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NOTICE OF CORRECTION
for
$13,000,000* THE COUNTY OF DEKALB, ILLINOIS
General Obligation Bonds (Alternate Revenue Source), Series 2020
Selling on: Thursday, August 20, 2020
Between 11:15 and 11:30 A.M., C.D.T (Open Speer Auction)
Referencing the Official Notice of Sale for the Preliminary Official Statement dated August 11, 2020
for the above referenced bond issue:
The correct call date for the Bonds in the OFFICIAL NOTICE OF SALE is:
December 15, 2030 Revised August 11, 2020
For additional information please contact Speer Financial, Inc., Suite 2630, 230 West Monroe, Chicago, Illinois 60606; telephone (312) 346-3700; FAX (312) 346-8833.
*Subject to change.
New Issue Investment Rating: Date of Sale: Thursday, August 20, 2020 Moody’s Investors Service … Aa1 Between 11:15 and 11:30 A.M., C.D.T (Open Speer Auction)
Official Statement
The delivery of the Bonds is subject to the opinion of Katten Muchin Rosenman LLP (“Bond Counsel”), to the effect that under existing law, interest on the Bonds is not includible in the gross income of the owners thereof for federal income tax purposes and that, assuming continuing compliance with the applicable requirements of the Internal Revenue Code of 1986, interest on the Bonds will continue to be excluded from the gross income of the owners thereof for federal income tax purposes. Interest on the Bonds is not an item of tax preference for purposes of computing alternative minimum taxable income. See “TAX EXEMPTION” herein. Interest on the Bonds is not exempt from present Illinois income taxes.
$13,000,000*
THE COUNTY OF DEKALB, ILLINOIS General Obligation Bonds (Alternate Revenue Source), Series 2020
Dated Date of Delivery Book-Entry Due Serially December 15, 2021-2050 The $13,000,000* General Obligation Bonds (Alternate Revenue Source), Series 2020 (the “Bonds”) are being issued by the County of DeKalb, Illinois (the “County”). Interest is payable semiannually on June 15 and December 15 of each year, commencing June 15, 2021. Interest is calculated based on a 360-day year of twelve 30-day months. The Bonds will be issued using a book-entry system. The Depository Trust Company, New York, New York (“DTC”), 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.
AMOUNTS*, MATURITIES, INTEREST RATES, YIELDS OR PRICES AND CUSIP NUMBERS Principal Due Interest Price or CUSIP Principal Due Interest Price or CUSIP Amount* Dec. 15 Rate Yield Number(1) Amount* Dec. 15 Rate Yield Number(1)
$125,000 ........... 2021 ______% ______% ___________ $440,000 ........... 2036 ______% ______% ___________ 250,000 ........... 2022 ______% ______% ___________ 450,000 ........... 2037 ______% ______% ___________ 260,000 ........... 2023 ______% ______% ___________ 465,000 ........... 2038 ______% ______% ___________ 275,000 ........... 2024 ______% ______% ___________ 480,000 ........... 2039 ______% ______% ___________ 285,000 ........... 2025 ______% ______% ___________ 495,000 ........... 2040 ______% ______% ___________ 300,000 ........... 2026 ______% ______% ___________ 505,000 ........... 2041 ______% ______% ___________ 315,000 ........... 2027 ______% ______% ___________ 520,000 ........... 2042 ______% ______% ___________ 330,000 ........... 2028 ______% ______% ___________ 540,000 ........... 2043 ______% ______% ___________ 350,000 ........... 2029 ______% ______% ___________ 555,000 ........... 2044 ______% ______% ___________ 365,000 ........... 2030 ______% ______% ___________ 570,000 ........... 2045 ______% ______% ___________ 375,000 ........... 2031 ______% ______% ___________ 590,000 ........... 2046 ______% ______% ___________ 390,000 ........... 2032 ______% ______% ___________ 605,000 ........... 2047 ______% ______% ___________ 400,000 ........... 2033 ______% ______% ___________ 625,000 ........... 2048 ______% ______% ___________ 410,000 ........... 2034 ______% ______% ___________ 645,000 ........... 2049 ______% ______% ___________ 425,000 ........... 2035 ______% ______% ___________ 660,000 ........... 2050 ______% ______% ___________
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
Bonds due December 15, 2021-2030, inclusive, are not subject to optional redemption. Bonds due December 15, 2031-2050, inclusive, are callable in whole or in part on any date on or after December 15, 2030, 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 County and within any maturity by lot. See “OPTIONAL REDEMPTION” herein.
PURPOSE, LEGALITY AND SECURITY
Bond proceeds will be used to finance improvements to the DeKalb County Rehab and Nursing Center (the “Nursing Center”) and to pay the costs of issuing the Bonds. See “THE PROJECT” herein.
In the opinion of Bond Counsel, The Bonds will constitute valid and legally binding general obligations of the County payable as to principal and interest from: (a) the net revenues derived from the operation of the DeKalb County Rehab and Nursing Center (the “Nursing Center”), and (b) ad valorem taxes levied against all taxable property within the County without limitation as to rate or amount. However, the enforceability of rights or remedies with respect to the Bonds may be limited by bankruptcy, insolvency or other laws affecting creditors’ rights and remedies heretofore or hereafter enacted. See “DESCRIPTION OF THE BONDS” herein.
The County does not intend to designate the Bonds as “qualified tax-exempt obligations” pursuant to the small issuer exception provided by Section 265(b)(3) of
the Internal Revenue Code of 1986, as amended. This Official Statement is dated August 11, 2020, 2020, and has been prepared under the authority of the County. An electronic copy of this Official Statement is
available from the www.speerfinancial.com web site under “Debt Auction Center/Competitive Official Statement Sales Calendar”. Additional copies may be obtained from Mr. Gary Hanson, County Administrator, The County of DeKalb, 200 North Main Street, Sycamore, Illinois 60178, or from the Municipal Advisor to the County:
*Subject to change. (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 Global Ratings. The County 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.
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 County 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 County.
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 County, shall constitute a “Final Official Statement” of the County 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. 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.
No dealer, broker, salesman or other person has been authorized by the County 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 County. Certain information contained in the Official Statement and the Final Official Statement may have been obtained from sources other than records of the County 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 COUNTY 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. Where full texts have not been included as appendices to the Official Statement or the Final Official Statement, they will be furnished on request. 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.
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TABLE OF CONTENTS
Page BOND ISSUE SUMMARY ...................................................................................................................................................................................................................................................................... 1 INTRODUCTION ..................................................................................................................................................................................................................................................................................... 2 AUTHORIZATION, PURPOSE AND GENERAL DESCRIPTION ...................................................................................................................................................................................................... 3 DESCRIPTION OF THE BONDS ............................................................................................................................................................................................................................................................ 3
Security: Alternate Revenue Sources and Tax Levy ......................................................................................................................................................................................................................... 3 Highlights of Alternate Bonds ............................................................................................................................................................................................................................................................ 4 Abatement of Pledged Taxes .............................................................................................................................................................................................................................................................. 5 Bond Fund........................................................................................................................................................................................................................................................................................... 5 Additional Bonds ................................................................................................................................................................................................................................................................................ 5 Treatment of Bonds as Debt ............................................................................................................................................................................................................................................................... 5 Debt Service Coverage ....................................................................................................................................................................................................................................................................... 6
SOURCES AND USES ............................................................................................................................................................................................................................................................................. 7 OPTIONAL REDEMPTION..................................................................................................................................................................................................................................................................... 7 RISK FACTORS ....................................................................................................................................................................................................................................................................................... 7
Payment of the Bonds from the Pledged Revenues............................................................................................................................................................................................................................ 7 Construction Risks .............................................................................................................................................................................................................................................................................. 8 Finances of the State of Illinois .......................................................................................................................................................................................................................................................... 8 Potential Impact of the Novel Corona Virus 2019 ............................................................................................................................................................................................................................. 9 Cybersecurity .................................................................................................................................................................................................................................................................................... 10 Local Economy ................................................................................................................................................................................................................................................................................. 10 Declining Equalized Assessed Valuations ....................................................................................................................................................................................................................................... 10 Loss or Change of Bond Rating ....................................................................................................................................................................................................................................................... 10 Secondary Market for the Bonds ...................................................................................................................................................................................................................................................... 10 Continuing Disclosure ...................................................................................................................................................................................................................................................................... 11 Suitability of Investment................................................................................................................................................................................................................................................................... 11 Future Changes in Laws ................................................................................................................................................................................................................................................................... 11 Factors Relating to Tax Exemption .................................................................................................................................................................................................................................................. 11 Bankruptcy ........................................................................................................................................................................................................................................................................................ 12 Global Health Emergency Risk ........................................................................................................................................................................................................................................................ 12
THE COUNTY ........................................................................................................................................................................................................................................................................................12 General Information .......................................................................................................................................................................................................................................................................... 12 Government ...................................................................................................................................................................................................................................................................................... 12 Employee Relations .......................................................................................................................................................................................................................................................................... 13
THE NURSING CENTER ......................................................................................................................................................................................................................................................................13 SOCIOECONOMIC INFORMATION ...................................................................................................................................................................................................................................................13
Housing ............................................................................................................................................................................................................................................................................................. 15 Income .............................................................................................................................................................................................................................................................................................. 16 Retail Activity ................................................................................................................................................................................................................................................................................... 16
THE PROJECT ........................................................................................................................................................................................................................................................................................17 DEFAULT RECORD ..............................................................................................................................................................................................................................................................................17 SHORT-TERM BORROWING ..............................................................................................................................................................................................................................................................17 DEBT INFORMATION ..........................................................................................................................................................................................................................................................................18 PROPERTY ASSESSMENT AND TAX INFORMATION ..................................................................................................................................................................................................................20 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 Financial Reports .............................................................................................................................................................................................................................................................................. 25 No Consent or Updated Information Requested of the Auditor ....................................................................................................................................................................................................... 25 Summary Financial Information ....................................................................................................................................................................................................................................................... 26
EMPLOYEE RETIREMENT AND OTHER POSTEMPLOYMENT BENEFITS OBLIGATIONS ...................................................................................................................................................28 REGISTRATION, TRANSFER AND EXCHANGE .............................................................................................................................................................................................................................29
Registration ....................................................................................................................................................................................................................................................................................... 29 Transfers and Exchanges .................................................................................................................................................................................................................................................................. 29
TAX EXEMPTION .................................................................................................................................................................................................................................................................................29 Summary of Bond Counsel Opinion ................................................................................................................................................................................................................................................ 29 Bonds Purchased at a Premium or a Discount .................................................................................................................................................................................................................................. 30 Exclusion From Gross Income Requirements .................................................................................................................................................................................................................................. 30 Risks of Non-Compliance ................................................................................................................................................................................................................................................................ 31 Federal Income Tax Consequences .................................................................................................................................................................................................................................................. 31
CONTINUING DISCLOSURE ..............................................................................................................................................................................................................................................................31 Late Filing of Annual Reports and Corrective Action ..................................................................................................................................................................................................................... 33
LITIGATION ...........................................................................................................................................................................................................................................................................................33 LEGAL MATTERS .................................................................................................................................................................................................................................................................................33 OFFICIAL STATEMENT AUTHORIZATION ....................................................................................................................................................................................................................................33 INVESTMENT RATING ........................................................................................................................................................................................................................................................................34 DEFEASANCE AND PAYMENT OF BONDS ....................................................................................................................................................................................................................................34 UNDERWRITING ..................................................................................................................................................................................................................................................................................35 MUNICIPAL ADVISOR ........................................................................................................................................................................................................................................................................35 CERTIFICATION ...................................................................................................................................................................................................................................................................................35 APPENDIX A - FISCAL YEAR 2019 AUDITED FINANCIAL STATEMENTS APPENDIX B - DESCRIBING BOOK-ENTRY-ONLY ISSUANCE APPENDIX C - PROPOSED FORM OF OPINION OF BOND COUNSEL APPENDIX D - EXCERPTS OF FISCAL YEAR 2019 AUDITED FINANCIAL STATEMENTS RELATING TO THE COUNTY’S PENSION PLANS APPENDIX E – FEASIBILITY REPORT APPENDIX F – FORM OF CONTINUING DISCLOSURE UNDERTAKING OFFICIAL BID FORM OFFICIAL NOTICE OF SALE
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The County of DeKalb, Illinois $13,000,000* General Obligation Bonds (Alternate Revenue Source), Series 2020 *Subject to change.
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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 is provided for the convenience of potential investors and which should be reviewed in its entirety by potential investors.
