Public Hearing – Bond Issuance
October 17, 2016
The City of Lincoln Public Hearing – Bond Issuance met in the Council Chambers on Monday, October 17, 2016.
City Clerk Mrs. Gehlbach called the roll call. There were seven Aldermen present (Alderman Bauer, Alderman Hoefle, Alderman Hoinacki, Alderman Horn, Alderman Parrott, Alderman Tibbs and Alderman Welch) and one absent (Alderman Mourning). Also present were Street Superintendent Mr. Landers, Deputy Police Chief Vlahovich, Building and Safety Officer Mr. Lebegue, American Water Manager Mr. Ferguson and Fire Chief Miller. Also present were Mayor Neitzel, City Treasurer Mr. Conzo, City Attorney Mr. Blinn Bates, City Administrator Mr. Johnson, City Clerk Mrs. Gehlbach, and Recording Secretary Mrs. Riggs.
Mayor Neitzel called the meeting to order at 7:00 p.m. pursuant to the requirements of Sections 10 and 20 of the Bond Issuance Notification Act of the State of Illinois, as amended on the plans to issuance General Obligation Limited Tax Bonds, Series 2016 in the amount not to exceed $500.000.00.
Opening statement by Mayor Neitzel: Notice was published on October 7, 2016 in the Lincoln Courier, a newspaper of general circulation in the City. This is a hearing regarding a plan to issue not to exceed $500,000.00 in aggregate principal amount of the issuer’s general obligation limited tax bonds series 2016 Bonds. The proceeds of the bonds will be used to finance certain capital expenditures in and for the City and will pay certain costs of issuance of the bonds. The bonds will be issued by the issuer in accordance with the provisions of Section 15 of the local government debt reform act of the State of Illinois as amended and shall constitute a general obligation of the City payable from the debt service extension base as permitted by law and to determine the lien priority of payments to be made from the base to pay the City limited bonds and such other funds of the City lawfully available and annually appropriated for such purpose. This hearing is required by Section 10 of the bond issued Notification Act of the State of Illinois as amended. At the time and place set for the Public Hearing, residents, taxpayers, and other interested persons will be given the opportunity to express their views for or against the proposed plan of financing the issuance of the bonds and the purpose of the issuance of the bonds.
Invitation to submit written comments: There were no written comments submitted.
There were no comments.
Mayor Neitzel closed the hearing at 7:03 p.m.
Respectfully submitted, Risa Riggs, Recording Secretary