated such date (not later than June 2, 2020) as set forth in the Bond Notification,
and shall also bear the date of authentication, shall be in fully registered form, shall be in
denominations of $5,000 each or authorized integral multiples thereof (but no single Bond shall
represent installments of principal maturing on more than one date), and shall be numbered 1 and
upward. The Bonds shall become due and payable serially or be subject to mandatory redemption
(subject to prior redemption as hereinafter described) on December 15 of each of the years (not
later than 2032), in the amounts (not exceeding $3,500,000 per year) and bearing interest at the
rates (not exceeding 5.00% per annum) as set forth in the Bond Notification. The Bonds shall bear
interest from their date or from the most recent interest payment date to which interest has been
paid or duly provided for, until the principal amount of the Bonds is paid, such interest (computed
upon the basis of a 360-day year of twelve 30-day months) being payable semi-annually
commencing with the first interest payment date as set forth in the Bond Notification, and on June
15 and December 15 of each year thereafter to maturity.
Interest on each Bond shall be paid by check or draft of Amalgamated Bank of Chicago,
Chicago, Illinois, as bond registrar and paying agent (the “Bond Registrar”), payable upon
presentation thereof in lawful money of the United States of America, to the person in whose name
such Bond is registered at the close of business on the 1st day of the month of the interest payment
date. The principal of the Bonds shall be payable in lawful money of the United States of America
upon presentation thereof at the principal corporate trust office of the Bond Registrar.
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Section 4. Execution; Authentication. The Bonds shall be executed on behalf of the City
by the manual or facsimile signature of its Mayor and attested by the manual or facsimile signature
of its City Clerk, as they shall determine, and shall have impressed or imprinted thereon the
corporate seal or facsimile thereof of the City. In case any such officer whose signature shall
appear on any Bond shall cease to be such officer before the delivery of such Bond, such signature
shall nevertheless be valid and sufficient for all purposes, the same as if such officer had remained
in office until delivery. All Bonds shall have thereon a certificate of authentication, substantially
in the form hereinafter set forth, duly executed by the Bond Registrar as authenticating agent of
the City and showing the date of authentication. No Bond shall be valid or obligatory for any
purpose or be entitled to any security or benefit under this Ordinance unless and until such
certificate of authentication shall have been duly executed by the Bond Registrar by manual
signature, and such certificate of authentication upon any such Bond shall be conclusive evidence
that such Bond has been authenticated and delivered under this Ordinance.
Section 5. Registration of Bonds; Persons Treated as Owners. (a) General. The City
shall cause books (the “Bond Register”) for the registration and for the transfer of the Bonds as
provided in this Ordinance to be kept at the principal corporate trust office of the Bond Registrar,
which is hereby constituted and appointed the registrar of the City. The City is authorized to
prepare, and the Bond Registrar shall keep custody of, multiple Bond blanks executed by the City
for use in the transfer and exchange of Bonds.
Upon surrender for transfer of any Bond at the principal corporate trust office of the Bond
Registrar, duly endorsed by, or accompanied by a written instrument or instruments of transfer in
form satisfactory to the Bond Registrar and duly executed by, the registered owner or his or her
attorney duly authorized in writing, the City shall execute and the Bond Registrar shall
authenticate, date and deliver in the name of the transferee or transferees a new fully registered
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Bond or Bonds of the same maturity of authorized denominations, for a like aggregate principal
amount. Any fully registered Bond or Bonds may be exchanged at said office of the Bond
Registrar for a like aggregate principal amount of Bond or Bonds of the same maturity of other
authorized denominations. The execution by the City of any fully registered Bond shall constitute
full and due authorization of such Bond and the Bond Registrar shall thereby be authorized to
authenticate, date and deliver such Bond, provided, however, the principal amount of outstanding
Bonds of each maturity authenticated by the Bond Registrar shall not exceed the authorized
principal amount of Bonds for such maturity less previous retirements.
The Bond Registrar shall not be required to transfer or exchange any Bond during the
period beginning at the close of business on the 1st day of the month of any interest payment date
on such Bond and ending at the opening of business on such interest payment date, nor to transfer
or exchange any Bond after notice calling such Bond for redemption has been mailed, nor during
a period of fifteen (15) days next preceding mailing of a notice of redemption of any Bonds.
The person in whose name any Bond shall be registered shall be deemed and regarded as
the absolute owner thereof for all purposes, and payment of the principal of or interest on any Bond
shall be made only to or upon the order of the registered owner thereof or his or her legal
representative. All such payments shall be valid and effectual to satisfy and discharge the liability
upon such Bond to the extent of the sum or sums so paid.
No service charge shall be made for any transfer or exchange of Bonds, but the City or the
Bond Registrar may require payment of a sum sufficient to cover any tax or other governmental
charge that may be imposed in connection with any transfer or exchange of Bonds, except in the
case of the issuance of a Bond or Bonds for the unredeemed portion of a Bond surrendered for
redemption.
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(b) Global Book-Entry System. The Bonds shall be initially issued in the form of a
separate single fully registered Bond for each of the maturities of the Bonds determined as
described in Section 3 hereof. Upon initial issuance, the ownership of each such Bond shall be
registered in the Bond Register in the name of Cede & Co., or any successor thereto (“Cede”), as
nominee of The Depository Trust Company, New York, New York, and its successors and assigns
(“DTC”). All of the outstanding Bonds shall be registered in the Bond Register in the name of
Cede, as nominee of DTC, except as hereinafter provided. Any officer of the City who is a
signatory on the Bonds, along with the Director of Finance of the City (the “Finance Director”),
is authorized to execute and deliver, on behalf of the City, such letters to or agreements with DTC
as shall be necessary to effectuate such book-entry system (any such letter or agreement being
referred to herein as the “Representation Letter”), which Representation Letter may provide for
the payment of principal of or interest on the Bonds by wire transfer.
With respect to Bonds registered in the Bond Register in the name of Cede, as nominee of
DTC, the City and the Bond Registrar shall have no responsibility or obligation to any
broker-dealer, bank or other financial institution for which DTC holds Bonds from time to time as
securities depository (each such broker-dealer, bank or other financial institution being referred to
herein as a “DTC Participant”) or to any person on behalf of whom such a DTC Participant holds
an interest in the Bonds. Without limiting the immediately preceding sentence, the City and the
Bond Registrar shall have no responsibility or obligation with respect to (i) the accuracy of the
records of DTC, Cede or any DTC Participant with respect to any ownership interest in the Bonds,
(ii) the delivery to any DTC Participant or any other person, other than a registered owner of a
Bond as shown in the Bond Register, of any notice with respect to the Bonds, including any notice
of redemption, or (iii) the payment to any DTC Participant or any other person, other than a
registered owner of a Bond as shown in the Bond Register, of any amount with respect to the
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principal of or interest on the Bonds. The City and the Bond Registrar may treat and consider the
person in whose name each Bond is registered in the Bond Register as the holder and absolute
owner of such Bond for the purpose of payment of principal and interest with respect to such Bond,
for the purpose of giving notices of redemption and other matters with respect to such Bond, for
the purpose of registering transfers with respect to such Bond, and for all other purposes
whatsoever. The Bond Registrar shall pay all principal of and interest on the Bonds only to or
upon the order of the respective registered owners of the Bonds, as shown in the Bond Register,
or their respective attorneys duly authorized in writing, and all such payments shall be valid and
effective to fully satisfy and discharge the City’s obligations with respect to payment of the
principal of and interest on the Bonds to the extent of the sum or sums so paid. No person other
than a registered owner of a Bond as shown in the Bond Register, shall receive a Bond evidencing
the obligation of the City to make payments of principal and interest with respect to any Bond.
Upon delivery by DTC to the Bond Registrar of written notice to the effect that DTC has
determined to substitute a new nominee in place of Cede, and subject to the provisions in Section 3
hereof with respect to the payment of interest to the registered owners of Bonds at the close of
business on the 1st day of the month of the applicable interest payment date, the name “Cede” in
this Ordinance shall refer to such new nominee of DTC.