Issuer: The County of DeKalb, Illinois (the “County”). Issue: $13,000,000* General Obligation Bonds (Alternate Revenue Source), Series 2020 (the “Bonds”). Dated Date: Date of delivery, expected to be on or about September 9, 2020. Interest Due: Each June 15 and December 15, commencing June 15, 2021. Principal Due: Serially each December 15, commencing December 15, 2021 through 2050, as detailed on the
front page of this Official Statement. Optional Redemption: Bonds due December 15, 2021-2030, inclusive, are not subject to optional redemption. Bonds
due December 15, 2031-2050, inclusive, are callable in whole or in part on any date on or after December 15, 2030, at a price of par and accrued interest. See “OPTIONAL REDEMPTION” herein.
Authorization: The Bonds are authorized by the Counties Code of the State of Illinois, as supplemented and
amended, and in particular as supplemented by the Local Government Debt Reform Act of the State of Illinois, as amended (the “Debt Reform Act”).
Security: The Bonds will constitute valid and legally binding general obligations of the County payable as
to principal and interest from: (a) the net revenues derived from the operation of the DeKalb County Rehab and Nursing Center (the “Nursing Center”), and (b) ad valorem taxes levied against all taxable property within the County without limitation as to rate or amount. However, the enforceability of rights or remedies with respect to the Bonds may be limited by bankruptcy, insolvency or other laws affecting creditors’ rights and remedies heretofore or hereafter enacted. See “DESCRIPTION OF THE BONDS” herein.
Credit Rating: The Bonds have received a rating of “Aa1” from Moody’s Investors Service, New York, New
York. Purpose: The Bonds are being issued to finance improvements to the Nursing Center. See “THE
PROJECT” herein. Tax Exemption: Katten Muchin Rosenman LLP, Chicago, Illinois, will provide an opinion as to the tax
exemption of 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
Bank Qualification: The Bonds are not “qualified tax-exempt obligations” under Section 265(b)(3) of the Internal
Revenue Code of 1986, as amended. Bond Registrar/Paying Agent: Zions Bancorporation, National Association, Chicago, Illinois. Delivery: The Bonds are expected to be delivered on or about September 9, 2020. Book-Entry Form: The Bonds will be registered in the name of Cede & Co., as nominee for The Depository Trust
Company, New York, New York (“DTC”). DTC will act as securities depository of the Bonds. See APPENDIX B herein.
Denomination: $5,000 or integral multiples thereof. Municipal Advisor: Speer Financial, Inc., Chicago, Illinois. *Subject to change.
The County of DeKalb, Illinois $13,000,000* General Obligation Bonds (Alternate Revenue Source), Series 2020 *Subject to change.
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THE COUNTY OF DEKALB, ILLINOIS
County Board Members
Mark Pietrowski Jr. Chairman
John Frieders Vice Chairman
Tim Bagby Kiara Jones Chris Porterfield
Scott Campbell Tracy Jones Craig Roman Rukisha Crawford Dianne Leifheit Linda Slabon
Karen Cribben Maureen Little Paul Stoddard Laurie Emmer Jim Luebke Larry M. West Steve Faivre Terri Mann-Lamb Jeff Whelan Tim Hughes Jerry Osland Suzanne Willis
Roy Plote ___________________________________
Officials
Maureen A. Josh Clerk of the Circuit Court
Dennis J. Miller Coroner
Douglas J. Johnson County Clerk/Recorder
Gary H. Hanson County Administrator
Peter J. Stefan Finance Director
Rick Amato State's Attorney
Roger A. Scott Sheriff
Christine J. Johnson Treasurer/Collector
Amanda Christensen Regional Office of Education
Superintendent ___________________________________
Sikich LLP Auditor
Katten Muchin Rosenman LLP Bond Counsel
Speer Financial, Inc. Municipal Advisor
Stanley P. Stone & Associates, Inc.
Feasibility Consultant
INTRODUCTION The purpose of this Official Statement is to set forth certain information concerning The County of DeKalb,
Illinois (the “County”), in connection with the offering and sale of its General Obligation Bonds (Alternate Revenue Source), Series 2020 (the “Bonds”).
The County of DeKalb, Illinois $13,000,000* General Obligation Bonds (Alternate Revenue Source), Series 2020 *Subject to change.
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This Official Statement contains “forward-looking statements” that are based upon the County’s current
expectations and its projections about future events. When used in this Official Statement, the words “project,” “estimate,” “intend,” “expect,” “scheduled,” “pro-forma” and similar words identify forward-looking statements. Forward-looking statements are subject to known and unknown risks, uncertainties and factors that are outside of the control of the County. Actual results could differ materially from those contemplated by the forward-looking statements. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof. Neither the County nor any other party plans to issue any updates or revisions to these forward-looking statements based on future events.
AUTHORIZATION, PURPOSE AND GENERAL DESCRIPTION
The Bonds are being issued pursuant to the Counties Code 55 Illinois Compiled Statutes 5, and the Local Government Debt Reform Act 30 Illinois Compiled Statutes 350 (the “Debt Reform Act”) and an ordinance adopted by the County Board of the County on June 20, 2018, as supplemented by an ordinance adopted by the County Board on the 17th day of June, 2020 (the “Bond Ordinance”).
Proceeds of the Bonds will be used to finance improvements to the DeKalb County Rehab and Nursing Center
(the “Nursing Center”) and pay costs associated with the issuance of the Bonds. See “THE PROJECT” herein. The Bonds will be dated the date of issuance thereof, will be in fully registered form, without coupons, and will
be in denominations of $5,000 or any integral multiple thereof under a book-entry only system operated by The Depository Trust Company, New York, New York (“DTC”). Principal of and interest on the Bonds will be payable by Zions Bancorporation, National Association, Chicago, Illinois (the “Registrar”).
The Bonds will mature as shown on the cover page hereof. Interest on the Bonds will be payable each June 15
and December 15, beginning June 15, 2021. The Bonds will bear interest from their dated date, or from the most recent interest payment date to which interest has been paid or provided for, computed on the basis of a 360-day year consisting of twelve 30-day months. The principal of the Bonds will be payable in lawful money of the United States of America upon presentation and surrender thereof at the principal corporate trust office of the Registrar. Interest on each Bond will be paid by check or draft of the Registrar payable upon presentation 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 first day of the calendar month of the applicable interest payment date.
DESCRIPTION OF THE BONDS Security: Alternate Revenue Sources and Tax Levy
The Bonds are payable both as to principal and interest from: (a) the net revenues derived from the operation of the Nursing Center (the “Pledged Revenues”) and (b) ad valorem taxes levied against all of the taxable property in the County without limitation as to rate or amount (the “Pledged Taxes”). Pursuant to the Debt Reform Act the County will pledge such monies to the payment of Bonds and shall covenant to provide for and apply such Pledged Revenues to the payment of Bonds and the provision of not less than an additional 0.25 times debt service, which pledge and covenant shall constitute a continuing obligation of the County and continuing appropriation of the amounts received. For the prompt payment of the Bonds, the full faith and credit of the County are irrevocably pledged.
The County of DeKalb, Illinois $13,000,000* General Obligation Bonds (Alternate Revenue Source), Series 2020 *Subject to change.
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The Bond Ordinance provides for the levy of ad valorem taxes, unlimited as to rate or amount, upon all taxable property within the County in amounts sufficient to pay, as and when due, all principal of and interest on the Bonds. Such Bond Ordinance will be filed with the County Clerk of DeKalb, 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 to pay the Bonds.
The Pledged Revenues are pledged to the payment of the Bonds and the Board covenants and agrees to provide for, collect and apply the Pledged Revenues to the payment of the Bonds and the provision of not less than an additional 0.25 times the annual debt service on the Bonds. The County is required to apply the Pledged Revenues in an amount sufficient to provide for the timely payment of the principal of and interest on the Bonds as the same shall become due and payable.
See APPENDIX C for the proposed form of opinion of Bond Counsel.
Highlights of Alternate Bonds
Section 15 of the Debt Reform Act provides that whenever there exists for a governmental unit (such as the County) a revenue source, the County may issue its general obligation bonds payable from any revenue source, and such general obligation bonds may be referred to as "alternate bonds." Such bonds are general obligation debt payable from the pledged revenues with the general obligation of the County as back-up security. The Debt Reform Act prescribes several conditions that must be met before alternate bonds payable from a revenue source may be issued.
First, alternate bonds must be issued for a lawful corporate purpose. If issued payable from a revenue source, which revenue source is limited in its purposes or applications, then the alternate bonds can only be issued for such limited purposes or applications. Second, the question of issuance must be submitted to referendum if, within the time provided by law following publication of an authorizing resolution and notice of intent to issue alternate bonds, a petition signed by the requisite number of registered voters in the governmental unit is filed.
Third, an issuer must demonstrate that the pledged revenues are sufficient in each year to provide an amount not less than 1.25 times debt service on the alternate bonds payable from such revenue source previously issued and outstanding and the alternate bonds proposed to be issued. The sufficiency of the revenue source must be supported by the most recent audit of the governmental unit. The audit must be for a fiscal year ending not earlier than 18 months prior to the issuance of the alternate bonds. If the audit does not adequately show such revenue source or if such source of revenue is shown to be insufficient, then the determination of sufficiency must be supported by the report of an independent accountant or feasibility analyst, the latter having a national reputation for expertise in such matters. Such report must demonstrate the sufficiency of the revenue and explain how the revenues will be greater than those shown in the audit. Whenever such sufficiency is demonstrated by reference to a schedule of higher rates or charges for enterprise revenues or a higher tax imposition for a revenue source, such higher rates, charges or taxes must be imposed by an ordinance to be adopted prior to the delivery of the alternate bonds.
The County of DeKalb, Illinois $13,000,000* General Obligation Bonds (Alternate Revenue Source), Series 2020 *Subject to change.
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Fourth, the revenue source must be pledged to the payment of the alternate bonds.
Last, the governmental unit must covenant to provide for, collect and apply the revenue source to the payment of the alternate bonds and to provide for an amount equal to not less than an additional 0.25 times debt service.
The County will comply with all of the aforementioned conditions prior to the issuance of the Bonds, including demonstrating that the Pledged Revenues are sufficient in each year to make debt service payments on the Bonds by reference to the Stanley P. Stone & Associates, Inc. Report. See “Treatment of Bonds as Debt” under “DESCRIPTION OF THE BONDS” herein. Abatement of Pledged Taxes Whenever Pledged Revenues or other lawfully available funds are available and on deposit in the Bond Fund to pay any principal of or interest on the Bonds when due so as to enable the abatement of the Pledged Taxes levied to pay such principal and interest, the County shall direct the abatement of such Pledged Taxes by the amount available and on deposit in the Bond Fund established and maintained under the Bond Ordinance, and proper notification of such abatement will be filed with the County Clerk in a timely manner to effect such abatement. There are no Pledged Taxes for levy year 2019. Bond Fund The County will deposit the appropriate Pledged Revenues and the Pledged Taxes into the Bond Fund, which is a trust fund established for the purpose of carrying out the covenants, terms and conditions imposed upon the County by the Bond Ordinance. The Bonds are secured by a pledge of all of the monies on deposit in the Bond Fund, and such pledge is irrevocable until the Bonds have been paid in full or until the obligations of the County are discharged under the Bond Ordinance. Additional Bonds
The County is authorized to issue from time to time additional bonds payable from the Pledged Revenues as permitted by law and such additional bonds may share ratably and equally in the Pledged Revenues with the Bonds; provided, however, that no such additional bonds shall be issued except in accordance with the provisions of the Debt Reform Act. Treatment of Bonds as Debt
The Bonds will be payable from the Pledged Revenues and will not constitute an indebtedness of the County within the meaning of any constitutional or statutory limitation, unless the Pledged Taxes will have been extended pursuant to the general obligation, full faith and credit promise supporting the Bonds, in which case the amount of the outstanding Bonds will be included in the computation of indebtedness of the County for purposes of all statutory provisions or limitations until such time as an audit of the County shows that the Bonds have been paid from the Pledged Revenues for a complete fiscal year, in accordance with the Debt Reform Act.
The County of DeKalb, Illinois $13,000,000* General Obligation Bonds (Alternate Revenue Source), Series 2020 *Subject to change.
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Debt Service Coverage
The following projected debt service coverage table was prepared by the County's management with the assistance of Stanley P. Stone & Associates, Inc., New York, New York, and reflects the best currently available information estimates and judgments, and presents, to the best of management's knowledge and belief, the expected course of action and the expected future financial performance of the Nursing Center. Accordingly, these projections are not fact and should not be relied on as being necessarily indicative of future results, and readers of this Official Statement are cautioned not to place undue reliance on the projected operations of the Nursing Center which are contained herein. See APPENDIX E – "FEASIBILITY REPORT."
