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NOTICE OF INTENT TO ISSUE BOND...
NOTICE OF INTENT TO ISSUE BONDS
AND RIGHT TO FILE PETITIONS
Notice is hereby given that pursuant to an ordinance adopted on the 19th day of January, 2026 (the “Ordinanceâ€), by the President and Board of Trustees of the Village of Lake Zurich, Lake County, Illinois (the “Villageâ€), intends to issue its Waterworks and Sewerage Revenue Bonds in an aggregate principal amount not to exceed $10,000,000 (the “Bondsâ€) and bearing interest per annum at not to exceed the maximum rate authorized by law at the time of sale thereof, for the purpose of paying costs of improving the combined waterworks and sewerage system of the Village (the “Systemâ€), including, but not limited to, improving the Village’s existing water distribution system, as further described in the Ordinance. The Bonds would be payable solely from the revenues of the System. A complete copy of the Ordinance follows this notice.
Notice is hereby further given that a petition may be filed with the Village Clerk of the Village (the “Village Clerkâ€) within thirty (30) days after the date of publication of this notice, signed by 1,407 or more electors of the Village (the same being equal to 10% of the registered voters in the Village), asking that the question of improving the System and the issuance of the Bonds therefor, be submitted to the electors of the Village. If such petition is filed with the Village Clerk within thirty (30) days after the date of publication of the Ordinance and this notice, the question of the issuance of the Bonds shall be submitted to the electors of the Village on the 3rd day of November, 2026. The Circuit Court may declare that an emergency referendum should be held prior to said election date pursuant to the provisions of Section 2A 1.4 of the Election Code of the State of Illinois, as amended. If no such petition is filed with the Village Clerk within said 30-day period, the Bonds shall be authorized to be issued.
By order of the President and Board of Trustees of the Village of Lake Zurich, Lake County, Illinois.
Dated this 19th day of January, 2026.
Kathleen Johnson
Village Clerk, Village of Lake Zurich,
Lake County, Illinois
ORDINANCE NO. 2026-01-647
AN ORDINANCE authorizing the issuance of Waterworks and Sewerage Revenue Bonds of the Village of Lake Zurich, Lake County, Illinois, in an aggregate principal amount not to exceed $10,000,000, for improvements to the waterworks and sewerage system of the Village, including, but not limited to, improving the Village’s existing water distribution system.
* * *
WHEREAS, the Village of Lake Zurich, Lake County, Illinois (the “Villageâ€), operates its combined waterworks and sewerage system (the “Systemâ€) in accordance with the provisions of Division 139 of Article 11 of the Illinois Municipal Code, as supplemented and amended, and in particular as supplemented by the Local Government Debt Reform Act, as amended (collectively, the “Actâ€); and
WHEREAS, the President and Board of Trustees of the Village (the “Boardâ€) has determined that it is advisable, necessary and in the best interests of the public health, safety and welfare to improve the waterworks and sewerage system of the Village, including, but not limited to, improving the Village’s existing water distribution system, all in accordance with the preliminary plans and estimate of costs heretofore approved by the Board and now on file in the office of the Village Clerk, and to pay the engineering, legal, financial and administrative expense related thereto (collectively, the “Projectâ€); and
WHEREAS, the Project has an expected useful life of not less than 50 years; and
WHEREAS, the estimated cost of constructing and installing the Project, including engineering, legal, financial, bond discount, printing and publication costs, and other expenses, is not less than $10,000,000, and there are insufficient funds on hand and lawfully available to pay such costs; and
WHEREAS, it is necessary and for the best interests of the Village that the Project be undertaken and in order to finance the costs thereof it will be necessary for the Village to issue up to $10,000,000 bonds payable from the revenues of the System (the “System Revenuesâ€) as authorized by the Act (the “Bondsâ€); and
WHEREAS, the State of Illinois (the “Stateâ€), acting through the Illinois Environmental Protection Agency (the “IEPAâ€), has offered to make loans to the Village, to be evidenced by the Bonds, through the “Public Water Supply Loan Program†or the “Water Pollution Control Loan Program,†or from both of said programs, of the State (together, the “Programâ€), for the purpose of paying certain eligible costs of the Project; and it is necessary and advisable to authorize the acceptance of said loans and execution of appropriate loan documents at the appropriate time; and