In the event that (i) the City determines that DTC is incapable of discharging its
responsibilities described herein and in the Representation Letter, (ii) the agreement among the
City, the Bond Registrar and DTC evidenced by the Representation Letter shall be terminated for
any reason or (iii) the City determines that it is in the best interests of the beneficial owners of the
Bonds that they be able to obtain certificated Bonds, the City shall notify DTC and DTC
Participants of the availability through DTC of certificated Bonds and the Bonds shall no longer
be restricted to being registered in the Bond Register in the name of Cede, as nominee of DTC. At
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that time, the City may determine that the Bonds shall be registered in the name of and deposited
with such other depository operating a universal book-entry system, as may be acceptable to the
City, or such depository’s agent or designee, and if the City does not select such alternate universal
book-entry system, then the Bonds may be registered in whatever name or names registered owners
of Bonds transferring or exchanging Bonds shall designate, in accordance with the provisions of
Section 5(a) hereof.
Notwithstanding any other provisions of this Ordinance to the contrary, so long as any
Bond is registered in the name of Cede, as nominee of DTC, all payments with respect to principal
of and interest on such Bond and all notices with respect to such Bond shall be made and given,
respectively, in the name provided in the Representation Letter.
Section 6. Redemption. (a) Optional Redemption. All or a portion of the Bonds due on
and after the date, if any, specified in the Bond Notification shall be subject to redemption prior to
maturity at the option of the City from any available funds, as a whole or in part, and if in part in
integral multiples of $5,000 in any order of their maturity as determined by the City (less than all
of the Bonds of a single maturity to be selected by the Bond Registrar), on the date specified in the
Bond Notification (but in no event on a date later than ten and one-half years after the issuance of
the Bonds) and on any date thereafter, at the redemption price of par plus accrued interest to the
date fixed for redemption.
(b) Mandatory Redemption. The Bonds maturing on the date or dates, if any, indicated
in the Bond Notification are subject to mandatory redemption, in integral multiples of $5,000
selected by lot by the Bond Registrar, at a redemption price of par plus accrued interest to the
redemption date on the redemption date, on December 15 of the years, if any, and in the principal
amounts, if any, as indicated in the Bond Notification.
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The principal amounts of Bonds to be mandatorily redeemed in each year may be reduced
through the earlier optional redemption thereof, with any partial optional redemptions of such
Bonds credited against future mandatory redemption requirements in such order of the mandatory
redemption dates as the City may determine. In addition, on or prior to the 60th day preceding
any mandatory redemption date, the Bond Registrar may, and if directed by the City Council shall,
purchase Bonds required to be retired on such mandatory redemption date. Any such Bonds so
purchased shall be cancelled and the principal amount thereof shall be credited against the
mandatory redemption required on such next mandatory redemption date.
(c) General. The Bonds shall be redeemed only in the principal amount of $5,000 and
integral multiples thereof. The City shall, at least forty-five (45) days prior to any optional
redemption date (unless a shorter time period shall be satisfactory to the Bond Registrar) notify
the Bond Registrar of such redemption date and of the principal amount and maturity or maturities
of Bonds to be redeemed. For purposes of any redemption of less than all of the outstanding Bonds
of a single maturity, the particular Bonds or portions of Bonds to be redeemed shall be selected by
lot by the Bond Registrar from the Bonds of such maturity by such method of lottery as the Bond
Registrar shall deem fair and appropriate; provided that such lottery shall provide for the selection
for redemption of Bonds or portions thereof so that any $5,000 Bond or $5,000 portion of a Bond
shall be as likely to be called for redemption as any other such $5,000 Bond or $5,000 portion.
The Bond Registrar shall make such selection upon the earlier of the irrevocable deposit of funds
with an escrow agent sufficient to pay the redemption price of the Bonds to be redeemed or the
time of the giving of official notice of redemption.
The Bond Registrar shall promptly notify the City in writing of the Bonds or portions of Bonds
selected for redemption and, in the case of any Bond selected for partial redemption, the principal
amount thereof to be redeemed.
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Section 7. Redemption Procedure. Unless waived by any holder of Bonds to be
redeemed, notice of the call for any such redemption shall be given by the Bond Registrar on behalf
of the City by mailing the redemption notice by first class mail at least thirty (30) days and not
more than sixty (60) days prior to the date fixed for redemption to the registered owner of the Bond
or Bonds to be redeemed at the address shown on the Bond Register or at such other address as is
furnished in writing by such registered owner to the Bond Registrar.
All notices of redemption shall state:
(1) the redemption date,
(2) the redemption price,
(3) if less than all outstanding Bonds are to be redeemed, the identification (and,
in the case of partial redemption, the respective principal amounts) of the Bonds to be
redeemed,
(4) that on the redemption date the redemption price will become due and payable
upon each such Bond or portion thereof called for redemption, and that interest thereon
shall cease to accrue from and after said date,
(5) the place where such Bonds are to be surrendered for payment of the
redemption price, which place of payment shall be the principal corporate trust office of
the Bond Registrar, and
(6) such other information then required by custom, practice or industry standard.
Unless moneys sufficient to pay the redemption price of the Bonds to be redeemed at the
option of the City shall have been received by the Bond Registrar prior to the giving of such notice
of redemption, such notice may, at the option of the City, state that said redemption shall be
conditional upon the receipt of such moneys by the Bond Registrar on or prior to the date fixed for
redemption. If such moneys are not received, such notice shall be of no force and effect, the City
shall not redeem such Bonds, and the Bond Registrar shall give notice, in the same manner in
which the notice of redemption shall have been given, that such moneys were not so received and
that such Bonds will not be redeemed. Otherwise, prior to any redemption date, the City shall
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deposit with the Bond Registrar an amount of money sufficient to pay th e redemption price of all
the Bonds or portions of Bonds which are to be redeemed on that date.
Subject to the provisions for a conditional redemption described above, notice of
redemption having been given as aforesaid, the Bonds or portions of Bonds so to be redeemed
shall, on the redemption date, become due and payable at the redemption price therein specified,
and from and after such date (unless the City shall default in the payment of the redemption price)
such Bonds or portions of Bonds shall cease to bear interest. Upon surrender of such Bonds for
redemption in accordance with said notice, such Bonds shall be paid by the Bond Registrar at the
redemption price. Installments of interest due on or prior to the redemption date shall be payable
as herein provided for payment of interest. Upon surrender for any partial redemption of any
Bond, there shall be prepared for the registered holder a new Bond or Bonds of the same maturity
in the amount of the unpaid principal.
If any Bond or portion of Bond called for redemption shall not be so paid upon surrender
thereof for redemption, the principal shall, until paid, bear interest from the redemption date at the
rate borne by the Bond or portion of Bond so called for redemption. All Bonds which have been
redeemed shall be cancelled and destroyed by the Bond Registrar and shall not be reissued.
Section 8. Form of Bond. The Bonds shall be in substantially the following form;
provided, however, that if the text of the Bond is to be printed in its entirety on the front side of
the Bond, then paragraph [2] and the legend, “See Reverse Side for Additional Provisions”, shall
be omitted and paragraph [6] and those thereafter as shall be appropriate shall be inserted
immediately after paragraph [1]:
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[FORM OF BOND - FRONT SIDE]
REGISTERED REGISTERED
NO. ______ $_________
UNITED STATES OF AMERICA
STATE OF ILLINOIS
COUNTY OF LAKE
CITY OF LAKE FOREST
GENERAL OBLIGATION REFUNDING BOND, SERIES 2019
See Reverse Side for
Additional Provisions
Interest Maturity Dated
Rate: ____% Date: December 15, 20__ Date: __________, 2019 CUSIP: 509696 ___
Registered Owner:
Principal Amount:
[1] KNOW ALL PERSONS BY THESE PRESENTS that the City of Lake Forest, Lake County,
Illinois, a municipality, home rule unit, and political subdivision of the State of Illinois (the
“City”), hereby acknowledges itself to owe and for value received promises to pay to the
Registered Owner identified above, or registered assigns as hereinafter provided, on the Maturity
Date identified above, the Principal Amount identified above and to pay interest (computed on the
basis of a 360-day year of twelve 30-day months) on such Principal Amount from the later of the
Dated Date of this Bond identified above or from the most recent interest payment date to which
interest has been paid or duly provided for, at the Interest Rate per annum identified above, such
interest to be payable on June 15 and December 15 of each year, commencing June 15, 2020, until
said Principal Amount is paid or duly provided for. The principal of this Bond is payable in lawful
money of the United States of America upon presentation hereof at the principal corporate trust
office of Amalgamated Bank of Chicago, Chicago, Illinois, as bond registrar and paying agent (the
“Bond Registrar”). Payment of interest shall be made to the Registered Owner hereof as shown
on the registration books of the City maintained by the Bond Registrar, at the close of business on
the 1st day of the month of the interest payment date. Interest shall be paid by check or draft of
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the Bond Registrar, payable upon presentation in lawful money of the United States of America,
mailed to the address of such Registered Owner as it appears on such registration books, or at such
other address furnished in writing by such Registered Owner to the Bond Registrar. For the prompt
payment of this Bond both principal and interest at maturity, the full faith, credit and resources of
the City are hereby irrevocably pledged.