Debt Service Coverage Table Estimated Debt Service Calendar Pledged Year Revenues(1) The Bonds(2) Coverage(2)
2021 ............... $1,240,532 $ 682,080 1.82X 2022 ............... 1,317,486 683,550 1.93X 2023 ............... 1,132,278 681,050 1.66X 2024 ............... 1,103,308 683,050 1.62X 2025 ............... 1,011,099 679,300 1.49X 2026 ............... 1,011,099 680,050 1.49X 2027 ............... 1,011,099 680,050 1.49X 2028 ............... 1,011,099 679,300 1.49X 2029 ............... 1,011,099 682,800 1.48X 2030 ............... 1,011,099 680,300 1.49X 2031 ............... 1,011,099 679,350 1.49X 2032 ............... 1,011,099 683,100 1.48X 2033 ............... 1,011,099 681,400 1.48X 2034 ............... 1,011,099 679,400 1.49X 2035 ............... 1,011,099 682,100 1.48X 2036 ............... 1,011,099 684,350 1.48X 2037 ............... 1,011,099 681,150 1.48X 2038 ............... 1,011,099 682,650 1.48X 2039 ............... 1,011,099 683,700 1.48X 2040 ............... 1,011,099 684,300 1.48X 2041 ............... 1,011,099 679,450 1.49X 2042 ............... 1,011,099 679,300 1.49X 2043 ............... 1,011,099 683,700 1.48X 2044 ............... 1,011,099 682,500 1.48X 2045 ............... 1,011,099 680,850 1.49X 2046 ............... 1,011,099 683,750 1.48X 2047 ............... 1,011,099 681,050 1.48X 2048 ............... 1,011,099 682,900 1.48X 2049 ............... 1,011,099 684,150 1.48X 2050 ............... 1,011,099 679,800 1.49X Total ..................................... $20,450,480
Notes: (1) Estimated Pledged Revenues have been provided
by County's Feasibility Consultant. (2) Preliminary and subject to change.
The County of DeKalb, Illinois $13,000,000* General Obligation Bonds (Alternate Revenue Source), Series 2020 *Subject to change.
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SOURCES AND USES The sources and uses of funds resulting from the Bonds are shown below: SOURCES: Principal Amount ....................................................................... __________ [Net]Original Issue Premium [Discount] .................................... __________ Total Sources ......................................................................... __________ USES: Deposit to Project Fund ............................................................. __________ Costs of Issuance(1) ................................................................. __________ Total Uses .............................................................................. __________ Note: (1) Includes underwriter’s discount and other issuance costs.
OPTIONAL REDEMPTION
Bonds due December 15, 2021-2030, inclusive, are not subject to optional redemption. Bonds due December 15, 2031-2050, inclusive, are callable in whole or in part on any date on or after December 15, 2030, 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 County and within any maturity by lot.
The Bond Registrar shall not be required to transfer or exchange any Bond after notice of the redemption of all
or a portion thereof has been mailed. The bond registrar shall not be required to transfer or exchange any Bond during a period of 15 days next preceding the mailing of a notice of redemption that could designate for redemption all or a portion of such Bond.
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. Payment of the Bonds from the Pledged Revenues
The ability of the County to pay the Bonds from the Pledged Revenues may be limited by circumstances beyond the control of the County. There is no guarantee that the Pledged Revenues will continue to be available at current levels.
To the extent that Pledged Revenues are insufficient to pay the Bonds, the Bonds are to be paid from the Pledged Taxes. If the Pledged Taxes are ever extended for the payment of the Bonds, the amount of the Bonds then outstanding will be included in the computation of indebtedness of the County for purposes of all statutory provisions or limitations until such time as an audit of the County shows that the Bonds have been paid from the Pledged Revenues for a complete fiscal year. See “Treatment of Bonds as Debt” under “DESCRIPTION OF THE BONDS” herein.
The County of DeKalb, Illinois $13,000,000* General Obligation Bonds (Alternate Revenue Source), Series 2020 *Subject to change.
8
Construction Risks There are potential risks that could affect the ability of the County to timely complete the Project. While preliminary costs have been projected by the County’s consulting architects, not all of the construction contracts have been let by the County. No assurance can be given that the cost of completing the Project will not exceed available funds. Completion of the Project involves many risks common to large construction projects such as shortages or delays in the availability of materials and labor, work stoppages, labor disputes, contractual disputes with contractors or suppliers, weather interferences, construction accidents, delays in obtaining legal approvals, unforeseen engineering, archeological or environmental problems and unanticipated cost increases, any of which could give rise to significant delays or cost overruns. Finances of the State of Illinois 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’s long-term general obligation bonds carry the lowest ratings among the states, such long-term ratings are at the lowest investment grade of rating level.
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. On May 24, 2020, the General Assembly passed a budget (the “Fiscal Year 2021 Budget”) for the fiscal year ending June 30, 2021.
Under current law, the State shares a portion of sales tax, income tax and motor fuel tax revenue with municipalities, including the County. 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 County. 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 County, 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 local-imposed sales taxes. However, the County has no local imposed sales taxes. Such fee was 2% 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. The local share of income tax revenue was restored with the passage of the State Fiscal Year 2021 budget. The County 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 County. The County 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, nor can the County predict the effect the State’s financial problems, including those caused by the continued spread of the Novel Corona Virus 2019 (“COVID-19”) or the various governmental or private actions in reaction thereto, may have on the County’s future finances. In response to the COVID-19 pandemic, the rating agencies have lowered their respective rating outlooks to negative from stable. See “Potential Impact of the Novel Corona Virus 2019” below.
The County of DeKalb, Illinois $13,000,000* General Obligation Bonds (Alternate Revenue Source), Series 2020 *Subject to change.
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Potential Impact of the Novel Corona Virus 2019 The COVID-19 pandemic, along with various governmental measures taken to protect public health in light of the pandemic, has had an adverse impact on global financial markets and economies, including financial markets and economic conditions in the United States. The impact of the COVID-19 pandemic on the U.S. economy is expected to be broad based and to negatively impact national, state and local economies. In response to such expectations, President Trump has declared a “national emergency” and Illinois as a disaster area, which, among other effects, allows the executive branch to disburse disaster relief funds to address the COVID-19 pandemic and related economic dislocation. On March 27, 2020, President Trump signed the Coronavirus Aid, Relief and Economic Security Act (the “CARES Act”), which is directed at mitigating the economic downturn and health care crisis caused by COVID-19. The CARES Act allocates approximately $4.9 billion to the State for expenditures incurred due to the public health emergency with respect to COVID-19, split between the State ($2.7 billion) and local governments (the City of Chicago and Illinois counties with populations that exceed 500,000) ($2.2 billion). Because of the number of residents in the County, the County is ineligible to directly receive any of these CARES Act moneys. Governor Pritzker has declared all counties in the State as disaster areas because of the spread of COVID-19. The Governor has also signed various executive orders to prevent the further spread of COVID-19 that have (i) required all Illinoisans (with certain exceptions) to stay in their homes; (ii) closed all bars and restaurants to dine-in customers; (iii) ceased operations for all non-essential businesses in the State and; (iv) prohibited all public and private gatherings of 10 people or more. Such restrictions extended through May 30, 2020. All public and private schools serving pre-kindergarten through 12th grade students have been closed for on-site learning through the present 2019-2020 school year, with remote learning having been mandated by the Illinois State Board of Education for school days since March 31, 2020. Additionally, the State delayed the due dates of certain of its tax payments (including income and sales taxes) in response to the COVID-19 pandemic. Despite moneys the State is expected to receive from the federal government, including from the CARES Act, the spread of COVID-19 and the actions taken in response thereto have had, and are expected to continue to have, a significant negative impact on the State’s economy, which could affect the revenues received by the County from the State. The State is not yet able to assess the severity of the economic impact of the COVID-19 pandemic. The State’s initial estimates project revenues for the remainder of fiscal year 2020 to be approximately $2.7 billion less than previously projected, and fiscal year 2021 revenues to be approximately $4.6 billion less than previously projected. In addition, the State expects to issue a short-term borrowing of approximately $1.2 billion, which will provide additional revenues in fiscal year 2020, but must be repaid out of the State’s general revenues during fiscal year 2021. The State is expected to continue to develop economic forecasts and revenue estimates as circumstances change and additional information becomes available. It is possible that actual results will vary, and perhaps vary widely, from the amounts described in this paragraph. The adverse impact on the State’s finances may, in turn, adversely affect the County’s finances due to delays or reductions in the amount received by the County from the State. Likewise, the County’s finances may be adversely affected in manners separate and apart from the impact on the State. The County, however, cannot predict the effect the spread of COVID-19 or the various governmental or private actions in reaction thereto will have on its finances or operations, including receipt of sales, income, gaming and real estate tax collections. If there is a negative impact on the receipt of such taxes and/or extension and collection of real estate taxes, the County may have difficulty paying debt service on the Bonds.
The County of DeKalb, Illinois $13,000,000* General Obligation Bonds (Alternate Revenue Source), Series 2020 *Subject to change.
10
Cybersecurity Computer networks and data transmission and collection are vital to the efficient operation of the County. Despite the implementation of network security measures by the County, 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 County 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 County’s operations and financial health. Further, as cybersecurity threats continue to evolve, the County 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. Local Economy The financial health of the County 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 County. Declining Equalized Assessed Valuations The amount of property taxes extended for the County is determined by applying the various operating tax rates and the bond and interest tax rate levied by the County to the County’s Equalized Assessed Valuation (“EAV”). The County’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 County. Declining EAVs and increasing tax rates (certain of which may reach their rate ceilings) could reduce the amount of taxes the County is able to receive. Loss or Change of Bond Rating The Bonds have received a credit rating from Moody’s Investors Service, New York, New York. The rating can be changed or withdrawn at any time for reasons both under and outside the County’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 hereinafter-defined 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.
The County of DeKalb, Illinois $13,000,000* General Obligation Bonds (Alternate Revenue Source), Series 2020 *Subject to change.
11
Continuing Disclosure
A failure by the County to comply with the Undertaking for continuing disclosure (see “CONTINUING DISCLOSURE” and “THE 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.
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. Furthermore, the tax exempt feature of the Bonds is currently more valuable to high tax bracket investors than to investors that are in low tax brackets. As such, the value of the interest compensation to any particular investor will vary with individual tax rates and circumstances. 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 County and to the Bonds. The County 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 County, or the taxing authority of the County. 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 condition of the County, the taxable value of property within the County, and the ability of the County 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 County 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 County’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 County.
The tax exempt 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 County 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 County could adversely affect the market value and liquidity of the Bonds, regardless of the ultimate outcome.
The County of DeKalb, Illinois $13,000,000* General Obligation Bonds (Alternate Revenue Source), Series 2020 *Subject to change.
12
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. Global Health Emergency Risk The World Health Organization has declared a pandemic following the outbreak of COVID-19, a respiratory disease caused by a new strain of coronavirus. On March 13, 2020, President Donald Trump declared a national emergency to unlock federal funds to help states and local governments fight the pandemic. On March 20, 2020, Illinois Governor JB Pritzker declared a state of emergency, directing State agencies to use all resources necessary to prepare for and respond to the outbreak. The current spread of COVID-19 is altering the behavior of businesses and people in a manner that may have negative effects on economic activity, and therefore adversely affect the financial condition of the County, either directly or indirectly.
THE COUNTY General Information
The County is located in north-central Illinois approximately 60 miles west of downtown Chicago, Illinois. The County is bounded by Kane and Kendall County to the east, Boone County and McHenry County to the north, Ogle and Lee Counties to the west and LaSalle County on the south. There are fourteen incorporated municipalities within the County's 634 square miles.
1-88 (East-West Tollway between Chicago and the Quad-Cities) runs through the center of the County. In addition 1-90 (Northwest Tollway) is just north of the County, 1-80 is just south of the County, and 1-39 is just west of the County. O'Hare International Airport is approximately one hour's driving time to the east and general aviation services are provided by DeKalb Taylor Municipal Airport in DeKalb.
Government
The County operates under the township form of county government. The governing body is the County Board. As the legislative element, the County Board is responsible for adopting all ordinances for the governance of the County, which laws are contained in the DeKalb County Code, establishing budgets for several funds as well as levying taxes, promulgating policies, rules and regulations for the management of County operations.
The County is divided into twelve (12) Districts based on population. Members are elected for four-year terms. One member is elected in each District every two years. However, all twenty-four (24) members are elected at the November General Election in the second year following a decennial census. The County Board has eight (8) standing committees, which meet regularly once each month. Each member serves on two (2) committees. Committee appointments are made by the Chairman, with the concurrence of the County Board. The County Board meets on the third Wednesday of each month. Other meetings may be held when called by the Chairman or requested by at least one-third (1/3) of the members.
The County of DeKalb, Illinois $13,000,000* General Obligation Bonds (Alternate Revenue Source), Series 2020 *Subject to change.
13
Members serve concurrently as Commissioners of the DeKalb County Forest Preserve District. The Commissioners' meeting is held immediately following the County Board meeting on the third Wednesday of each month. Officers include a President and a Vice-President, elected in the same manner as officers of the County Board. These officers are the same persons as the officers of the County Board. The President appoints a number of commissioners to serve as a standing committee. This committee meets regularly each month.