WHEREAS, pursuant to and in accordance with the provisions of the Act, the Village is authorized to borrow funds from the Program and may issue the Bonds in evidence thereof for the purpose of providing funds to pay the costs of the Project; and
WHEREAS, the loan will bear an interest rate as defined by 35 Ill. Adm. Code 662 (the “Program Regulationsâ€) which does not exceed the maximum rate authorized by the Bond Authorization Act, as amended, at the time of the issuance of the loan; and
WHEREAS, the principal and interest due on the loan shall be payable semi-annually, and the loan shall mature within 30 years, which is within the period of useful life of the Project; and
WHEREAS, such loan or loans to the Village may be made pursuant to a loan agreement or agreements and bond ordinance or ordinances, with such terms and conditions as may be provided by the IEPA: and
WHEREAS, if funds from the Program are unavailable in a timely manner, the Village will pursue the issuance of the Bonds in the conventional public municipal markets:
NOW, THEREFORE, Be It Ordained by the President and Board of Trustees of the Village of Lake Zurich, Lake County, Illinois, as follows:
Section 1. Incorporation of Preambles. The Board hereby finds that all of the recitals contained in the preambles to this Ordinance are full, true and correct and does incorporate them into this Ordinance by this reference.
Section 2. Determination to Issue Bonds. It is necessary and in the best interests of the Village to undertake the Project for the public health, safety and welfare, in accordance with the preliminary plans and estimate of costs as hereinabove described, that the System continue to be operated in accordance with the provisions of the Act, and that for such purpose, there are hereby authorized to be issued and sold the Bonds in an aggregate principal amount (which can include construction period interest financed over the term of the loan) not to exceed $10,000,000.
Section 3. Publication. This Ordinance, together with a notice in the statutory form (the “Noticeâ€), shall be published once within ten (10) days after passage hereof by the Board in a newspaper of general circulation in the Village, and if no petition signed by a number of electors being at least equal to ten percent (10%) of the number of registered voters in the Village, asking that the question of improving the System and issuance of the Bonds therefor, as provided in this Ordinance, be submitted to the electors of the Village is filed with the Village Clerk within thirty (30) days after the date of the publication of this Ordinance and the Notice, then this Ordinance shall be in effect and the Village will be authorized to issue the Bonds. A form of petition to be provided by the Village Clerk to any person requesting one is attached hereto as Exhibit A. In the event that no such petition is filed, the Village Clerk shall provide a no referendum certificate to the IEPA in the form attached hereto as Exhibit B and made part hereof
Section 4. Additional Ordinances. If no petition meeting the requirements of applicable law is filed during the petition period hereinabove referred to, then the Board may adopt additional ordinances or proceedings supplementing or amending this Ordinance providing for the issuance and sale of the Bonds, prescribing all the details of the Bonds, so long as the maximum amount of the Bonds as set forth in this Ordinance is not exceeded and there is no material change in the Project or purposes described herein. Such additional ordinances or proceedings shall in all instances become effective in accordance with applicable law. This Ordinance, together with such additional ordinances or proceedings, shall constitute complete authority for the issuance of the Bonds under applicable law.
However, notwithstanding the above, the Village may not adopt additional ordinances or amendments which provide for any substantive or material change in the scope and intent of this Ordinance, including but not limited to interest rate, preference, or priority of any other ordinance with this Ordinance, parity of any other ordinance with this Ordinance, or otherwise alter or impair the obligation of the Village to pay the principal and interest due to the Program without the written consent of the IEPA.
Section 5. Loan Not Indebtedness of Village. Repayment of the loan(s), as may be evidenced by the Bonds, by the Village to the IEPA pursuant to this Ordinance is to be solely from the System Revenues derived from user charges for the System and such other lawful sources as described in the preambles hereto, and the loan(s) shall not constitute an indebtedness of the Village within the meaning of any constitutional or statutory limitation.
Section 6. Application for Loan. The President, Village Manager, Finance Director or Director of Public Works of the Village is hereby authorized to make application to the IEPA for a loan through the Program in accordance with the loan requirements of the Program Regulations.