[2] Reference is hereby made to the further provisions of this Bond set forth on the
reverse hereof, and such further provisions shall for all purposes have the same effect as if set forth
at this place.
[3] It is hereby certified and recited that all conditions, acts and things required by the
Constitution and Laws of the State of Illinois to exist or to be done precedent to and in the issuance
of this Bond, including the hereinafter defined Act, have existed and have been properly done,
happened and been performed in regular and due form and time as required by law; that the
indebtedness of the City, represented by the Bonds, and including all other indebtedness of the
City, howsoever evidenced or incurred, does not exceed any constitutional or statutory or other
lawful limitation; and that provision has been made for the collection of a direct annual tax, in
addition to all other taxes, on all of the taxable property in the City sufficient to pay the int erest
hereon as the same falls due and also to pay and discharge the principal hereof at maturity.
[4] This Bond shall not be valid or become obligatory for any purpose until the certificate
of authentication hereon shall have been signed by the Bond Registrar.
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[5] IN WITNESS WHEREOF, the City of Lake Forest, Lake County, Illinois, by its City
Council, has caused this Bond to be executed by the manual or duly authorized facsimile signature
of its Mayor and attested by the manual or duly authorized facsimile signature of its City Clerk
and its corporate seal or a facsimile thereof to be impressed or reproduced hereon, all as appearing
hereon and as of the Dated Date identified above.
SPECIMEN
Mayor, Lake Forest,
Lake County, Illinois
ATTEST:
SPECIMEN
City Clerk, Lake Forest
Lake County, Illinois
[SEAL]
Date of Authentication: ___________, 20__
CERTIFICATE Bond Registrar and Paying Agent:
OF Amalgamated Bank of Chicago
AUTHENTICATION Chicago, Illinois
This Bond is one of the Bonds described
in the within mentioned ordinance and is one
of the General Obligation Refunding Bonds,
Series 2019, of the City of Lake Forest, Lake
County, Illinois.
AMALGAMATED BANK OF CHICAGO, as Bond
Registrar
By SPECIMEN
Authorized Officer
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[FORM OF BOND - REVERSE SIDE]
CITY OF LAKE FOREST, LAKE COUNTY, ILLINOIS
GENERAL OBLIGATION REFUNDING BOND, SERIES 2019
[6] This Bond is one of a series of bonds (the “Bonds”) issued by the City for the purpose
of refunding certain outstanding bonds of the City and of paying expenses incidental thereto, all
as described and defined in the Ordinance of the City, passed by the City Council on the 2nd day
of December, 2019, authorizing the Bonds (the “Ordinance”), pursuant to and in all respects in
compliance with the applicable provisions of the Illinois Municipal Code, as amended; as further
supplemented and, where necessary, superseded, by the powers of the City as a home rule unit
under the provisions of Section 6 of Article VII of the Illinois Constitution of 1970 (collectively,
such Illinois Municipal Code and constitutional home rule powers, being the “Act”), and with the
Ordinance, which has been duly approved by the Mayor.
[7] Bonds of the issue of which this Bond is one maturing on and after
December 15, 20__, are subject to redemption prior to maturity at the option of the City as a whole,
or in part in integral multiples of $5,000 in any order of their maturity as determined by the City
(less than all the Bonds of a single maturity to be selected by lot by the Bond Registrar), on
December 15, 20__, and on any date thereafter, at the redemption price of par plus accrued interest
to the redemption date.
[8] Notice of any such redemption shall be sent by first class mail not less than thirty (30)
days nor more than sixty (60) days prior to the date fixed for redemption to the registered owner
of each Bond to be redeemed at the address shown on the registration books of the City maintained
by the Bond Registrar or at such other address as is furnished in writing by such registered owner
to the Bond Registrar. When so called for redemption, this Bond will cease to bear interest on the
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specified redemption date, provided funds for redemption are on deposit at the place of payment
at that time, and shall not be deemed to be outstanding.
[9] This Bond is transferable by the Registered Owner hereof in person or by his or her
attorney duly authorized in writing at the principal corporate trust office of the Bond Registrar in
Chicago, Illinois, but only in the manner, subject to the limitations and upon payment of the
charges provided in the Ordinance, and upon surrender and cancellation of this Bond. Upon such
transfer a new Bond or Bonds of authorized denominations of the same maturity and for the same
aggregate principal amount will be issued to the transferee in exchange therefor.
[10] The Bonds are issued in fully registered form in the denomination of $5,000 each or
authorized integral multiples thereof. This Bond may be exchanged at the principal corporate trust
office of the Bond Registrar for a like aggregate principal amount of Bonds of the same maturity
of other authorized denominations, upon the terms set forth in the Ordinance. The Bond Registrar
shall not be required to transfer or exchange any Bond during the period beginning at the close of
business on the 1st day of the month of any interest payment date on such Bond and ending at the
opening of business on such interest payment date, nor to transfer or exchange any Bond after
notice calling such Bond for redemption has been mailed, nor during a period of fifteen (15) days
next preceding mailing of a notice of redemption of any Bonds.
[11] The City and the Bond Registrar may deem and treat the Registered Owner hereof as
the absolute owner hereof for the purpose of receiving payment of or on account of principal hereof
and interest due hereon and for all other purposes, and neither the City nor the Bond Registrar shall
be affected by any notice to the contrary.
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ASSIGNMENT
FOR VALUE RECEIVED, the undersigned sells, assign, and transfers unto ____________________
Here insert Social Security Number,
Employer Identification Number or
other Identifying Number
______________________________________________________________________________
______________________________________________________________________________
(Name and Address of Assignee)
the within Bond and does hereby irrevocably constitute and appoint _______________________
______________________________________________________________________________
as attorney to transfer the said Bond on the books kept for registration thereof with full power of
substitution in the premises.
Dated: ________________________ ____________________________
Signature guaranteed: _____________________________
NOTICE: The signature to this transfer and assignment must correspond with the name of the
Registered Owner as it appears upon the face of the within Bond in every particular,
without alteration or enlargement or any change whatever.
Section 9. Sale of Bonds. The Mayor and Finance Director (the “Designated
Representatives”) are hereby authorized to proceed not later than the 15th day of May, 2020,
without any further authorization or direction from the City Council, to sell the Bonds upon the
terms as prescribed in this Ordinance. The Bonds hereby authorized shall be executed as in this
Ordinance provided as soon after the delivery of the Bond Notification as may be, and thereupon
be deposited with the City Treasurer, and, after authentication thereof by the Bond Registrar, be
by the City Treasurer delivered to the purchaser thereof (the “Purchaser”), upon receipt of the
purchase price therefor, the same being not less than 98% of the principal amount of the Bonds
plus accrued interest (if any) to date of delivery. The Purchaser for the Bonds shall be: (a) pursuant
to a competitive sale conducted by Speer Financial, Inc., the City’s municipal advisor (“Speer”),
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the best bidder for the Bonds; (b) in a negotiated underwriting, a bank or financial institution listed
in the Dealers & Underwriters or Municipal Derivatives sections of the most recent edition of The
Bond Buyer’s Municipal Marketplace; or (c) in a private placement, (i) a bank or financial
institution authorized to do business in the State, (ii) a governmental unit as defined in the Local
Government Debt Reform Act of the State of Illinois, as amended, or (iii) an “accredited investor”
as defined in Rule 501 of Regulation D as promulgated under the Securities Act of 1933, as
amended; provided, however, that the Purchaser as set forth in either (b) or (c) shall be selected
only upon receipt by the City of the written recommendation of Speer that the sale of the Bonds
on a negotiated or private placement basis to the Purchaser is in the best interest of the City because
of (i) the pricing of the Bonds by the Purchaser, (ii) then current market conditions or (iii) the
timing of the sale of the Bonds; and further provided, that the Purchaser as set forth in (c) may be
selected through the utilization of a placement agent selected by the Designated Representatives
after consultation with Speer if the use of such placement agent is determined by the Designated
Representatives to be in the best interest of the City.