The Chief Administrative Officer, under the supervision of the County Board Chairperson, directs the day-to-day operation of County facilities, programs and personnel and provides staff support to the County Board in policy-making. This position was established by enactment of the County Board on July 17, 1974. While the Board's primary function is to establish the various budgets of the County funds and to levy taxes for County purposes, it also adopts all ordinances and rules pertaining to the management and business of the County departments. Employee Relations
The County has approximately 550 full-time equivalent employees (“FTEs”) of which approximately 346 FTEs are unionized (63% of the workforce). The County has collective bargaining agreements with the following bargaining units: AFSCME — Nursing Home (131 FTEs, 5-year contract expires December 31, 2020); AFSCME – Sycamore and Highway Campuses (52 FTEs, 5-year contract expires December 31, 2020); AFSCME – Public Health (30 FTEs, 5-year contract expires December 31, 2020); Metropolitan Alliance of Police — Court Services (21 FTEs, 4-year contract expires November 30, 2021); Metropolitan Alliance of Police - Sheriff (98 FTEs, 4-year contract expires December 31, 2022); and International Union of Operating Engineers – Highway (14 FTEs, 5-year contract expires December 31, 2024).
THE NURSING CENTER
The Nursing Center, located at 2600 North Annie Glidden Road in the City of DeKalb, is owned and operated by the County. The Nursing Center has been in existence since 1853 and is the oldest and largest health care provider in the County. The Nursing Center is a 190-bed facility that specializes in both short-term and long-term nursing and rehabilitation services, and is licensed by the State of Illinois Department of Public Health and is certified to participate in Medicare and Medicaid programs. The Nursing Center has a secured Dementia Care Unit that specializes in the care of those with a diagnoses of Alzheimer’s disease and related Dementia. The Project will increase the number of beds to 208.
SOCIOECONOMIC INFORMATION
The following statistics pertain to the County with additional comparisons to the State of Illinois.
Population(1) % Change 1980 1990 2000 2010 2000-2010
The County ............................. 74,624 77,932 88,969 105,160 18.20% The State ................................ 11,427,414 11,430,602 12,419,293 12,830,632 3.31%
Note: (1) Source: U.S. Department of Commerce, Bureau of the Census.
The County of DeKalb, Illinois $13,000,000* General Obligation Bonds (Alternate Revenue Source), Series 2020 *Subject to change.
14
Major Area Employers(1) Location Name Product/Service Employment DeKalb ................... Northern Illinois University ...................................................... Higher Education ................................................................. 3,303 DeKalb ................... Kishwaukee Community Hospital ........................................... Hospital ................................................................................ 1,200 Malta ...................... Kishwaukee College ............................................................... Higher Education ................................................................. 450 Sycamore ............... Adient Sycamore .................................................................... Automotive Parts ................................................................. 355 Sycamore ............... Ideal Industries, Inc. ................................................................ Electrical Connectors........................................................... 350 DeKalb ................... SK Express, Inc. ..................................................................... Electrical Components......................................................... 295 DeKalb ................... Sonoco Alloyed ....................................................................... Thermoformed and Printed Package Design ...................... 250 DeKalb ................... 3m Co. .................................................................................... Office Supplies .................................................................... 250 DeKalb ................... Nestle USA, Inc. ..................................................................... Warehouse .......................................................................... 250 DeKalb ................... CoWorx Staffing Services, LLC .............................................. Temporary Staffing Services ............................................... 230 Sycamore ............... Kindred Hospital ..................................................................... Hospital ................................................................................ 200 Sandwich ................ Henderson Engineering Co., Inc. ............................................ Blowers and Fans ................................................................ 200 Sycamore ............... The Suter Co, Inc. ................................................................... Prepared Foods ................................................................... 200 Sandwich ................ Plano Molding Co. .................................................................. Plastic Injection Moldings .................................................... 170 Sycamore ............... Seymour of Sycamore ............................................................ Paints and Coatings ............................................................ 170 DeKalb ................... United Parcel Service, Inc. ..................................................... Courier Services .................................................................. 160 DeKalb ................... Forge Resources Group, LLC ................................................. Iron and Steel Forgings ....................................................... 150 Note: (1) Source: 2020 Illinois Manufacturers Directory, 2020 Illinois Services Directory and a selective telephone survey.
The following tables show employment by industry and by occupation for the County, and the State as reported by the U.S. Census Bureau 2014-2018 American Community Survey 5-year estimated values. Employment By Industry(1)
The County The State Classification Number Percent Number Percent Agriculture, Forestry, Fishing, Hunting, and Mining .................... 1,227 2.3% 66,259 1.1% Construction ................................................................................ 2,962 5.6% 328,620 5.3% Manufacturing ............................................................................. 6,718 12.8% 753,276 12.1% Wholesale Trade ......................................................................... 1,377 2.6% 188,536 3.0% Retail Trade ................................................................................ 7,186 13.7% 669,968 10.8% Transportation and Warehousing, and Utilities ........................... 2,620 5.0% 394,511 6.3% Information .................................................................................. 909 1.7% 120,002 1.9% Finance, Insurance, Real Estate, and Rental and Leasing ......... 2,372 4.5% 453,391 7.3% Professional, Scientific, Management, Administrative, and Waste Management Services ............................................ 3,979 7.6% 735,339 11.8% Educational, Health and Social Services .................................... 13,103 25.0% 1,426,656 22.9% Entertainment and Recreation Services, Accommodation and Food Services .................................................................... 5,851 11.2% 568,457 9.1% Other Services (except Public Administration) ............................ 2,179 4.2% 294,078 4.7% Public Administration .................................................................. 1,966 3.7% 226,871 3.6% Total .......................................................................................... 52,449 100.0% 6,225,964 100.0%
Note: (1) Source: U.S. Bureau of the Census, American Community Survey 5-year estimates 2014 to 2018.
Employment By Occupation(1)
The County The State Classification Number Percent Number Percent Management, Business, Science and Arts ................................ 17,661 33.7% 2,370,095 38.1% Service ....................................................................................... 10,483 20.0% 1,072,423 17.2% Sales and Office ........................................................................ 11,860 22.6% 1,393,893 22.4% Natural Resources, Construction, and Maintenance ................. 4,684 8.9% 448,917 7.2% Production, Transportation, and Material Moving ....................... 7,761 14.8% 940,636 15.1% Total .......................................................................................... 52,449 100.0% 6,225,964 100.0%
Note: (1) Source: U.S. Bureau of the Census, American Community Survey 5-year estimates 2014 to 2018.
The County of DeKalb, Illinois $13,000,000* General Obligation Bonds (Alternate Revenue Source), Series 2020 *Subject to change.
15
Annual Average Unemployment Rates(1)
Calendar The The Year County State
2010 ..................................... 10.5% 10.4% 2011 ..................................... 9.3% 9.7% 2012 ..................................... 8.4% 9.0% 2013 ..................................... 8.2% 9.0% 2014 ..................................... 6.5% 7.1% 2015 ..................................... 5.6% 6.0% 2016 ..................................... 5.4% 5.8% 2017 ..................................... 4.7% 4.9% 2018 ..................................... 4.4% 4.3% 2019 ..................................... 4.1% 4.0% 2020(2)(3) ............................. 12.2% 14.6% Notes: (1) Source: Illinois Department of Employment Security.
(2) Preliminary rates for the month of June 2020. (3) Increase due to the COVID-19 pandemic.
Housing
The U.S. Census Bureau 5-year estimated values reported that the median value of the County’s owner-occupied homes was $169,800. This compares to $187,200 for the State. The following table represents the five year average market value of specified owner-occupied units for the County and the State at the time of the 2014-2018 American Community Survey.
Home Values(1)
The County The State Value Number Percent Number Percent Less than $50,000 ...................................................... 1,019 4.7% 214,345 6.7% $50,000 to $99,999 ..................................................... 1,762 8.2% 476,898 15.0% $100,000 to $149,999 ................................................. 5,003 23.3% 499,362 15.7% $150,000 to $199,999 ................................................. 5,915 27.5% 513,220 16.1% $200,000 to $299,999 ................................................. 5,258 24.5% 668,842 21.0% $300,000 to $499,999 ................................................. 2,039 9.5% 537,360 16.9% $500,000 to $999,999 ................................................. 360 1.7% 223,197 7.0% $1,000,000 or more .................................................... 122 0.6% 55,811 1.8% Total .......................................................................... 21,478 100.0% 3,189,035 100.0%
Note: (1) Source: U.S. Bureau of the Census, American Community Survey 5-year estimates 2014 to 2018.
Mortgage Status(1)
The County The State Value Number Percent Number Percent Housing Units with a Mortgage ................................... 14,227 66.2% 2,034,106 63.8% Housing Units without a Mortgage .............................. 7,251 33.8% 1,154,929 36.2% Total .......................................................................... 21,478 100.0% 3,189,035 100.0%
Note: (1) Source: U.S. Bureau of the Census, American Community Survey 5-year estimates 2014 to 2018.
The County of DeKalb, Illinois $13,000,000* General Obligation Bonds (Alternate Revenue Source), Series 2020 *Subject to change.
16
Income
The U.S. Census Bureau 5-year estimated values reported that the County had a median family income of $77,405. This compares to $79,747 for the State. The following table represents the distribution of family incomes for the County and the State at the time of the 2014-2018 American Community Survey.
Family Income(1)
The County The State Income Number Percent Number Percent Under $10,000 ................................................................. 1,144 5.0% 118,179 3.8% $10,000 to $14,999 .......................................................... 415 1.8% 70,168 2.3% $15,000 to $24,999 .......................................................... 1,020 4.4% 186,491 6.0% $25,000 to $34,999 .......................................................... 1,729 7.5% 216,864 7.0% $35,000 to $49,999 .......................................................... 2,252 9.8% 340,169 10.9% $50,000 to $74,999 .......................................................... 4,459 19.5% 538,213 17.3% $75,000 to $99,999 .......................................................... 3,356 14.6% 444,134 14.2% $100,000 to $149,999 ...................................................... 5,316 23.2% 598,534 19.2% $150,000 to $199,999 ...................................................... 2,010 8.8% 286,266 9.2% $200,000 or more ............................................................. 1,224 5.3% 318,315 10.2% Total ............................................................................... 22,925 100.0% 3,117,333 100.0% Note: (1) Source: U.S. Bureau of the Census, American Community Survey 5-year estimates 2014 to 2018.
The U.S. Census Bureau 5-year estimated values reported that the County had a median household income of $61,086. This compares to $63,575 for the State. The following table represents the distribution of household incomes for the County and the State at the time of the 2014-2018 American Community Survey.
Household Income(1)
The County The State Income Number Percent Number Percent Under $10,000 ................................................................. 2,920 7.7% 314,802 6.5% $10,000 to $14,999 .......................................................... 1,613 4.3% 194,284 4.0% $15,000 to $24,999 .......................................................... 3,383 9.0% 431,405 8.9% $25,000 to $34,999 .......................................................... 3,241 8.6% 415,960 8.6% $35,000 to $49,999 .......................................................... 4,477 11.9% 577,213 12.0% $50,000 to $74,999 .......................................................... 7,328 19.4% 828,597 17.2% $75,000 to $99,999 .......................................................... 4,874 12.9% 613,917 12.7% $100,000 to $149,999 ...................................................... 6,219 16.5% 751,099 15.6% $150,000 to $199,999 ...................................................... 2,180 5.8% 335,066 6.9% $200,000 or more ............................................................. 1,468 3.9% 367,695 7.6% Total ............................................................................... 37,703 100.0% 4,830,038 100.0% Note: (1) Source: U.S. Bureau of the Census, American Community Survey 5-year estimates 2014 to 2018.
Retail Activity
Following is a summary of the County’s sales tax receipts as collected and disbursed by the State.
Retailers’ Occupation, Service Occupation and Use Tax(1)
State Fiscal Year State Sales Tax Annual Percent Ending June 30 Distributions(2) Change + (-)
2011 ............................................................. $4,598,277 6.60%(3) 2012 ............................................................. 5,462,385 18.79% 2013 ............................................................. 3,931,974 (28.02%) 2014 ............................................................. 5,152,884 31.05% 2015 ............................................................. 4,583,114 (11.06%) 2016 ............................................................. 4,185,185 (8.68%) 2017 ............................................................. 4,099,685 (2.04%) 2018 ............................................................. 4,114,916 0.37% 2019 ............................................................. 4,223,652 2.64% 2020 ............................................................. 3,740,157 (11.45%) Growth from 2011 to 2020 ..................................................................................................... (18.66%) Notes: (1) Source: Illinois Department of Revenue. (2) Includes the County Tax equal to 1% of taxable sales made at businesses located in
unincorporated areas of the County and the County Sales Tax equal to 1/4 of 1% of taxable sales made within the County (including incorporated and unincorporated areas).