Section 7. Acceptance of Loan Agreement. The Board hereby authorizes acceptance of the offer of the loan(s) through the Program, including all terms and conditions of the IEPA loan agreement(s) as well as all special conditions contained therein and made a part thereof by reference, such loan agreement to be as further approved by the bond ordinance and related proceedings for the Bonds. The Board further agrees that the loan funds awarded shall be used solely for the purposes of the Project as approved by the IEPA in accordance with the terms and conditions of the loan agreement.
Section 8. Outstanding Bonds. The Village has outstanding bonds payable from the System Revenues that are senior to the loan authorized by this Ordinance, which will be evidenced by the Bonds. The Village will establish an account, coverage and reserves equivalent to the account, coverage and reserve as the senior lien holders as and to the extent required by the Program Regulations. The Village will comply with all other provisions of the Program Regulations with respect to the loan and the Bonds.
Section 9. Authorization of President to Execute Loan Agreement. The Village President is hereby authorized and directed to execute the Loan Agreement with the IEPA. The Board may authorize by resolution a person other than the Village President for the sole purpose of authorizing or executing any documents associated with payment requests or reimbursements from the IEPA in connection with this loan
Section 10. Severability. If any section, paragraph, clause or provision of this Ordinance shall be held invalid, the invalidity of such section, paragraph, clause or provision shall not affect any of the other provisions of this Ordinance.
Section 11. Repealer; Effective Date. All ordinances, resolutions or orders, or parts thereof, in conflict with the provisions of this Ordinance are to the extent of such conflict hereby repealed; and this Ordinance shall be effective immediately.
ADOPTED by the President and Board of Trustees on the 19th day of January, 2026.
AYES: Poyton, Bharadwaj, Marx, Spacone, Sugrue, Weider
NAYS: None
ABSENT: Riley
APPROVED on January 19, 2026
/s/ Thomas Poynton
President, Village of Lake Zurich,
Lake County, Illinois
RECORDED in the Village Records on January 19, 2026.
Attest:
/s/ Kathleen Johnson
Village Clerk, Village of Lake Zurich,
Lake County, Illinois
Published in Daily Herald Jan. 23, 2026 (319359), posted 01/23/2026
AND RIGHT TO FILE PETITIONS
Notice is hereby given that pursuant to an ordinance adopted on the 19th day of January, 2026 (the “Ordinanceâ€), by the President and Board of Trustees of the Village of Lake Zurich, Lake County, Illinois (the “Villageâ€), intends to issue its Waterworks and Sewerage Revenue Bonds in an aggregate principal amount not to exceed $10,000,000 (the “Bondsâ€) and bearing interest per annum at not to exceed the maximum rate authorized by law at the time of sale thereof, for the purpose of paying costs of improving the combined waterworks and sewerage system of the Village (the “Systemâ€), including, but not limited to, improving the Village’s existing water distribution system, as further described in the Ordinance. The Bonds would be payable solely from the revenues of the System. A complete copy of the Ordinance follows this notice.
Notice is hereby further given that a petition may be filed with the Village Clerk of the Village (the “Village Clerkâ€) within thirty (30) days after the date of publication of this notice, signed by 1,407 or more electors of the Village (the same being equal to 10% of the registered voters in the Village), asking that the question of improving the System and the issuance of the Bonds therefor, be submitted to the electors of the Village. If such petition is filed with the Village Clerk within thirty (30) days after the date of publication of the Ordinance and this notice, the question of the issuance of the Bonds shall be submitted to the electors of the Village on the 3rd day of November, 2026. The Circuit Court may declare that an emergency referendum should be held prior to said election date pursuant to the provisions of Section 2A 1.4 of the Election Code of the State of Illinois, as amended. If no such petition is filed with the Village Clerk within said 30-day period, the Bonds shall be authorized to be issued.
By order of the President and Board of Trustees of the Village of Lake Zurich, Lake County, Illinois.
Dated this 19th day of January, 2026.
Kathleen Johnson
Village Clerk, Village of Lake Zurich,
Lake County, Illinois
ORDINANCE NO. 2026-01-647
AN ORDINANCE authorizing the issuance of Waterworks and Sewerage Revenue Bonds of the Village of Lake Zurich, Lake County, Illinois, in an aggregate principal amount not to exceed $10,000,000, for improvements to the waterworks and sewerage system of the Village, including, but not limited to, improving the Village’s existing water distribution system.