Upon the sale of the Bonds, the Designated Representatives shall prepare a Notification of
Sale of the Bonds, which shall include the pertinent details of sale as provided herein (the “Bond
Notification”). In the Bond Notification, the Designated Representatives shall find and determine
that the Bonds have been sold at such price and bear interest at such rates that either the true interest
cost (yield) or the net interest rate received upon the sale of the Bonds does not exceed the
maximum rate otherwise authorized by applicable law and that the net present value debt service
savings to the City as a result of the issuance of the Bonds and the refunding of the Refunded
Bonds is not less than 3.00% of the principal amount of the Refunded Bonds. The Bond
Notification shall be entered into the records of the City and made available to the City Council at
the next regular meeting thereof; but such action shall be for information purposes only, and the
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City Council shall have no right or authority at such time to approve or reject such sale as
evidenced in the Bond Notification.
Upon the sale of the Bonds, as evidenced by the execution and delivery of the Bond
Notification by the Designated Representatives, the Mayor, City Clerk and City Treasurer and any
other officers of the City, as shall be appropriate, shall be and are hereby authorized and directed
to approve or execute, or both, such documents of sale of the Bonds as may be necessary,
including, without limitation, the contract for the sale of the Bonds between the City and the
Purchaser (the “Purchase Contract”). Prior to the execution and delivery of the Purchase
Contract, the Designated Representatives shall find and determine that no person holding any
office of the City, either by election or appointment, is in any manner financially interested directly
in his or her own name or indirectly in the name of any other person, association, trust or
corporation, in the Purchase Contract.
The use by the Purchaser of any Preliminary Official Statement and any final Official
Statement relating to the Bonds (the “Official Statement”) is hereby ratified, approved and
authorized; the execution and delivery of the Official Statement is hereby authorized; and the
officers of the City Council are hereby authorized to take any action as may be required on the part
of the City to consummate the transactions contemplated by the Purchase Contract, this Ordinance,
said Preliminary Official Statement, the Official Statement and the Bonds.
Section 10. Tax Levy; Abatement. For the purpose of providing funds required to pay the
interest on the Bonds promptly when and as the same falls due, and to pay and discharge the
principal thereof at maturity, there is hereby levied upon all of the taxable property within the City,
in the years for which any of the Bonds are outstanding, a direct annual tax sufficient for that
purpose; and there is hereby levied on all of the taxable property in the City, in addition to all other
taxes, the following direct annual tax (the “Pledged Taxes”), to-wit:
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FOR THE YEAR A TAX SUFFICIENT TO PRODUCE THE SUM OF:
2019 for interest up to and including December 15,
2020
2020 for interest and principal
2021 for interest and principal
2022 for interest and principal
2023 for interest and principal
2024 for interest and principal
2025 for interest and principal
2026 for interest and principal
2027 for interest and principal
2028 for interest and principal
2029 for interest and principal
2030 for interest and principal
2031 for interest and principal
Principal or interest maturing at any time when there are not sufficient funds on hand from
the foregoing tax levy to pay the same shall be paid from the general funds of the City, and the
fund from which such payment was made shall be reimbursed out of the taxes hereby levied when
the same shall be collected.
The City covenants and agrees with the purchasers and the holders of the Bonds that so
long as any of the Bonds remain outstanding, the City will take no action or fail to take any action
which in any way would adversely affect the ability of the City to levy and collect the foregoing
tax levy and the City and its officers will comply with all present and future applicable laws in
order to assure that the foregoing taxes will be levied, extended and collected as provided herein
and deposited in the fund established to pay the principal of and interest on the Bonds.
To the extent that the Pledged Taxes levied above exceed the amount necessary to pay debt
service on the Bonds as set forth in the Bond Notification, the Mayor, City Clerk and City
Treasurer are hereby authorized to direct the abatement of such taxes to the extent of the excess of
such levy in each year over the amount necessary to pay debt service on the Bonds in the following
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bond year. Proper notice of such abatement shall be filed with the County Clerk of The County of
Lake, Illinois (the “County Clerk”), in a timely manner to effect such abatement.
In the event that funds from any other lawful source are made available for the purpose of
paying any principal of or interest on the Bonds so as to enable the abatement of the taxes levied
herein for the payment of same, the City Council shall, by proper proceedings, direct the transfer
of such funds to the hereinafter defined Bond Fund, and shall then further direct the abatement of
the taxes by the amount so deposited. The City covenants and agrees that it will not direct the
abatement of taxes until money has been deposited into the Bond Fund in the amount of such
abatement. A certified copy or other notification of any such proceedings abating taxes may then
be filed with the County Clerk in a timely manner to effect such abatement.
Section 11. Filing with County Clerk and Certificate of Reduction of Taxes. Forthwith
upon the passage of this Ordinance, the City Clerk of the City is hereby directed to file a certified
copy of this Ordinance with the County Clerk; and the County Clerk shall in and for each of the
years 2019 to 2031, inclusive, ascertain the rate necessary to produce the tax herein levied; and the
County Clerk shall extend the same for collection on the tax books in connection with other taxes
levied in said years in and by the City for general corporate purposes of the City; and, subject to
abatement as stated hereinabove, in said years such annual tax shall be levied and collected by and
for and on behalf of the City in like manner as taxes for general corporate purposes for said years
are levied and collected, and in addition to and in excess of all other taxes, and when collected, the
taxes hereby levied shall be placed to the credit of a special fund to be designated “Bond and
Interest Fund Account of 2019” (the “Bond Fund”), which taxes are hereby irrevocably pledged
to and shall be used only for the purpose of paying the principal of and interest on the Bonds.
The Mayor, City Clerk and City Treasurer be and the same are hereby directed to prepare
and file with the County Clerk, a Certificate of Reduction of Taxes Heretofore Levied for the
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Payment of Bonds showing the Prior Bonds being refunded and directing the abatement of the
taxes heretofore levied to pay the Refunded Bonds.
Section 12. Use of Bond Proceeds; Use of Taxes Heretofore Levied. Accrued interest, if
any, received on the delivery of the Bonds is hereby appropriated for the purpose of paying first
interest due on the Bonds and is hereby ordered deposited into the Bond Fund. Simultaneously
with the delivery of the Bonds, the principal proceeds of the Bonds, together with any premium
received from the sale of the Bonds and such additional amounts as may be necessary from the
general funds of the City, are hereby appropriated to pay the costs of issuance of the Bonds and
for the purpose of refunding the Refunded Bonds, and that portion thereof not needed to pay such
costs is hereby ordered deposited in escrow pursuant to an escrow agreement to be entered into
between the City and Amalgamated Bank of Chicago, Chicago, Illinois, as escrow agent (the
“Escrow Agent”), in substantially in the form attached hereto as Exhibit A (the “Escrow
Agreement”) and made a part hereof by this reference, or with such changes therein as shall be
approved by the officers of the City executing the Escrow Agreement, such execution to constitute
evidence of the approval of such changes for the purpose of paying the principal of and interest on
the Refunded Bonds when due and upon redemption prior to maturity, as more fully set forth in
the Escrow Agreement. The City Council approves the form, terms and provisions of the Escrow
Agreement and directs the Mayor and the City Clerk to execute, attest, seal and deliver the Escrow
Agreement in the name and on behalf of the City. Amounts in the escrow may be used to purchase
Government Securities (as defined in the Escrow Agreement) to provide for the principal payable
on the Refunded Bonds upon redemption thereof. The Escrow Agent and the Purchaser are each
hereby authorized to act as agent for the City in the purchase of the Government Securities.
At the time of issuance of the Bonds, the costs of issuance of the Bonds may be paid by the
Purchaser or the Bond Registrar on behalf of the City from the proceeds of the Bonds.
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All proceeds received or to be received from any taxes heretofore levied to pay principal
and interest on the Refunded Bonds, including the proceeds received or to be received from the
taxes levied for the year 2018 for such purpose, shall be used to pay the principal of and interest
on the Refunded Bonds and to the extent that such proceeds are not needed for such purpos e
because of the establishment of the escrow, the same shall be deposited into the Bond Fund and
used to pay principal and interest on the Bonds in accordance with all of the provisions of this
Ordinance.