(3) The 2011 percentage is based on a 2010 sales tax of $4,313,475.
The County of DeKalb, Illinois $13,000,000* General Obligation Bonds (Alternate Revenue Source), Series 2020 *Subject to change.
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Public Act 101-0009, effective June 5, 2019, included the “Leveling the Playing Field for Illinois Retailers
Act.” This legislation requires certain remote retailers to collect and remit state and locally-imposed sales taxes for the jurisdiction where the product is delivered (destination) starting on July 1, 2020. Information from the Illinois Municipal League (IML) indicates that “local governments could receive $92 million per state fiscal year.” There will, however, be a decrease in collections of Use Tax. Ultimately, the IML anticipates that municipalities will experience a net increase as a result of Public Act 101-0009.
THE PROJECT The Bond proceeds will be used to finance improvements to the Nursing Center and to pay the costs of issuance of the Bonds. The improvements include (i) the construction of a transitional care unit, (ii) the remodeling of the existing Medicare unit, (iii) the construction of a new activity area, (iv) the remodeling and redesign of other existing facilities and (v) site improvements, including parking lots and a walking trail, and, including for all of the foregoing, furniture, fixtures, and equipment, including security enhancements (the “Project”).
DEFAULT RECORD The County has no record of default and has met its debt repayment obligations promptly.
SHORT-TERM BORROWING The County 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.
The Remainder of This Page is Left Intentionally Blank
The County of DeKalb, Illinois $13,000,000* General Obligation Bonds (Alternate Revenue Source), Series 2020 *Subject to change.
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DEBT INFORMATION
After issuance of the Bonds, the County will have outstanding $57,220,000 (subject to change) principal amount of general obligation debt.
General Obligation Bonded Debt(1) (Principal Only)
Series Series Series The Total Cumulative Calendar 2010A 2010B 2017 Bonds(2) Outstanding Principal Retired(2) Year (12/15) (12/15) (1/15) (12/15) Debt(2) Amount Percent
2020 ................... $ 790,000 $ 0 $ 0 $ 0 $ 790,000 $ 790,000 1.38% 2021 ................... 845,000 0 405,000 125,000 1,375,000 2,165,000 3.78% 2022 ................... 900,000 0 440,000 250,000 1,590,000 3,755,000 6.56% 2023 ................... 960,000 0 470,000 260,000 1,690,000 5,445,000 9.52% 2024 ................... 1,020,000 0 505,000 275,000 1,800,000 7,245,000 12.66% 2025 ................... 205,000 885,000 545,000 285,000 1,920,000 9,165,000 16.02% 2026 ................... 0 1,160,000 595,000 300,000 2,055,000 11,220,000 19.61% 2027 ................... 0 1,230,000 630,000 315,000 2,175,000 13,395,000 23.41% 2028 ................... 0 1,310,000 380,000 330,000 2,020,000 15,415,000 26.94% 2029 ................... 0 1,385,000 700,000 350,000 2,435,000 17,850,000 31.20% 2030 ................... 0 0 2,135,000 365,000 2,500,000 20,350,000 35.56% 2031 ................... 0 0 2,240,000 375,000 2,615,000 22,965,000 40.13% 2032 ................... 0 0 2,355,000 390,000 2,745,000 25,710,000 44.93% 2033 ................... 0 0 2,480,000 400,000 2,880,000 28,590,000 49.97% 2034 ................... 0 0 2,280,000 410,000 2,690,000 31,280,000 54.67% 2035 ................... 0 0 1,075,000 425,000 1,500,000 32,780,000 57.29% 2036 ................... 0 0 1,110,000 440,000 1,550,000 34,330,000 60.00% 2037 ................... 0 0 1,150,000 450,000 1,600,000 35,930,000 62.79% 2038 ................... 0 0 1,190,000 465,000 1,655,000 37,585,000 65.69% 2039 ................... 0 0 1,235,000 480,000 1,715,000 39,300,000 68.68% 2040 ................... 0 0 1,275,000 495,000 1,770,000 41,070,000 71.78% 2041 ................... 0 0 1,325,000 505,000 1,830,000 42,900,000 74.97% 2042 ................... 0 0 1,370,000 520,000 1,890,000 44,790,000 78.28% 2043 ................... 0 0 1,420,000 540,000 1,960,000 46,750,000 81.70% 2044 ................... 0 0 1,470,000 555,000 2,025,000 48,775,000 85.24% 2045 ................... 0 0 1,525,000 570,000 2,095,000 50,870,000 88.90% 2046 ................... 0 0 1,585,000 590,000 2,175,000 53,045,000 92.70% 2047 ................... 0 0 1,640,000 605,000 2,245,000 55,290,000 96.63% 2048 ................... 0 0 0 625,000 625,000 55,915,000 97.72% 2049 ................... 0 0 0 645,000 645,000 56,560,000 98.85% 2050 ................... 0 0 0 660,000 660,000 57,220,000 100.00% Total ................. $4,720,000 $5,970,000 $33,530,000 $13,000,000 $57,220,000
Notes: (1) Source: the County. (2) Subject to change.
The County of DeKalb, Illinois $13,000,000* General Obligation Bonds (Alternate Revenue Source), Series 2020 *Subject to change.
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Detailed Overlapping Bonded Debt(1)
(As of March 30, 2020) DeKalb County Overlapping Indebtedness: Principal Amount Applicable to the County Governmental Body: Outstanding(2) Percentage(3) Amount School District 1 .............................................................................................. $ 1,575,000 21.44% $ 337,709 School District 9 .............................................................................................. 2,835,000 3.84% 108,799 School District 100 .......................................................................................... 48,456,047 0.03% 14,754 School District 161 .......................................................................................... 0 6.05% 0 School District 212 .......................................................................................... 9,100,000 2.95% 268,629 School District 220 .......................................................................................... 0 0.51% 0 School District 269 .......................................................................................... 0 33.05% 0 School District 271 .......................................................................................... 3,080,000 2.55% 78,674 School District 300 .......................................................................................... 239,274,339 0.005% 11,500 School District 301 .......................................................................................... 42,818,323 0.02% 10,125 School District 302 .......................................................................................... 69,539,448 3.81% 2,651,267 School District 424 .......................................................................................... 2,786,711 100.00% 2,786,711 School District 425 .......................................................................................... 2,075,000 90.05% 1,868,525 School District 426 .......................................................................................... 5,040,000 88.23% 4,446,653 School District 427 .......................................................................................... 61,481,961 98.61% 60,628,068 School District 428 .......................................................................................... 95,585,000 100.00% 95,585,000 School District 429 .......................................................................................... 7,085,000 56.46% 4,000,195 School District 430 .......................................................................................... 867,846 54.98% 477,147 School District 432 .......................................................................................... 6,550,000 38.48% 2,520,373 Community College District 509 ...................................................................... 162,125,146 0.003% 4,573 Community College District 511 ...................................................................... 51,160,000 0.004% 2,283 Community College District 513 ...................................................................... 0 0.07% 0 Community College District 516 ...................................................................... 46,305,000 3.64% 1,684,488 Community College District 523 ...................................................................... 66,070,977 76.15% 50,312,048 Library Districts: Somonauk Library ........................................................................................... 1,645,000 20.96% 344,777 Sandwich Public Library District ...................................................................... 2,400,000 90.68% 2,176,212 Park Districts: DeKalb Park District ........................................................................................ 0 100.00% 0 Genoa Township Park ..................................................................................... 1,265,000 100.00% 1,265,000 Sandwich Park District .................................................................................... 0 91.02% 0 Sycamore Park District .................................................................................... 13,540,000 100.00% 13,540,000 Cities and Villages: City of DeKalb ................................................................................................. 16,980,000 100.00% 16,980,000 City of Genoa .................................................................................................. 439,000 100.00% 439,000 City of Sandwich ............................................................................................. 1,715,000 91.04% 1,561,299 Village of Somonauk ....................................................................................... 390,000 89.03% 347,199 City of Sycamore ............................................................................................. 3,390,000 100.00% 3,390,000 Total Overlapping Bonded Debt ..................................................................................................................................................... $267,841,006 Notes: (1) Source: DeKalb County Clerk. (2) Includes original principal amounts of capital appreciation bonds. (3) Based on 2019 EAVs, most current available.
The County of DeKalb, Illinois $13,000,000* General Obligation Bonds (Alternate Revenue Source), Series 2020 *Subject to change.
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Statement of Bonded Indebtedness
Ratio To Per Capita Amount Equalized Estimated (2010 Census Applicable Assessed Actual Pop. 105,160) County EAV of Taxable Property, 2019 .............................................. $2,188,083,742 100.00% 33.33% $20,807.19 Estimated Actual Value, 2019 ............................................................. $6,564,251,226 300.00% 100.00% $62,421.56 Total Direct Bonded Debt .................................................................... $ 57,220,000 2.62% 0.87% $ 544.12 Overlapping Bonded Debt(2) Schools ............................................................................................. $ 227,797,521 10.41% 3.47% $ 2,166.20 All Others .......................................................................................... 40,043,486 1.83% 0.61% 380.79 Total Overlapping Bonded Debt .......................................................... $ 267,841,007 12.24% 4.08% $ 2,546.99 Total Direct and Overlapping Bonded Debt ........................................ $ 325,061,007 14.86% 4.95% $ 3,091.11 Notes: (1) Source: DeKalb County Clerk. (2) Overlapping bonded debt as of March 30, 2020.
Legal Debt Margin(1)
2019 County Equalized Assessed Valuation ................................................................... $2,188,083,742 Statutory Debt Limitation (2.875% of EAV) ...................................................................... 62,907,408 General Obligation Debt: Series 2010A(2) ........................................................................ $ 4,720,000 $ 0 Series 2010B(2) ........................................................................ 5,970,000 0 Series 2017(2) .......................................................................... 33,530,000 0 The Bonds(2)(3) ........................................................................ 13,000,000 0 Total Debt(3) ........................................................................... $57,220,000 $ 0 Total Applicable Debt ..................................................................................................... $ 0 Legal Debt Margin ......................................................................................................... $ 62,907,408 Notes: (1) Source: the County. (2) As general obligation alternate bonds under Illinois statutes, the Series 2010A, Series
2010B, Series 2017, and the Bonds do not count against the 2.875% of EAV for general obligation bonded debt so long as the debt service levy for such bonds is abated annually and not extended.
(3) Subject to change.
PROPERTY ASSESSMENT AND TAX INFORMATION For the 2019 levy year, the County's EAV was comprised of 61.74% residential, 18.04% commercial, 13.96% farm, 4.54% industrial, and less than 1% each windfarm and railroad property valuations.
County Equalized Assessed Valuation(1)
Levy Years Property Class 2015 2016 2017 2018 2019 Residential .............................. $1,084,596,587 $1,153,841,246 $1,214,939,256 $1,280,406,746 $1,350,832,194 Farm ........................................ 250,644,358 264,353,757 276,103,067 291,708,795 305,554,390 Commercial ............................. 305,223,369 327,859,871 348,764,896 368,341,565 394,915,703 Industrial ................................. 64,932,636 76,611,007 90,305,745 92,491,119 99,446,398 Windfarm ................................. 21,044,984 20,165,001 19,593,631 18,813,439 17,996,959 Railroad ................................... 14,943,765 16,277,794 16,709,421 17,653,311 19,338,098 Total ..................................... $1,741,385,699 $1,859,108,676 $1,966,416,016 $2,069,414,975 $2,188,083,742 Percent Change ................... 2.72%(2) 6.76% 5.77% 5.24% 5.73% Notes: (1) Source: DeKalb County Clerk. (2) Percentage change based on 2014 EAV of $1,695,232,717.
The County of DeKalb, Illinois $13,000,000* General Obligation Bonds (Alternate Revenue Source), Series 2020 *Subject to change.