* * *
WHEREAS, the Village of Lake Zurich, Lake County, Illinois (the “Villageâ€), operates its combined waterworks and sewerage system (the “Systemâ€) in accordance with the provisions of Division 139 of Article 11 of the Illinois Municipal Code, as supplemented and amended, and in particular as supplemented by the Local Government Debt Reform Act, as amended (collectively, the “Actâ€); and
WHEREAS, the President and Board of Trustees of the Village (the “Boardâ€) has determined that it is advisable, necessary and in the best interests of the public health, safety and welfare to improve the waterworks and sewerage system of the Village, including, but not limited to, improving the Village’s existing water distribution system, all in accordance with the preliminary plans and estimate of costs heretofore approved by the Board and now on file in the office of the Village Clerk, and to pay the engineering, legal, financial and administrative expense related thereto (collectively, the “Projectâ€); and
WHEREAS, the Project has an expected useful life of not less than 50 years; and
WHEREAS, the estimated cost of constructing and installing the Project, including engineering, legal, financial, bond discount, printing and publication costs, and other expenses, is not less than $10,000,000, and there are insufficient funds on hand and lawfully available to pay such costs; and
WHEREAS, it is necessary and for the best interests of the Village that the Project be undertaken and in order to finance the costs thereof it will be necessary for the Village to issue up to $10,000,000 bonds payable from the revenues of the System (the “System Revenuesâ€) as authorized by the Act (the “Bondsâ€); and
WHEREAS, the State of Illinois (the “Stateâ€), acting through the Illinois Environmental Protection Agency (the “IEPAâ€), has offered to make loans to the Village, to be evidenced by the Bonds, through the “Public Water Supply Loan Program†or the “Water Pollution Control Loan Program,†or from both of said programs, of the State (together, the “Programâ€), for the purpose of paying certain eligible costs of the Project; and it is necessary and advisable to authorize the acceptance of said loans and execution of appropriate loan documents at the appropriate time; and
WHEREAS, pursuant to and in accordance with the provisions of the Act, the Village is authorized to borrow funds from the Program and may issue the Bonds in evidence thereof for the purpose of providing funds to pay the costs of the Project; and
WHEREAS, the loan will bear an interest rate as defined by 35 Ill. Adm. Code 662 (the “Program Regulationsâ€) which does not exceed the maximum rate authorized by the Bond Authorization Act, as amended, at the time of the issuance of the loan; and
WHEREAS, the principal and interest due on the loan shall be payable semi-annually, and the loan shall mature within 30 years, which is within the period of useful life of the Project; and
WHEREAS, such loan or loans to the Village may be made pursuant to a loan agreement or agreements and bond ordinance or ordinances, with such terms and conditions as may be provided by the IEPA: and
WHEREAS, if funds from the Program are unavailable in a timely manner, the Village will pursue the issuance of the Bonds in the conventional public municipal markets:
NOW, THEREFORE, Be It Ordained by the President and Board of Trustees of the Village of Lake Zurich, Lake County, Illinois, as follows:
Section 1. Incorporation of Preambles. The Board hereby finds that all of the recitals contained in the preambles to this Ordinance are full, true and correct and does incorporate them into this Ordinance by this reference.
Section 2. Determination to Issue Bonds. It is necessary and in the best interests of the Village to undertake the Project for the public health, safety and welfare, in accordance with the preliminary plans and estimate of costs as hereinabove described, that the System continue to be operated in accordance with the provisions of the Act, and that for such purpose, there are hereby authorized to be issued and sold the Bonds in an aggregate principal amount (which can include construction period interest financed over the term of the loan) not to exceed $10,000,000.