Section 13. Non-Arbitrage and Tax-Exemption. The City hereby covenants that it will
not take any action, omit to take any action or permit the taking or omission of any action within
its control (including, without limitation, making or permitting any use of the proceeds of the
Bonds) if taking, permitting or omitting to take such action would cause any of the Bonds to be an
arbitrage bond or a private activity bond within the meaning of the Internal Revenue Code of 1986,
as amended (the “Code”), or would otherwise cause the interest on the Bonds to be included in
the gross income of the recipients thereof for federal income tax purposes. The City acknowledges
that, in the event of an examination by the Internal Revenue Service (the “IRS”) of the exemption
from Federal income taxation for interest paid on the Bonds, under present rules, the City may be
treated as a “taxpayer” in such examination and agrees that it will respond in a commercially
reasonable manner to any inquiries from the IRS in connection with such an examination.
The City also agrees and covenants with the purchasers and holders of the Bonds from time
to time outstanding that, to the extent possible under Illinois law, it will comply with whatever
federal tax law is adopted in the future which applies to the Bonds and affects the tax-exempt status
of the Bonds.
The City Council hereby authorizes the officials of the City responsible for issuing the
Bonds, the same being the Mayor and City Clerk, to make such further covenants and certifications
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regarding the specific use of the proceeds of the Bonds as approved by the City Council and as
may be necessary to assure that the use thereof will not cause the Bonds to be arbitrage bonds and
to assure that the interest on the Bonds will be exempt from federal income taxation. In connection
therewith, the City and the City Council further agree: (a) through their officers, to make such
further specific covenants, representations as shall be truthful, and assurances as may be necessary
or advisable; (b) to consult with counsel approving the Bonds and to comply with such advice as
may be given; (c) to pay to the United States, as necessary, such sums of money representing
required rebates of excess arbitrage profits relating to the Bonds; (d) to file such forms, statements,
and supporting documents as may be required and in a timely manner; and (e) if deemed necessary
or advisable by their officers, to employ and pay fiscal agents, financial advisors, attorneys, and
other persons to assist the City in such compliance.
Section 14. Bank Qualification. Prior to the date hereof during the current calendar year,
no obligations that have been designated as “qualified tax-exempt obligations” for the purposes
and within the meaning of Section 265(b)(3) of the Code have been issued by any of the following:
(i) the City; (ii) an entity issuing obligations on behalf of the City; and (iii) any member of the
same Controlled Group as the City or the same Controlled Group as an entity issuing obligations
on behalf of the City.
Section 15. List of Bondholders. The Bond Registrar shall maintain a list of the names
and addresses of the holders of all Bonds and upon any transfer shall add the name and address of
the new Bondholder and eliminate the name and address of the transferor Bondholder.
Section 16. Duties of Bond Registrar. If requested by the Bond Registrar, the Mayor and
City Clerk of the City are authorized to execute the Bond Registrar’s standard form of agreement
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between the City and the Bond Registrar with respect to the obligations and duties of the Bond
Registrar hereunder which may include the following:
(a) to act as bond registrar, authenticating agent, paying agent and transfer agent
as provided herein;
(b) to maintain a list of Bondholders as set forth herein and to furnish such list to
the City upon request, but otherwise to keep such list confidential;
(c) to give notice of redemption of the Bonds as provided herein;
(d) to cancel and/or destroy Bonds which have been paid at maturity or submitted
for exchange or transfer;
(e) to furnish the City at least annually a certificate with respect to Bonds
cancelled and/or destroyed; and
(f) to furnish the City at least annually an audit confirmation of Bonds paid,
Bonds outstanding and payments made with respect to interest on the Bonds.
Section 17. Continuing Disclosure Undertaking. The Mayor or City Treasurer is hereby
authorized, empowered and directed to execute and deliver a Continuing Disclosure Undertaking
(the “Continuing Disclosure Undertaking”) in connection with the issuance of the Bonds, with
such provisions therein as he or she shall approve, his or her execution thereof to constitute
conclusive evidence of his or her approval of such provisions. When the Continuing Disclosure
Undertaking is executed and delivered on behalf of the City as herein provided, the Continuing
Disclosure Undertaking will be binding on the City and the officers, employees and agents of the
City, and the officers, employees and agents of the City are hereby authorized, empowered and
directed to do all such acts and things and to execute all such documents as may be necessary to
carry out and comply with the provisions of the Continuing Disclosure Undertaking as executed.
Notwithstanding any other provision of this Ordinance, the sole remedies for failure to comply
with the Continuing Disclosure Undertaking shall be the ability of the beneficial owner of any
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Bond to seek mandamus or specific performance by court order, to cause the City to comply with
its obligations under the Continuing Disclosure Undertaking.
Section 18. Record-Keeping Policy and Post-Issuance Compliance Matters. On
August 3, 2015, the City Council adopted a record-keeping policy (the “Policy”) in order to
maintain sufficient records to demonstrate compliance with its covenants and expectations to
ensure the appropriate federal tax status for the debt obligations of the City, the interest on which
is excludable from “gross income” for federal income tax purposes or which enable the City or the
holder to receive federal tax benefits, including, but not limited to, qualified tax credit bonds and
other specified tax credit bonds. The City Council and the City hereby reaffirm the Policy.
Section 19. Defeasance. Any Bond or Bonds which (a) are paid and cancelled, (b) which
have matured and for which sufficient sums been deposited with the Bond Registrar to pay all
principal and interest due thereon, or (c) for which sufficient (i) full faith and credit obligations of
the United States, the timely payment of which are guaranteed by the United State s Treasury, (ii)
certificates of participation in a trust comprised solely of full faith and credit obligations of the
United States, or (iii) cash, have been deposited with the Bond Registrar or similar institution to
pay, taking into account investment earnings on such obligations, all principal of and interest on
such Bond or Bonds when due at maturity or as called for redemption, pursuant to an irrevocable
escrow or trust agreement, shall cease to have any lien on or right to receive or be paid from the
Pledged Taxes and shall no longer have the benefits of any covenant for the registered owners of
outstanding Bonds as set forth herein as such relates to lien and security of the outstanding Bonds.
All covenants relative to the tax-exempt status of the Bonds; and payment, registration, transfer,
and exchange; are expressly continued for all Bonds whether outstanding Bonds or not.
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Section 20. Call of the Refunded Bonds. In accordance with the redemption provisions
of the bond ordinances authorizing the Prior Bonds, the City by the City Council does hereby make
provision for the payment of and does hereby call (subject only to the delivery of the Bonds) the
Refunded Bonds for redemption and payment prior to maturity on January 20, 2020 (or such other
date as set forth in the Escrow Agreement).
[REMAINDER OF PAGE INTENTIONALLY LEFT BLANK]
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Section 21. Superseder and Effective Date. All ordinances, resolutions, and orders, or
parts thereof, in conflict herewith, are to the extent of such conflict hereby superseded, including
expressly Ordinance No. 2013-070 to the extent necessary for the Bonds to be payable from a
direct annual ad valorem tax levied against all taxable property in the City, without limitation as
to rate or amount; and this Ordinance shall be in full force and effect immediately upon its passage
and approval.
ADOPTED: December 2, 2019
AYES: _________________________________________________________
_________________________________________________________
NAYS: _________________________________________________________
ABSTENTION: _________________________________________________________
ABSENT: _________________________________________________________
Approved: December 2, 2019
_______________________________________
Mayor, City of Lake Forest,
Lake County, Illinois
ATTEST:
__________________________________
City Clerk, City of Lake Forest,
Lake County, Illinois
Recorded in the City Records on December 2, 2019.
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EXHIBIT A
EXHIBIT A
FORM OF ESCROW AGREEMENT
____________, 2019
Amalgamated Bank of Chicago
Chicago, Illinois
Re: City of Lake Forest, Lake County, Illinois
$________ General Obligation Refunding Bonds, Series 2019
Ladies and Gentlemen:
The City of Lake Forest, Lake County, Illinois (the “City”), by an ordinance adopted by
the City Council of the City on the 2nd day of December, 2019 (as supplemented by a notification
of sale of bonds dated December ___, 2019, the “Bond Ordinance”), has authorized the issue and
delivery of $__________ General Obligation Refunding Bonds, Series 2019, dated December ___,
2019 (the “Bonds”). The City has authorized by the Bond Ordinance that proceeds of the Bonds
be used to pay and redeem on January 20, 2020 (the “Redemption Date”), $____________ of the
City’s outstanding and unpaid bonds as listed on Exhibit A hereto (collectively, the “Refunded
Bonds”).