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Representative Tax Rates(1) (Per $100 EAV)
Levy Years 2015 2016 2017 2018 2019 County: Corporate ...................................................... $ 0.7300 $ 0.7092 $ 0.7200 $ 0.7309 $ 0.7278 Bonds and Interest ........................................ 0.0377 0.0000 0.0000 0.0000 0.0000 IMRF ............................................................. 0.0057 0.0054 0.0051 0.0048 0.0005 County Highway ............................................ 0.0987 0.0897 0.0894 0.0992 0.1080 Bridge Construction ...................................... 0.0493 0.0448 0.0347 0.0304 0.0292 Mental Health ................................................ 0.1387 0.1322 0.1296 0.1267 0.1244 Federal Aid Matching .................................... 0.0493 0.0448 0.0414 0.0304 0.0185 County Health Department ........................... 0.0228 0.0207 0.0191 0.0184 0.0179 Tort Liability Insurance .................................. 0.0342 0.0321 0.0254 0.0005 0.0005 Social Security .............................................. 0.0057 0.0054 0.0051 0.0048 0.0005 Veterans Assistance ..................................... 0.0297 0.0269 0.0248 0.0239 0.0233 Public Bld Comm Lease ................................ 0.0100 0.0094 0.0051 0.0053 0.0053 SR Citizen Soc Serv ..................................... 0.0245 0.0223 0.0206 0.0198 0.0193 Total County Rates(2) ................................. $ 1.2364 $ 1.1429 $ 1.1201 $ 1.0951 $ 1.0752 DeKalb County Forest Preserve District ....... 0.0853 0.0799 0.0783 0.0766 0.0748 DeKalb Township .......................................... 0.1820 0.1724 0.1709 0.1683 0.1632 DeKalb Road and Bridge .............................. 0.2133 0.2020 0.2006 0.1961 0.1867 City of DeKalb ............................................... 1.1942 1.2021 1.2268 1.1883 1.1549 DeKalb Library .............................................. 0.4911 0.4562 0.3872 0.2081 0.3868 DeKalb Park District ...................................... 0.7960 0.7559 0.7450 0.7366 0.7205 School District 428 ........................................ 8.2500 7.8132 7.7209 7.3854 7.1838 Community College District Number 523 ...... 0.6972 0.6700 0.6669 0.6683 0.6528 Kishwaukee Water Reclamation District/DeKalb Sanitary ............................... 0.1504 0.1425 0.1389 0.1375 0.1360 Total Tax Rates(3) ...................................... $13.2959 $12.6370 $12.4557 $11.8604 $11.7347 Notes: (1) Source: DeKalb County Clerk. (2) Statutory tax rate limits for the County are as follows: County Highway ($0.2000); Bridges ($0.2500); Mental
Health ($0.1500); Federal Matching Aid ($0.0500); County Health ($0.0232); Veterans Assistance ($0.0400) and Sr Citizen Soc Serv ($0.0250).
(3) Representative tax rates for other government units are from tax code DK12, which represents the largest portion of the County's 2019 EAV.
Tax Extensions and Collections(1)
Levy Coll. Taxes Total Collections(2) Year Year Extended Amount Percent 2010................ 2011 ......................... $19,430,392 $19,285,057 99.25% 2011................ 2012 ......................... 19,670,352 19,519,285 99.23% 2012................ 2013 ......................... 20,280,869 20,120,899 99.21% 2013................ 2014 ......................... 20,739,757 20,629,892 99.47% 2014................ 2015 ......................... 21,160,742 21,078,746 99.61% 2015................ 2016 ......................... 21,530,493 21,434,500 99.55% 2016................ 2017 ......................... 21,247,567 21,171,401 99.64% 2017................ 2018 ......................... 22,026,612 21,882,025 99.34% 2018................ 2019 ......................... 22,661,543 22,470,433 99.16% Notes: (1) Source: the County. (2) Total collections include back taxes, taxpayer refunds, interest, etc.
The County of DeKalb, Illinois $13,000,000* General Obligation Bonds (Alternate Revenue Source), Series 2020 *Subject to change.
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Principal Taxpayers(1)
Taxpayer Name Business/Service 2019 EAV(2) American Realty Capital LLC .................................................................. Real Property ................................................................................. $15,190,022 Griffen Essential Asset REIT II LLC ........................................................ Real Property ................................................................................. 13,668,229 Target Corporation .................................................................................. Retailer .......................................................................................... 11,520,793 Kishwaukee Community Hospital ............................................................ Hospital .......................................................................................... 9,971,651 DeKalb Area Retirement Center ............................................................. Retirement ..................................................................................... 9,710,305 Panduit Corp. .......................................................................................... Electrical and Network Cables ....................................................... 7,685,339 Mason Properties Delaware LLC ............................................................ Real Property ................................................................................. 7,642,839 Hunter Normal Properties LLC ................................................................ Real Property ................................................................................. 7,409,599 LIT Industrial Lmt Partnership ................................................................. Real Property ................................................................................. 6,648,299 Stone Prairie Rental Community LLC ..................................................... Apartment Complex ....................................................................... 6,603,842 Total .............................................................................................................................................................................................................. $96,050,918 Ten Largest Taxpayers as a Percent of the County's 2019 EAV ($2,188,083,742) ..................................................................................... 4.39% Notes: (1) Source: DeKalb 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 2019 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 County. The information under this caption describes the current procedures for real property assessments, tax levies and collections in the County. 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.
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.
The County of DeKalb, Illinois $13,000,000* General Obligation Bonds (Alternate Revenue Source), Series 2020 *Subject to change.
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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.
The Homestead Improvement Exemption applies to Residential Property that has been improved or 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 place of residence and receive a household income not in excess of the maximum income limitation. 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.
Improvements to Residential Property Accessibility: Accessibility improvements (including, but not limited to
the installation of ramps and grab-bars, widening door-ways, and other changes to enhance the independence of a disabled or elderly individual) made to residential property shall not increase the assessed valuation of the property for a period of 7 years after the improvements are completed.
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.
The County of DeKalb, Illinois $13,000,000* General Obligation Bonds (Alternate Revenue Source), Series 2020 *Subject to change.
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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, as amended (the “Limitation Law”), limits the annual growth in the amount of property taxes to be extended for certain Illinois non-home rule units, including the County. In general, the annual growth permitted under the Limitation Law is the lesser of 5% or the percentage increase in the CPI during the calendar year preceding the levy year. Taxes can also be increased due to new construction, referendum approval of tax rate increases, mergers and consolidations.
The effect of the Limitation Law is to limit the amount of property taxes that can be extended for a taxing body.
In addition, general obligation bonds, notes and installment contracts payable from ad valorem taxes unlimited as to rate and amount cannot be issued by the affected taxing bodies unless they are approved by referendum, are alternate bonds (such as the Bonds) or are for certain refunding purposes.
The County has the authority to levy taxes for many different purposes. See the table entitled “Representative
Tax Rates” under “PROPERTY ASSESSMENT AND TAX INFORMATION” herein. The ceiling at any particular time on the rate at which these taxes may be extended for the County is either (i) unlimited (as provided by statute), (ii) initially set by statute but permitted to be increased by referendum, (iii) capped by statute, or (iv) limited to the rate approved by referendum. The only ceiling on a particular tax rate is the ceiling set by statute, at which the rate is not permitted to be further increased by referendum or otherwise. Therefore, taxing districts (such as the County) have flexibility to levy taxes for the purposes for which they most need the money. The total aggregate tax rate for the various purposes subject to the Limitation Law, however, will not be allowed to exceed the County’s limiting rate computed in accordance with the provisions of the Limitation Law.
Local governments, including the County, can issue limited tax bonds in lieu of general obligation bonds that
have otherwise been authorized by applicable law.
The County of DeKalb, Illinois $13,000,000* General Obligation Bonds (Alternate Revenue Source), Series 2020 *Subject to change.
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Illinois legislators have introduced several proposals to modify the Limitation Law, including freezing property
taxes and extending tax caps to all taxing bodies in the State. The County cannot predict whether, or in what form, any change to the Limitation Law may be enacted into law, nor can the County predict the effect of any such change on the County’s finances.
Truth in Taxation Law Legislation known as the Truth in Taxation Law (the “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 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 Financial Reports
The County’s financial statements are audited annually by certified public accountants. The County’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 contained in this “FINANCIAL INFORMATION” section (the “Excerpted Financial Information”)
are from the audited financial statements of the County, including the audited financial statements for the fiscal year ended December 31, 2019 (the “2019 Audit”), which was approved by formal action of the County Board and attached to this Official Statement as APPENDIX A. The County has not requested the Auditor to update information contained in the Excerpted Financial Information or the 2019 Audit; nor has the County requested that the Auditor consent to the use of the Excerpted Financial Information or the 2019 Audit in this Official Statement. Other than as expressly set forth in this Official Statement, the financial information contained in the Excerpted Financial Information and 2019 Audit has not been updated since the date of the 2019 Audit. The inclusion of the Excerpted Financial Information and 2019 Audit in this Official Statement in and of itself is not intended to demonstrate the fiscal condition of the County since the date of the 2019 Audit. Questions or inquiries relating to financial information of the County since the date of the 2019 Audit should be directed to the County.
The Remainder of This Page is Left Intentionally Blank
The County of DeKalb, Illinois $13,000,000* General Obligation Bonds (Alternate Revenue Source), Series 2020 *Subject to change.
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Summary Financial Information
The following tables are summaries and do not purport to be the complete audits, copies of which are available upon request. See APPENDIX A for the County’s Fiscal Year 2019 Audit.
Statement of Net Position Governmental Activities
Audited As Of December 31 2015 2016 2017 2018 2019 ASSETS: Cash and Investments ................................................................ $ 58,928,602 $ 55,011,673 $ 69,987,099 $ 64,114,903 $ 59,063,830 Receivables: Property Taxes ........................................................................... 21,530,000 21,259,000 22,043,000 22,915,000 23,656,000 Accounts .................................................................................... 792,219 710,748 704,218 719,086 838,008 Accrued Interest ......................................................................... 12,329 25,942 108,435 152,679 202,960 Other .......................................................................................... 110,221 193,993 77,958 56,632 69,465 Other Assets .............................................................................. 0 0 0 0 104,064 Prepaid Items .............................................................................. 439,286 477,816 468,134 492,519 592,249 Internal Balances ........................................................................ 135,624 27,563 (6,353) 1,332 4,999,866 Due from Other Governments ..................................................... 2,945,950 2,785,266 3,145,557 2,909,079 3,252,966 Cash and Investments Restricted Assets .................................. 82,583 0 0 0 0 Capital Assets: Not Depreciated ......................................................................... 9,556,749 13,767,446 34,969,535 10,297,960 16,313,095 Depreciated, Net of Accumulated Depreciation ......................... 70,435,862 68,709,448 74,319,984 104,989,037 101,491,305 Total Assets .............................................................................. $164,969,425 $162,968,895 $205,817,567 $206,648,227 $210,583,808 DEFERRED OUTFLOWS OF RESOURCES Pension Items ............................................................................. $ 8,839,929 $ 6,561,810 $ 9,559,234 $ 3,381,270 $ 15,703,226 Total Deferred Outflows of Resources ...................................... 8,839,929 6,561,810 9,559,234 3,381,270 15,703,226 Total Assets and Deferred Outflows of Resources ................... $173,809,354 $169,530,705 $215,376,801 $210,029,497 $226,287,034 LIABILITIES Accounts Payable ....................................................................... $ 3,362,534 $ 3,567,775 $ 3,914,687 $ 3,858,186 $ 3,419,400 Retainage Payable ...................................................................... 34,579 727,390 2,043,249 70,604 119,606 Accrued Payroll ........................................................................... 396,589 1,105,995 1,100,929 932,040 1,181,982 Accrued Interest Payable ............................................................ 25,579 24,113 581,597 571,500 570,401 Claims Payable ........................................................................... 1,202,573 1,392,296 1,204,409 972,637 467,485 Due to Others .............................................................................. 550,233 546,998 50,081 50,863 98,460 Unearned Revenue ..................................................................... 810,182 733,015 763,920 660,578 879,565 Noncurrent Liabilities: Due Within One Year ................................................................. 1,055,892 874,810 924,262 1,020,550 1,097,545 Due In More Than One Year ...................................................... 34,571,808 31,458,091 65,115,631 52,235,714 70,379,834 Total Liabilities .......................................................................... $ 42,009,969 $ 40,430,483 $ 75,698,765 $ 60,372,672 $ 78,214,278 DEFERRED INFLOWS OF RESOURCES Pension Items ............................................................................. $ 387,913 $ 1,174,168 $ 1,174,168 $ 9,098,723 $ 2,468,819 OPEB Items ................................................................................ 0 0 0 140,495 0 Deferred Property Taxes ............................................................. 21,530,000 21,259,000 22,043,000 22,915,000 23,656,000 Total Deferred Inflows of Resources ......................................... 21,917,913 22,433,168 23,217,168 32,154,218 26,124,819 Total Liabilities and Deferred Inflows of Resources .................. $ 63,927,882 $ 62,863,651 $ 98,915,933 $ 92,526,890 $104,339,097 NET POSITION Invested in Capital Assets, Net of Related Debt ......................... $ 66,351,925 $ 69,686,894 $ 69,403,402 $ 69,613,450 $ 72,887,448 Restricted: ................................................................................... 30,086,036 31,039,011 32,078,295 31,343,392 29,947,714 Unrestricted ................................................................................. 13,443,511 5,941,149 14,979,171 16,545,765 19,112,775 Total Net Position ...................................................................... $109,881,472 $106,667,054 $116,460,868 $117,502,607 $121,947,937
The County of DeKalb, Illinois $13,000,000* General Obligation Bonds (Alternate Revenue Source), Series 2020 *Subject to change.