Section 3. Publication. This Ordinance, together with a notice in the statutory form (the “Noticeâ€), shall be published once within ten (10) days after passage hereof by the Board in a newspaper of general circulation in the Village, and if no petition signed by a number of electors being at least equal to ten percent (10%) of the number of registered voters in the Village, asking that the question of improving the System and issuance of the Bonds therefor, as provided in this Ordinance, be submitted to the electors of the Village is filed with the Village Clerk within thirty (30) days after the date of the publication of this Ordinance and the Notice, then this Ordinance shall be in effect and the Village will be authorized to issue the Bonds. A form of petition to be provided by the Village Clerk to any person requesting one is attached hereto as Exhibit A. In the event that no such petition is filed, the Village Clerk shall provide a no referendum certificate to the IEPA in the form attached hereto as Exhibit B and made part hereof
Section 4. Additional Ordinances. If no petition meeting the requirements of applicable law is filed during the petition period hereinabove referred to, then the Board may adopt additional ordinances or proceedings supplementing or amending this Ordinance providing for the issuance and sale of the Bonds, prescribing all the details of the Bonds, so long as the maximum amount of the Bonds as set forth in this Ordinance is not exceeded and there is no material change in the Project or purposes described herein. Such additional ordinances or proceedings shall in all instances become effective in accordance with applicable law. This Ordinance, together with such additional ordinances or proceedings, shall constitute complete authority for the issuance of the Bonds under applicable law.
However, notwithstanding the above, the Village may not adopt additional ordinances or amendments which provide for any substantive or material change in the scope and intent of this Ordinance, including but not limited to interest rate, preference, or priority of any other ordinance with this Ordinance, parity of any other ordinance with this Ordinance, or otherwise alter or impair the obligation of the Village to pay the principal and interest due to the Program without the written consent of the IEPA.
Section 5. Loan Not Indebtedness of Village. Repayment of the loan(s), as may be evidenced by the Bonds, by the Village to the IEPA pursuant to this Ordinance is to be solely from the System Revenues derived from user charges for the System and such other lawful sources as described in the preambles hereto, and the loan(s) shall not constitute an indebtedness of the Village within the meaning of any constitutional or statutory limitation.
Section 6. Application for Loan. The President, Village Manager, Finance Director or Director of Public Works of the Village is hereby authorized to make application to the IEPA for a loan through the Program in accordance with the loan requirements of the Program Regulations.
Section 7. Acceptance of Loan Agreement. The Board hereby authorizes acceptance of the offer of the loan(s) through the Program, including all terms and conditions of the IEPA loan agreement(s) as well as all special conditions contained therein and made a part thereof by reference, such loan agreement to be as further approved by the bond ordinance and related proceedings for the Bonds. The Board further agrees that the loan funds awarded shall be used solely for the purposes of the Project as approved by the IEPA in accordance with the terms and conditions of the loan agreement.
Section 8. Outstanding Bonds. The Village has outstanding bonds payable from the System Revenues that are senior to the loan authorized by this Ordinance, which will be evidenced by the Bonds. The Village will establish an account, coverage and reserves equivalent to the account, coverage and reserve as the senior lien holders as and to the extent required by the Program Regulations. The Village will comply with all other provisions of the Program Regulations with respect to the loan and the Bonds.
Section 9. Authorization of President to Execute Loan Agreement. The Village President is hereby authorized and directed to execute the Loan Agreement with the IEPA. The Board may authorize by resolution a person other than the Village President for the sole purpose of authorizing or executing any documents associated with payment requests or reimbursements from the IEPA in connection with this loan
Section 10. Severability. If any section, paragraph, clause or provision of this Ordinance shall be held invalid, the invalidity of such section, paragraph, clause or provision shall not affect any of the other provisions of this Ordinance.
Section 11. Repealer; Effective Date. All ordinances, resolutions or orders, or parts thereof, in conflict with the provisions of this Ordinance are to the extent of such conflict hereby repealed; and this Ordinance shall be effective immediately.
ADOPTED by the President and Board of Trustees on the 19th day of January, 2026.
AYES: Poyton, Bharadwaj, Marx, Spacone, Sugrue, Weider
NAYS: None
ABSENT: Riley
APPROVED on January 19, 2026
/s/ Thomas Poynton
President, Village of Lake Zurich,
Lake County, Illinois
RECORDED in the Village Records on January 19, 2026.
Attest:
/s/ Kathleen Johnson
Village Clerk, Village of Lake Zurich,
Lake County, Illinois
Published in Daily Herald Jan. 23, 2026 (319359), posted 01/23/2026
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