The City hereby deposits with you $____________ from the proceeds of the Bonds and
$____________ from funds of the City on hand and lawfully available (collectively, the
“Deposit”) and you are hereby instructed as follows with respect thereto:
1. [Upon deposit, you are directed to hold the Deposit in an irrevocable trust
fund account (the “Trust Account”) for the City to the benefit of the holders of the
Refunded Bonds.] [Upon deposit, you are directed to purchase U.S. Treasury Securities
State and Local Government Series Certificates of Indebtedness in the amount of
$____________ and maturing as described on Schedule 1 hereto (the “Securities”). You
are further instructed to fund a beginning cash escrow deposit on demand in the amount of
$____________. The beginning deposit and the Securities are to be held in an irrevocable
trust fund account (the “Trust Account”) for the City to the benefit of the holders of the
Refunded Bonds.]
2. [You shall hold the Deposit in the Trust Account in cash for the sole and
exclusive benefit of the holders of the Refunded Bonds until redemption of the Refunded
Bonds on the Redemption Date is made.] [You shall hold the Securities and any interest
income or profit derived therefrom and any uninvested cash in the Trust Account for the
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EXHIBIT A
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sole and exclusive benefit of the holders of the Refunded Bonds until redemption of the
Refunded Bonds on the Redemption Date is made.]
3. You shall promptly collect the principal, interest or profit from the proceeds
deposited in the Trust Account and promptly apply the same as necessary to the payment
of the Refunded Bonds as herein provided.
4. The City has called the Refunded Bonds for redemption and payment prior to
maturity on the Redemption Date. You are hereby directed to provide for and give timely
notice of the call for redemption of the Refunded Bonds. The form and time of the giving
of such notice regarding the Refunded Bonds shall be as specified in the ordinance
authorizing the issuance of the Refunded Bonds. The City agrees to reimburse you for any
actual out-of-pocket expenses incurred in the giving of such notice, but the failure of the
City to make such payment shall not in any respect whatsoever relieve you from carrying
out any of the duties, terms or provisions of this Agreement.
5. In addition, in your separate role as paying agent for the Refunded Bonds, you
are hereby directed to give notice of the call of the Refunded Bonds, on or before the date
the notice of such redemption is given to the holders of the Refunded Bonds, to the
Municipal Securities Rulemaking City Council (the “MSRB”) through its Electronic
Municipal Market Access system for municipal securities disclosure or through any other
electronic format or system prescribed by the MSRB for purposes of Rule 15c2-12 adopted
by the Securities and Exchange Commission under the Securities Exchange Act of 1934,
as amended. Information with respect to procedures for submitting notice can be found at
https://msrb.org.
6. You shall use the sum of $___________ on the Redemption Date, to pay the
principal of [and interest on] the Refunded Bonds on such date, and such remittance shall
fully release and discharge you from any further duty or obligation thereto under this
Agreement. [The interest on the Refunded Bonds will be paid from lawfully available
moneys of the City deposited in the bond fund for the Refunded Bonds prior to the
Redemption Date.]
7. You shall make no payment of fees, due or to become due, of the bond
registrar and paying agent on the Bonds or the Refunded Bonds. The City shall pay the
same as they become due.
8. If at any time it shall appear to you that the funds on deposit in the Trust
Account will not be sufficient to pay the principal of the Refunded Bonds, you shall notify
the City not less than five (5) days prior to such payment date and the City shall make up
the anticipated deficit from any funds legally available for such purpose so that no default
in the making of any such payment will occur.
9. Upon final disbursement of funds sufficient to pay the Refunded Bonds as
hereinabove provided for, you shall transfer any balance remaining in the Trust Account
to the City and thereupon this Agreement shall terminate.
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EXHIBIT A
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Very truly yours,
CITY OF LAKE FOREST, LAKE COUNTY,
ILLINOIS
By _________________________________
Mayor
By _________________________________
City Clerk
Accepted this _____ day of ___________________, 2019.
AMALGAMATED BANK OF CHICAGO,
Chicago, Illinois
By _________________________________
Its _______________________________
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EXHIBIT A
SCHEDULE A
Schedule I – Schedule of Refunded Bonds
$2,125,000 General Obligation Bonds, Series 2009
$3,000,000 Taxable General Obligation Bonds, Series 2010B (Recovery Zone Economic Development
Bonds-Direct Payment)
(1) Mandatory sinking fund payment.
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EXHIBIT A
SCHEDULE A
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$4,280,000 Taxable General Obligation Bonds, Series 2010C (Build America Bonds-Direct Payment)
$9,475,000 General Obligation Refunding Bonds, Series 2011B
(1) Mandatory sinking fund payment.
163
STATE OF ILLINOIS )
) SS
COUNTY OF LAKE )
CERTIFICATION OF ORDINANCE AND MINUTES
I, the undersigned, do hereby certify that I am the duly qualified and acting City Clerk of
the City of Lake Forest, Lake County, Illinois (the “City”), and as such official I am the keeper of
the records and files of the City Council of the City (the “City Council”).
I do further certify that the foregoing constitutes a full, true and complete transcript of the
minutes of the meeting of the City Council held on the 2nd day of December, 2019, insofar as
same relates to the adoption of Ordinance No. 2019-__ entitled:
AN ORDINANCE providing for the issuance of not to exceed
$19,500,000 General Obligation Refunding Bonds, Series 2019, of
the City of Lake Forest, Lake County, Illinois, for the purpose of
refunding certain outstanding general obligation bonds of said City,
providing for the levy and collection of a direct annual tax sufficient
to pay the principal of and interest on said bonds, authorizing and
directing the execution of an escrow agreement in connection with
the issuance of said bonds, and authorizing the sale of said bonds to
the winning bidder thereof
a true, correct and complete copy of which said ordinance as adopted at said meeting appears in
the foregoing transcript of the minutes of said meeting.
I do further certify that the deliberations of the City Council on the adoption of said
ordinance were conducted openly, that the vote on the adoption of said ordinance was taken
openly, that said meeting was held at a specified time and place convenient to the public, that
notice of said meeting was duly given to all of the news media requesting such notice, that an
agenda for said meeting was posted at the location where said meeting was held and at the principal
office of the City Council at least 72 hours in advance of the holding of said meeting, that at least
one copy of said agenda was continuously available for public review during the entire 72-hour
period preceding said meeting, that said agenda contained a separate specific item concerning the
proposed adoption of said ordinance, a true, correct and complete copy of the agenda as so posted
being attached hereto as Exhibit A, that said meeting was called and held in strict compliance with
the provisions the Open Meetings Act of the State of Illinois, as amended, and with the provisions
of the Illinois Municipal Code, as amended, and that the City Council has complied with all of the
applicable provisions of said Act and said Code and its procedural rules in the adoption of said
ordinance.
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IN WITNESS WHEREOF, I hereunto affix my official signature and the seal of the City, this
2nd day of December, 2019.
_______________________________________
City Clerk
[SEAL]
165
STATE OF ILLINOIS )
) SS
COUNTY OF LAKE )
FILING CERTIFICATE
I, the undersigned, do hereby certify that I am the duly qualified and acting County Clerk
of The County of Lake, Illinois, and as such official I do further certify that on the ____ day of
December, 2019, there was filed in my office a duly certified copy of Ordinance No. 2019-__
entitled:
AN ORDINANCE providing for the issuance of not to exceed
$19,500,000 General Obligation Refunding Bonds, Series 2019, of
the City of Lake Forest, Lake County, Illinois, for the purpose of
refunding certain outstanding general obligation bonds of said City,
providing for the levy and collection of a direct annual tax sufficient
to pay the principal of and interest on said bonds, authorizing and
directing the execution of an escrow agreement in connection with
the issuance of said bonds, and authorizing the sale of said bonds to
the winning bidder thereof
duly adopted by the City Council of the City of Lake Forest, Lake County, Illinois, on the 2nd day
of December, 2019, and approved by the Mayor, and that the same has been deposited in (and all
as appearing from) the official files and records of my office.
IN WITNESS WHEREOF, I hereunto affix my official signature and the seal of said County,
this ____ day of December, 2019.
_______________________________________
County Clerk of The County of Lake, Illinois
[SEAL]
166
EXTRACT OF MINUTES of a regular public meeting of the City
Council of the City of Lake Forest, Lake County, Illinois, held at
City Hall, Lake Forest, Illinois, at 6:30 p.m., on the 18th day of
November, 2019.
The Mayor called the meeting to order and directed the City Clerk to call the roll. Upon
the roll being called, George A. Pandaleon, the Mayor, and the following Aldermen were
physically present at said location: __________________________________________________
______________________________________________________________________________
______________________________________________________________________________
The following Aldermen were allowed by a majority of the members of the City Council
in accordance with and to the extent allowed by rules adopted by the City Council to attend the
meeting by video or audio conference: _______________________________________________
______________________________________________________________________________
No Alderman was not permitted to attend the meeting by video or audio conference.