27
Statement of Activities
Governmental Activities
Audited Year Ended December 31 Governmental Activities 2015 2016 2017 2018 2019 General Government ......................................................................... $ (8,872,828) $ (7,401,299) $ ( 7,619,773) $ (5,977,901) $ (7,206,721) Public Safety...................................................................................... (16,279,509) (20,124,760) (17,650,167) (16,521,907) (18,505,334) Highways and Streets ........................................................................ (3,316,841) (4,451,145) 2,545,515 (4,334,875) 101,055 Health and Welfare ............................................................................ (2,136,507) (2,132,620) (1,259,499) (1,602,072) (2,775,698) Interest .............................................................................................. (393,358) (366,550) (912,645) (1,533,589) (1,516,587) Total Governmental Activities ............................................................ $ (30,999,043) $ (34,476,374) $ (24,896,569) $ (29,970,344) $ (29,903,285) General Revenues Taxes Property ............................................................................................ $ 21,342,950 $ 21,707,494 $ 21,450,687 $ 22,158,337 $ 22,772,746 Replacement .................................................................................... 576,324 577,048 684,294 554,003 688,761 Sales and Use .................................................................................. 4,698,434 4,357,368 4,568,691 4,725,558 4,556,555 Other ................................................................................................ 772 164 0 0 0 Intergovernmental .............................................................................. 3,516,175 3,370,661 3,356,430 3,307,878 4,520,384 Investment Income ............................................................................ 136,733 246,381 566,465 974,633 1,294,830 Miscellaneous .................................................................................... 361,627 512,946 457,428 409,590 409,802 Gain on Sale of Capital Assets .......................................................... 92,920 135,952 127,444 58,010 50,109 Transfers ........................................................................................... 107,624 353,942 50,702 50,658 55,428 Total General Revenues and Transfers ............................................. $ 30,833,559 $ 31,261,956 $ 31,262,141 $ 32,238,667 $ 34,348,615 Change in Net Position ...................................................................... $ (165,484) $ (3,214,418) $ 6,365,572 $ 2,268,323 $ 4,445,330 Net Position, Beginning of Year ......................................................... 110,046,956(1) 109,881,472 110,095,296(1) 115,234,284(1) 117,502,607 Net Position, End of Year .................................................................. $109,881,472 $106,667,054 $116,460,868 $117,502,607 $121,947,937 Note: (1) As restated.
General Fund Balance Sheet
Audited as of December 31 ASSETS: 2015 2016 2017 2018 2019 Cash and Investments ....................................................................... $ 7,396,412 $ 4,371,181 $ 6,625,001 $ 7,282,165 $ 9,106,102 Receivables: Property Taxes ................................................................................. 12,910,600 13,389,000 14,358,000 15,510,000 16,034,000 Accounts ........................................................................................... 249,430 207,853 151,761 171,841 276,225 Accrued Interest ............................................................................... 2,556 4,376 32,543 43,774 15,155 Other ................................................................................................ 88,181 176,553 65,293 29,647 53,307 Prepaid Items .................................................................................... 261,303 311,087 286,655 322,063 413,064 Advances to Other Funds .................................................................. 0 0 0 0 1,200,000 Due from Other Funds ....................................................................... 0 2,056,420 105,100 460,562 181,825 Due from Other Governments ........................................................... 1,733,075 1,714,128 1,693,462 1,647,519 1,406,020 Total Assets ..................................................................................... $22,641,557 $22,230,598 $23,317,815 $25,467,571 $28,685,698 LIABILITIES: Accounts Payable .............................................................................. $ 1,024,245 $ 399,354 $ 370,649 $ 393,113 $ 399,123 Accrued Payroll ................................................................................. 318,906 1,005,107 995,339 809,250 1,007,439 Due to Others .................................................................................... 90,826 88,589 11,218 9,535 11,510 Due to Other Funds ........................................................................... 0 1,062 9,538 51,601 Unearned Revenue ........................................................................... 86,500 13,000 83,750 13,500 14,000 Total Liabilities ................................................................................. $ 1,520,477 $ 1,506,050 $ 1,462,018 $ 1,234,936 $ 1,483,673 DEFERRED INFLOWS OF RESOURCES: Deferred Property Taxes ................................................................... $12,910,600 $13,389,000 $14,358,000 $15,510,000 $16,034,000 Total Deferred Inflows ..................................................................... 12,910,600 13,389,000 14,358,000 15,510,000 16,034,000 Total Liabilities and Deferred Inflows ............................................... $14,431,077 $14,895,050 $15,820,018 $16,744,936 $17,517,673 FUND BALANCE: Non-Spendable .................................................................................. $ 261,303 $ 311,087 $ 286,655 $ 322,063 $ 413,064 Assigned ............................................................................................ 400,000 0 0 0 0 Unassigned ....................................................................................... 7,549,177 7,024,461 7,211,142 8,400,572 10,754,961 Total Fund Balances ........................................................................ 8,210,480 7,335,548 7,497,797 8,722,635 11,168,025 Total Liabilities, Deferred Inflows and Fund Balance ....................... $22,641,557 $22,230,598 $23,317,815 $25,467,571 $28,685,698
The County of DeKalb, Illinois $13,000,000* General Obligation Bonds (Alternate Revenue Source), Series 2020 *Subject to change.
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General Fund Statement of Revenues, Expenditures and Changes in Fund Balance
Audited Year Ended December 31 REVENUES 2015 2016 2017 2018 2019 Taxes .......................................................................................... $18,111,513 $18,058,969 $18,865,197 $19,814,975 $20,739,435 Licenses and Permits .................................................................. 126,166 196,349 223,719 193,439 227,496 Intergovernmental ....................................................................... 3,311,005 3,172,638 3,223,485 3,133,205 3,443,373 Charges for services ................................................................... 4,330,057 4,257,127 4,327,864 4,218,471 3,881,800 Fines and Forfeits ....................................................................... 728,571 562,362 558,208 482,912 688,348 Investment Income ...................................................................... 22,775 53,117 89,364 156,150 239,689 Miscellaneous ............................................................................. 311,950 323,284 295,465 296,405 338,499 Total Revenues ......................................................................... $26,942,037 $26,623,846 $27,583,302 $28,295,557 $29,558,640 EXPENDITURES General Government ................................................................... $ 6,266,823 $ 6,276,426 $ 5,940,414 $ 6,076,155 $ 5,758,010 Public Safety ............................................................................... 20,151,577 20,469,391 21,257,343 21,147,839 20,894,160 Health and Welfare ..................................................................... 165,328 156,418 141,642 146,825 156,239 Total Expenditures .................................................................... $26,583,728 $26,902,235 $27,339,399 $27,370,819 $26,808,409 Excess of Revenues Over (Under) Expenditures ....................... $ 358,309 $ (278,389) $ 243,903 $ 924,738 $ 2,750,231 Other Financing Sources (Uses) Operating Transfers In ................................................................ $ 232,310 $ 415,457 $ 921,346 $ 1,308,100 $ 1,191,200 Operating Transfers Out ............................................................. (1,286,000) (1,012,000) (1,003,000) (1,008,000) (1,496,041) Total Other Financing Sources (Uses) ...................................... $ (1,053,690) $ (596,543) $ (81,654) $ 300,100 $ (304,841) Net Change in Fund Balance ...................................................... $ (695,381) $ (874,932) $ 162,249 $ 1,224,838 $ 2,445,390 Balance, Beginning of Year ......................................................... $ 8,905,861 $ 8,210,480 $ 7,335,548 $ 7,497,797 $ 8,722,635 Balance, End of Year .................................................................. $ 8,210,480 $ 7,335,548 $ 7,497,797 $ 8,722,635 $11,168,025
General Fund(1) Budget Financial Information
Budgeted Fiscal Year Ending 12/31/2020 REVENUES: Property Taxes ........................................................ $15,946,000 Other Revenues ...................................................... 13,062,200 Transfers In ............................................................. 1,837,200 Total Revenues ..................................................... $30,845,400 EXPENDITURES: Salaries and Benefits .............................................. $24,259,500 Capital ..................................................................... 160,100 Commodities & Services ......................................... 4,919,000 Transfers Out .......................................................... 1,506,800 Total Expenditures ................................................ $30,845,400 Excess (Deficiency) of Revenues Over (Under) Expenditures and Transfers ............. $ 0 Note: (1) Source: The County.
EMPLOYEE RETIREMENT AND OTHER POSTEMPLOYMENT BENEFITS OBLIGATIONS
See APPENDIX D herein for a discussion of the County’s employee retirement and other postemployment benefits obligations.
The County of DeKalb, Illinois $13,000,000* General Obligation Bonds (Alternate Revenue Source), Series 2020 *Subject to change.
29
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 County nor the Bond Registrar will be affected by any notice to the contrary.
Transfers and Exchanges The transfer of Bonds will be registrable only upon the registration books maintained by the County 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 registration of transfer, the County 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 at 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 County 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. 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 after notice of the redemption of all or a portion thereof has been mailed. The bond registrar shall not be required to transfer or exchange any Bond during a period of 15 days next preceding the mailing of a notice of redemption that could designate for redemption all or a portion of such Bond.
TAX EXEMPTION Summary of Bond Counsel Opinion
Katten Muchin Rosenman LLP, Bond Counsel, is of the opinion that under existing law, interest on the Bonds is not includible in the gross income of the owners thereof for Federal income tax purposes. If there is continuing compliance with the applicable requirements of the Internal Revenue Code of 1986 (the “Code”), Bond Counsel is of the opinion that interest on the Bonds will continue to be excluded from the gross income of the owners thereof for Federal income tax purposes. Bond Counsel is further of the opinion that the Bonds are not “private activity bonds” within the meaning of Section 141(a) of the Code. Accordingly, interest on the Bonds is not an item of tax preference for purposes of computing alternative minimum taxable income. Interest on the Bonds is not exempt from State of Illinois income taxes.
The Code contains certain requirements that must be satisfied from and after the date of issuance of the Bonds. These requirements relate to the use and investment of the proceeds of the Bonds, the payment of certain amounts to the United States, the security and source of payment of the Bonds and the use of property financed with the proceeds of the Bonds. The County has covenanted in the Bond Ordinance to comply with these requirements.
The County of DeKalb, Illinois $13,000,000* General Obligation Bonds (Alternate Revenue Source), Series 2020 *Subject to change.
30
Bonds Purchased at a Premium or a Discount
The difference (if any) between the initial price at which a substantial amount of each maturity of the Bonds is sold to the public (the “Offering Price”) and the principal amount payable at maturity of such Bonds is given special treatment for Federal income tax purposes. If the Offering Price is higher than the maturity value of a Bond, the difference between the two is known as “bond premium”; if the Offering Price is lower than the maturity value of a Bond, the difference between the two is known as “original issue discount”. Bond premium and original issue discount are amortized over the term of a Bond on the basis of the owner’s yield from the date of purchase to the date of maturity, compounded at the end of each accrual period of one year or less with straight line interpolation between compounding dates, as provided more specifically in the Income Tax Regulations. The amount of bond premium accruing during each period is treated as a reduction in the amount of tax-exempt interest earned during such period and is subtracted from the owner’s tax basis in the Bonds The amount of original issue discount accruing during each period is treated as interest that is excludable from the gross income of the owner of such Bonds for Federal income tax purposes, to the same extent and with the same limitations as current interest, and is added to the owner’s tax basis in the Bonds. A Bond’s adjusted tax basis is used to determine whether, and to what extent, the owner realizes taxable gain or loss upon disposition of the Bonds (whether by reason of sale, acceleration, redemption prior to maturity or payment at maturity of the Bonds). Owners of Bonds should consult their own tax advisors with respect to the state and local tax consequences of owning the Bonds. It is possible that under the applicable provisions governing the determination of state or local income taxes, accrued interest on the Bonds may be deemed to be received in the year of accrual even though there will not be a corresponding cash payment until a year later. Exclusion From Gross Income Requirements The Code sets forth certain requirements that must be satisfied on a continuing basis in order to preserve the exclusion from gross income for Federal income tax purposes of interest on the Bonds. Among these requirements are the following:
Limitations on Private Use. The Code includes limitations on the amount of Bonds proceeds that may be used in the trade or business of, or used to make or finance loans to, persons other than governmental units. Investment Restrictions. Except during certain “temporary periods,” proceeds of the Bonds and investment earnings thereon (other than amounts held in a reasonably required reserve or replacement fund, if any, or as part of “minor portion”) may generally not be invested in investments having a yield that is “materially higher” (1/8 of one percent) than the yield on the Bonds.
Rebate of Arbitrage Profit. Unless the County qualifies for one of several exemptions, earnings from the investment of the “gross proceeds” of the Bonds in excess of the earnings that would have been realized if such investments had been made at a yield equal to the yield on the Bonds are required to be paid to the United States at periodic intervals. For this purpose, the term “gross proceeds” includes the original proceeds of the Bonds, amounts received as a result of investing such proceeds, and amounts to be used to pay debt service on the Bonds. Covenants to Comply. The County has covenanted in the Bonds Ordinance to comply with the requirements of the Code relating to the exclusion from gross income for Federal income tax purposes of interest on the Bonds.