The following Aldermen were absent and did not participate in the meeting in any manner
or to any extent whatsoever: _______________________________________________________
______________________________________________________________________________
The Mayor announced that the next item for consideration was the issuance of not to exceed
$19,500,000 general obligation refunding bonds to be issued by the City pursuant to its home rule
powers for the purpose of refunding certain outstanding general obligation bonds of the City for
debt service savings, and that the City Council would consider the adoption of an ordinance
providing for the issue of said bonds and the levy of a direct annual tax sufficient to pay the
principal and interest thereon and authorizing the execution of an escrow agreement in connection
therewith. The Mayor then explained that the ordinance sets forth the parameters for the issuance
of said bonds and sale thereof by designated officials of the City and summarized the pertinent
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terms of said parameters, including the specific parameters governing the manner of sale, length
of maturity, rates of interest, purchase price and tax levy for said bonds.
WHEREUPON, Alderman _________________ moved and Alderman ________________
seconded the motion that there be introduced for first reading an ordinance entitled:
AN ORDINANCE providing for the issuance of not to exceed
$19,500,000 General Obligation Refunding Bonds, Series 2019, of
the City of Lake Forest, Lake County, Illinois, for the purpose of
refunding certain outstanding general obligation bonds of said City,
providing for the levy and collection of a direct annual tax sufficient
to pay the principal of and interest on said bonds, authorizing and
directing the execution of an escrow agreement in connection with
the issuance of said bonds, and authorizing the sale of said bonds to
the winning bidder thereof
(the “Bond Ordinance”).
Thereupon the Mayor directed that the roll be called for a vote upon the motion to introduce
the Bond Ordinance for first reading.
Upon the roll being called, the following Aldermen voted:
AYE: ___________________________________________________________________
___________________________________________________________________
NAY: ___________________________________________________________________
ABSENT: ___________________________________________________________________
Whereupon the Mayor declared the motion carried and did direct the City Clerk to record
the same in full in the records of the City Council, which was thereupon done.
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Other business not pertinent to the adoption of said ordinance was duly transacted at said
meeting.
Upon motion duly made and seconded, the meeting was adjourned.
_______________________________________
City Clerk
169
STATE OF ILLINOIS )
) SS
COUNTY OF LAKE )
CERTIFICATION OF INTRODUCTION OF ORDINANCE AND MINUTES
I, the undersigned, do hereby certify that I am the duly qualified and City Clerk of the City
of Lake Forest, Lake County, Illinois (the “City”), and as such officer I am the keeper of the books,
records, files, and journal of proceedings of the City and of the City Council (the “City Council”)
of the City.
I do further certify that the foregoing constitutes a full, true and complete transcript of the
minutes of the legally convened meeting of the City Council held on the 18th day of November,
2019, insofar as same relates to the introduction for first reading of an ordinance entitled:
AN ORDINANCE providing for the issuance of not to exceed
$19,500,000 General Obligation Refunding Bonds, Series 2019, of
the City of Lake Forest, Lake County, Illinois, for the purpose of
refunding certain outstanding general obligation bonds of said City,
providing for the levy and collection of a direct annual tax sufficient
to pay the principal of and interest on said bonds, authorizing and
directing the execution of an escrow agreement in connection with
the issuance of said bonds, and authorizing the sale of said bonds to
the winning bidder thereof
a true, correct and complete copy of which said ordinance as introduced at said meeting appears
in the foregoing transcript of the minutes of said meeting.
I do further certify that the deliberations of the City Council on the introduction of said
ordinance were taken openly, that the vote on the introduction of said ordinance was taken openly,
that said meeting was held at a specified time and place convenient to the public, that notice of
said meeting was duly given to all of the news media requesting such notice of said meeting was
duly given to all of the news media requesting such notice; that an agenda for said meeting was
posted at the location where said meeting was held and at the principal office of the City Council
at least 72 hours in advance of the holding of said meeting, that at least one copy of said agenda
was continuously available for public review during the entire 72-hour period preceding said
meeting, that said agenda contained a separate specific item concerning the proposed adoption of
said ordinance, a true, correct and complete copy of the agenda as so posted being attached hereto
as Exhibit A, that said meeting was called and held in strict compliance with the provisions the
Open Meetings Act of the State of Illinois, as amended, and with the provisions of the Illinois
Municipal Code, as amended, and that the City Council has complied with all of the applicable
provisions of said Act and said Code and its procedural rules in the introduction of said ordinance.
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IN WITNESS WHEREOF I have hereunto affixed my official signature and the seal of the
City, this 18th day of November, 2019.
_______________________________________
City Clerk
[SEAL]
171
The City of Lake Forest
CITY COUNCIL
Proceedings of the Monday, November 4, 2019
City Council Meeting - City Council Chambers
CALL TO ORDER AND ROLL CALL: Honorable Mayor Pandaleon called the meeting to order at 6:56pm, and
the City Clerk Margaret Boyer called the roll of Council members.
Present: Honorable Mayor Pandaleon, Alderman Beidler, Alderman Morris, Alderman Newman, Alderman
Rummel, Alderman Preschlack, Alderman Goshgarian and Alderman Buschmann.
Absent: Alderman Moreno
CALL TO ORDER AND ROLL CALL
PLEDGE OF ALLEGIANCE was recited by all those present in the Chambers.
REPORTS OF CITY OFFICERS
COMMENTS BY MAYOR
Mayor Pandaleon read a statement related to former City Manager Bob Kiely, noting that The City of Lake
Forest did not seek action in this matter and will refrain from commenting on the topic.
Mayor Pandaleon introduced Lake Forest Caucus President Sheila Henretta. Ms. Henretta reported on the
Caucus’s meeting, stating all registered Lake Forest voters are invited to vote on the slate of proposed
candidates, keeping an effective, non-partisan government. Additionally this year there will be a Jr. Caucus
report given by third graders at the Everett Elementary School.
A. Approval of the Deed of Gift of the Original 1857 Map of The City of Lake Forest to
The Newberry Library in Chicago
Susan Banks, Communications Manager gave a brief overview of the background and history of the original
surveyor’s map from 1857. Art Miller and Jim Optsitnik reported that in January 2019, it was determined by
the History Center, the Preservation Foundation and City Staff and Attorney that The Newberry was the
proper location for this map. Jim Optsitnik reported on the preservation efforts, options available for copies
of the map in digital format and the significance of this map as it relates to Rail Road towns.
The City Council had lengthy discussion about where the best place for the map would be. After discussion
staff was asked to look into the Lake County Museum as an option to gift the map.
Alderman Goshgarian made a motion to table this item to another City Council meeting, seconded by
Alderman Beidler.
Mayor Pandaleon asked if there was anyone from the audience who would like to comment. Seeing none,
he asked for a motion.
COUNCIL ACTION: Grant Approval of Deed of Gift of the Original 1857 Map of The City of Lake Forest to
The Newberry Library in Chicago
COMMENTS BY CITY MANAGER
172
Proceedings of the Monday, November 4, 2019
Regular City Council Meeting
City Manager Jason Wicha introduced Sally Swarthout, Director of Parks and Recreation. Ms. Swarthout
reported on the recent promotion of Tricia Schwall as Manager at Dickinson Hall.
COMMITTEE REPORTS
AUDIT COMMITTEE
A. Audit Committee Report-Fiscal Year 2019 Annual Financial Report
Audit Committee Chairman Vincent Sparrow, reported that the Comprehensive Annual Financial Report has
been reviewed by the Audit Committee with Baker Tilly Virchow Krause, the City’s independent audit firm,
and has been accepted by the Audit Committee. The City has received an unmodified opinion on its Fiscal
Year 2019 financial statements.
The City has been awarded the Certificate of Achievement for Excellence in Financial Reporting from the
Government Finance Officers Association for forty consecutive years. This year’s report will once again be
submitted to GFOA for consideration of this award.
COUNCIL ACTION: Receipt of the audit report for the fiscal year ended April 30, 2019.
Alderman Morris made a motion to accept receipt of the audit report for the fiscal year ended April 30,
2019, seconded by Alderman Preschlack. The following voted “Aye”: Alderman Beidler, Morris, Notz,
Rummel, Preschlack, Goshgarian and Buschmann. The following voted “Nay”: None. 7-Ayes, 0 Nays, motion
carried.
FINANCE COMMITTEE
A. Determination of Non-Binding Estimate of the Amount of Revenue to be generated from
Property Taxes for the 2019 Calendar Year in Accordance with the Truth in Taxation Statute
and Establishment of a Public Hearing Date for the 2019 Tax Levy (if required)
Elizabeth Holleb, Finance Director reported that this item was discussed at the October 21, 2019 Finance
Committee meeting. A discussion regarding the 2019 tax levy is scheduled for the November 12 Finance
Committee budget workshop. The tax levy ordinance will be considered by the City Council on November
18 and again on December 2, 2019.
The 2019 property tax levy estimate, as considered by the Finance Committee on October 21, is as follows:
Levy 2018 Extended 2019 Levy Estimate % Increase (Decr.)
Aggregate Levy $ 30,630,237 $ 31,881,291 4.08%
Debt Service Levy 1,669,665 1,901,820 13.90%
TOTAL LEVY $ 32,299,902 $ 33,783,111 4.59%
The increase in the aggregate levy is comprised primarily of the following:
• 1.90% overall increase in compliance with the tax cap applicable to 2019 levies under the Property
Tax Extension Limitation Law (PTELL),
• an increase due to new construction as estimated by the Lake County Assessor’s Office (not yet
available, so will be added at a later date),
• an increase in funding requirements for police and fire pension as established by a 4/30/19
independent actuarial valuation, and
• required debt service levy amounts as established by bond ordinances approved at the time of debt
issuance.
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Based on the preliminary estimate, a public hearing would not be required under the Truth in Taxation Act.
COUNCIL ACTION: Determination of an Estimate of the Amount of Revenue to be generated from Property
Taxes for the 2019 Calendar Year and establishment of December 2, 2019 as a public hearing date (if
required) in Accordance with the Truth in Taxation Statute.
Alderman Morris made a motion to accept pending approve the determination of an Estimate of the Amount
of Revenue to be generated from Property Taxes for the 2019 Calendar Year and establishment of December
2, 2019 as a public hearing date (if required) in Accordance with the Truth in Taxation Statute, seconded by
Alderman Goshgarian. The following voted “Aye”: Alderman Beidler, Morris, Notz, Rummel, Preschlack,
Goshgarian and Buschmann. The following voted “Nay”: None. 7-Ayes, 0 Nays, motion carried.
OPPORTUNITY FOR CITIZENS TO ADDRESS THE CITY COUNCIL ON NON-AGENDA ITEMS
ITEMS FOR OMNIBUS VOTE CONSIDERATION
1. Approval of the October 21, 2019 City Council Meeting Minutes
2. Approval of the Check Register for September 21-October 25, 2019
3. Approval of an Amendment to the City Council Schedule of Regular Meetings Previously
Adopted by the City Council for the Year 2020
4. Approval of a Proclamation Honoring National Indian Heritage Month
5. Approval of Health Insurance Contract Renewals and Authorization for the City Manager to
Execute Contracts Related to the Renewals
6. Award of Bid for the Mayflower Ravine Repair to North Shore Boring in the amount of
$34,710.00 and Kinnucan Tree Experts in the amount of $45,434.16 for the Combined Project
Amount of $80,144.16
7. Authorization to Dispose of City Property; Sale of Existing 1991 Ladder Tower via Gov Deals
to the Highest Bidder in the Amount of $32,500
8. Consideration of an Ordinance Approving a Recommendation from the Zoning Board of
Appeals. (First Reading, and if Desired by the City Council, Final Approval)
9. Consideration of a Recommendation from the Plan Commission in Support of Final Approval
of a Plat of Subdivision for Property Located at 279 Scott Street and 931 McKinley Road.
(Approval by Motion)
COUNCIL ACTION: Approval of the nine (9) Omnibus items as presented
Mayor Pandaleon again asked members of the Council if they would like to remove any item or take it
separately. Hearing none, Mayor Pandaleon asked for a motion to approve the nine (9) Omnibus items as
presented.
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Alderman Notz made a motion to approve the nine (9) Omnibus items as presented, seconded by Alderman
Preschlack. The following voted “Aye”: Alderman Beidler, Morris, Notz, Rummel, Preschlack, Goshgarian
and Buschmann. The following voted “Nay”: None. 7-Ayes, 0 Nays, motion carried.
Information such as Purpose and Action Requested, Background/Discussion, Budget/Fiscal Impact,
Recommended Action and a Staff Contact as it relates to the Omnibus items can be found on the agenda.
ORDINANCES
NEW BUSINESS
ADDITIONAL ITEMS FOR COUNCIL DISCUSSION/COMMENTS BY COUNCIL MEMBERS
1. EXECUTIVE SESSION pursuant to 5ILCS 120/2 (c) (11), The City Council will be discussing
threatened or pending litigation and (1), The City Council will be discussing personnel.
Alderman Notz made a motion to adjourn into executive session pursuant to 5ILCS 120/2 (c) (11), The City
Council will be discussing threatened or pending litigation and (1), The City Council will be discussing
personnel, seconded by Alderman Preschlack. The following voted “Aye”: Alderman Beidler, Morris, Notz,
Rummel, Preschlack, Goshgarian and Buschmann. The following voted “Nay”: None. 7-Ayes, 0 Nays, motion
carried.
Adjournment into Executive Session at 7:08 pm
Reconvene into Regular Session 9:51 pm
ADJOURNMENT
There being no further business Mayor Pandaleon asked for a motion. Alderman Beidler made a motion to
adjourn, seconded by Alderman Buschmann. Motion carried unanimously by voice vote at 9:52 pm.
Respectfully Submitted
Margaret Boyer, City Clerk
A video of the City Council meeting is available for viewing at the Lake Forest Library and on file in the Clerk’s
office at City Hall. You can also view it on the website by visiting www.cityoflakeforest.com. Click on I Want
To, then click on View, then choose Archived Meetings Videos.
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FIRST ADDENDUM TO THE LICENSE AGREEMENT BETWEEN THE CITY OF LAKE
FOREST AND THE MUSIC INSTITUTE OF CHICAGO
THIS FIRST ADDENDUM TO THE LICENSE AGREEMENT BETWEEN THE CITY OF
LAKE FOREST AND THE MUSIC INSTITUTE OF CHICAGO (this “Addendum”) is made this
___ day of _______, 2019, by and between the CITY OF LAKE FOREST, an Illinois home-rule
and special charter municipal corporation (“City”) and MUSIC INSTITUTE OF CHICAGO, an
Illinois not-for-profit corporation (“Licensee”).
WHEREAS, the City and Licensee previously entered into that certain License Agreement,
dated February 10, 2015 (the “License Agreement”); and
WHEREAS, pursuant to the License Agreement, the City has granted a license to the
Licensee for the use of a portion of the building commonly known as Volwiler Hall, located at 40
E. Old Mill Road in the City of Lake Forest; and
WHEREAS, the License Agreement expires under its own terms on December 31, 2019;
and
WHEREAS, the City and the Licensee desire to extend the term of the License Agreement
through June 15, 2021, upon the terms and conditions set forth in this Addendum.
NOW, THEREFORE, in consideration of the mutual promises and agreements contained
herein, the receipt and sufficiency of which is hereby acknowledged by both Parties, the Parties
hereto do promise and agree, as follows:
SECTION 1. Recitals. The foregoing recitals shall be, and are hereby, incorporated into
and made a part of this Amendment as if fully set forth in this Section 1.
SECTION 2. Prior Agreement/Conflicts. In the event of any conflict or inconsistency
between the terms and provisions of the Agreement and this Amendment , this Amendment shall
govern and apply
SECTION 3. Extension of License Period. The License Period provided for under
Section 2 of the License Agreement is hereby extended to end on June 15, 2021.
SECTION 4. Withdrawal of Revocation Notice. The City hereby withdraws its prior
notice of revocation of the License Agreement, dated August 29, 2018.
SECTION 5. Continued Effect. Except as expressly modified by this Addendum, the
License Agreement shall continue in full force and effect, including, but not limited to, the License
Fee provided for under Section 3 of the License Agreement.
[signature page follows]
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IN WITNESS WHEREOF, the parties hereto have caused this instrument to be executed
on the date first above written.
MUSIC INSTITUTE OF CHICAGO CITY OF LAKE FOREST, an Illinois
Municipal Corporation
By: By:
Its: Jason C. Wicha, City Manager
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