The County of DeKalb, Illinois $13,000,000* General Obligation Bonds (Alternate Revenue Source), Series 2020 *Subject to change.
31
Risks of Non-Compliance In the event that the County fails to comply with the requirements of the Code, interest on the Bonds may become includible in the gross income of the owners thereof for Federal income tax purposes retroactive to the date of issue. In such event, the Bond Ordinance requires neither acceleration of payment of principal of, or interest on, the Bonds nor payment of any additional interest or penalties to the owners of the Bonds.
Federal Income Tax Consequences Pursuant to Section 103 of the Code, interest on the Bonds is not includible in the gross income of the owners thereof for Federal income tax purposes. However, the Code contains a number of other provisions relating to the treatment of interest on the Bonds which may affect the taxation of certain types of owners, depending on their particular tax situations. PROSPECTIVE PURCHASERS SHOULD CONSULT THEIR TAX ADVISORS CONCERNING THE PARTICULAR FEDERAL INCOME TAX CONSEQUENCES OF THEIR OWNERSHIP OF THE BONDS.
CONTINUING DISCLOSURE
In the Bond Ordinance, the County has covenanted and agreed, for the benefit of the beneficial owners of the Bonds, to provide certain financial information and operating data relating to the County within 210 days after the close of the County’s fiscal year (the “Annual Report”); and, in a timely manner not in excess of ten business days after the event, to provide notices of the occurrence of certain enumerated events. The Annual Report will be filed by the County with the Municipal Securities Rulemaking Board (the “MSRB”) for disclosures on its Electronic Municipal Market Access (“EMMA”) system. The information to be contained in the Annual Report will consist of the annual audited financial statement of the County, and updated information with respect to the statements in this Official Statement contained under the captions “Retailers’ Occupation, Service Occupation and Use Tax”, “DEBT INFORMATION”, “PROPERTY ASSESSMENT AND TAX INFORMATION” and “FINANCIAL INFORMATION” (excluding Budgeted Financial Information). Each annual audited financial statement will conform to generally accepted accounting principles applicable to governmental units and will be prepared in accordance with standards of the Governmental Accounting Standards Board. If the audited financial statement is not available, then an unaudited financial statement will be included in the Annual Report and the audited financial statement will be filed promptly after it becomes available. The notices of enumerated events and timely notice of any failure of the County to file its Annual Report within the 210 day period will be filed by the County with the MSRB for disclosures on EMMA. The County’s undertaking with respect to enumerated events includes timely notice of the occurrence of any of the following events with respect to the Bonds.
1. Principal and interest payment delinquencies; 2. Non-payment related defaults, if material; 3. Unscheduled draws on debt service reserves reflecting financial difficulties; 4. Unscheduled draws on credit enhancements reflecting financial difficulties; 5. Substitution of credit or liquidity providers, or their failure to perform; 6. Adverse tax opinions, the issuance by the Internal Revenue Service of proposed or final
determinations of taxability, Notices of Proposed Issue (IRS Form 5701-TEB) or other material notices or determinations with respect to the tax status of the security, or other material events affecting the tax status of the security;
7. Modifications to the rights of security holders, if material; 8. Bond calls, if material, and tender offers; 9. Defeasances; 10. Release, substitution or sale of property securing repayment of the securities, if material; 11. Rating changes;
The County of DeKalb, Illinois $13,000,000* General Obligation Bonds (Alternate Revenue Source), Series 2020 *Subject to change.
32
12. Bankruptcy, insolvency, receivership or similar event of the County*; 13. The consummation of a merger, consolidation, or acquisition involving the County or the sale
of all or substantially all of the assets of the County, other than in the ordinary course of business, the entry into a definitive agreement to undertake such an action or the termination of a definitive agreement relating to any such actions, other than pursuant to its terms, if material;
14. Appointment of a successor or additional trustee or the change of name of a trustee, if material;
15. Incurrence of a Financial Obligation of the County, if material, or agreement to covenants, events of default, remedies, priority rights, or other similar terms of a Financial Obligation of the County, any of which affect Bondholders, if material;** and
16. Default, event of acceleration, termination event, modification of terms, or other similar events under the terms of a Financial Obligation of the County, any of which reflect financial difficulties.**
The County has agreed to the foregoing undertakings in order to assist participating underwriters of the Bonds
and brokers, dealers and municipal securities dealers in complying with Securities and Exchange Commission Rule 15c2-12(b)(5) promulgated under the Securities Exchange Act of 1934. The County will provide the foregoing information for so long as Rule 15c2-12(b)(5) is applicable to the Bonds and the County remains an “obligated person” under the Rule with respect to the Bonds. No provision of the bond ordinance limits the remedies available to any beneficial owner of the Bonds with respect to the enforcement of the continuing disclosure covenants of the County described above. Failure to comply with the continuing disclosure covenants will not constitute an event of default under the Bond Ordinance.
The County may amend the continuing disclosure undertakings contained in the Bond Ordinance upon a change
in circumstances provided that (a) the change in circumstances arises from a change in legal requirements, law, or change in the identity, nature or status of the County or the type of business conducted by the County, (b) the undertakings, as amended, would have complied with the requirements of Rule 15c2-12(b)(5) at the time of this offering, after taking into account any amendments or interpretations of the Rule, as well as any change in circumstances and (c) in the opinion of nationally recognized bond counsel selected by the County, the amendment does not materially impair the interests of the beneficial owners of the Bonds.
This event is considered to occur when any of the following occur: the appointment of a receiver, fiscal agent or similar officer for the County in a proceeding
under the U.S. Bankruptcy Code or in any other proceeding under state or federal law in which a court or governmental authority has assumed jurisdiction over substantially all of the assets or business of the County, or if such jurisdiction has been assumed by leaving the existing governing body and officials or officers in possession but subject to the supervision and orders of a court or governmental authority, or the entry of an order confirming a plan of reorganization, arrangement or liquidation by a court or governmental authority having supervision or jurisdiction over substantially all of the assets or business of the County.
**The term “financial obligation” means a: (i) debt obligation; (ii) derivative instrument entered into in connection with, or pledged as security or a source of payment for, an existing or planned debt obligation; or (iii) a guarantee of (i) or (ii). The term “financial obligation” does not include municipal securities as to which a final official statement has been provided to the MSRB consistent with the Rule.
The County of DeKalb, Illinois $13,000,000* General Obligation Bonds (Alternate Revenue Source), Series 2020 *Subject to change.
33
Late Filing of Annual Reports and Corrective Action The County’s audited financial statements for the fiscal year ended December 31, 2015 were not available to be
filed within the time period specified in previous undertakings. The County filed its December 31, 2015 unaudited financial information on July 29, 2016 and then filed its audited financial statements for the fiscal year ended December 31, 2015 immediately upon their availability on October 5, 2016.
The County’s audited financial statements for the fiscal year ended December 31, 2018 were not available to be filed within the time period specified in previous undertakings. The County filed its December 31, 2018 unaudited financial information on July 29, 2019 and then filed its audited financial statements for the fiscal year ended December 31, 2018 immediately upon their availability on September 27, 2019.
The County's audited financial statements for the fiscal year ended December 31, 2019 were not available to be
filed within the time period specified in previous undertakings. The County filed its December 31 , 2019 unaudited financial information on July 28, 2020 and then filed its audited financial statements for the fiscal year ended December 31, 2019 immediately upon their availability on August 4, 2020.
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 County taken with respect to the issuance or sale thereof. There is no litigation now pending, or to the knowledge of the County, threatened against the County that is expected to materially impact the financial condition of the County.
LEGAL MATTERS Legal matters incident to the authorization, issuance and sale of the Bonds are subject to the unqualified
approving opinion of Katten Muchin Rosenman LLP, Chicago, Illinois, Bond Counsel, whose approving opinion will be delivered with the Bonds. Bond Counsel has reviewed the statements in this Official Statement appearing under the headings “PURPOSE, LEGALITY AND SECURITY” and “TAX EXEMPTION,” and is of the opinion that the statements contained under such headings are accurate statements or summaries of the matters set forth therein and fairly present the information purported to be shown. Except for the foregoing, however, Bond Counsel has not independently verified the accuracy or completeness of statements and information contained in this Official Statement and does not assume any responsibility of the accuracy or completeness of such statements and information.
The opinion of Bond Counsel and the descriptions of the tax law contained in this Official Statement are based
on statutes, judicial decisions, regulations, rulings and other official interpretations of law in existence on the date the Bonds are issued. There can be no assurance that such law or the interpretation thereof will not be changed or that new provisions of law will not be enacted or promulgated at any time while the Bonds are outstanding in a manner that would adversely affect the value or the tax treatment of ownership of the Bonds.
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 County, and all expressions of opinion, whether or not so stated, are intended only as such.
The County of DeKalb, Illinois $13,000,000* General Obligation Bonds (Alternate Revenue Source), Series 2020 *Subject to change.
34
INVESTMENT RATING The Bonds have been rated “Aa1” by Moody’s Investors Service, New York, New York. The County has
supplied certain information and material concerning the Bonds and the County to the rating service shown on the cover page, 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 the rating agency assigning such rating and an explanation of the significance of such rating may be obtained from such rating agency. 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. Except as may be required by the Undertaking described under the heading “CONTINUING DISCLOSURE”, the form of which is attached hereto as EXHIBIT F, neither the County nor the Underwriter undertakes responsibility to bring to the attention of the owners of the Bonds any proposed change in or withdrawal of the rating or to oppose any such revision or withdrawal. 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 County will provide appropriate periodic credit information to the rating service to maintain a rating on the Bonds.
DEFEASANCE AND PAYMENT OF BONDS
If the County shall pay or cause to be paid to the registered owners of the Bonds, the principal, premium, if any, and interest due or to become due thereon, at the times and in the manner stipulated therein and in the Bond Ordinance, then the pledge of taxes, securities and funds hereby pledged and the covenants, agreements and other obligations of the County to the registered owners and the beneficial owners of the Bonds shall be discharged and satisfied.
Any Bonds or interest installments appertaining thereto, whether at or prior to the maturity or the redemption date of such Bonds, shall be deemed to have been paid if (1) in case any such Bonds are to be redeemed prior to the maturity thereof, there shall have been taken all action necessary to call such Bonds for redemption and notice of such redemption shall have been duly given or provision shall have been made for the giving of such notice, and (2) there shall have been deposited in trust with a bank, trust company or national banking association acting as fiduciary for such purpose either (i) moneys in an amount which shall be sufficient, or (ii) “Federal Obligations” as defined below, the principal of and the interest on which when due will provide moneys which, together with any moneys on deposit with such fiduciary at the same time for such purpose, shall be sufficient, to pay when due the principal of, redemption premium, if any, and interest due and to become due on said Bonds on and prior to the applicable redemption date or maturity date thereof.
The term “Federal Obligations” means (i) non-callable, direct obligations of the United States of America, (ii) non-callable and non-prepayable, direct obligations of any agency of the United States of America, which are unconditionally guaranteed by the United States of America as to full and timely payment of principal and interest, (iii) non-callable, non-prepayable coupons or interest installments from the securities described in clause (i) or clause (ii) which are stripped pursuant to programs of the Department of the Treasury of the United States of America, or (iv) coupons or interest installments stripped from bonds of the Resolution Funding Corporation.
The County of DeKalb, Illinois $13,000,000* General Obligation Bonds (Alternate Revenue Source), Series 2020 *Subject to change.
35
UNDERWRITING
The Bonds were offered for sale by the County at a public, competitive sale on August 20, 2020. The best bid submitted at the sale was submitted by _________ (the “Underwriter”). The County awarded the contract for sale of the Bonds to the Underwriter at a price of $_________ (reflecting the par amount of $___________, plus a reoffering premium of $___________, and less an Underwriter’s discount of $____________). The Underwriter has represented to the County that the Bonds have been subsequently re-offered to the public initially at the yields or prices set forth in the Final Official Statement.
MUNICIPAL ADVISOR
The County 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 this 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 a firm of certified public accountants and does not serve in that capacity or provide accounting services in connection with the Bonds. 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 County’s continuing disclosure undertaking.
CERTIFICATION We have examined this Official Statement dated August 11, 2020, for the $13,000,000* General Obligation Bonds (Alternate Revenue Source), Series 2020, 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 our 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 light of the circumstances under which they were made, not misleading. /s/ MARK PIETROWSKI JR. /s/ GARY H. HANSON Chairman of the County Board County Administrator THE COUNTY OF DEKALB, ILLINOIS THE COUNTY OF DEKALB, ILLINOIS *Subject to change.
APPENDIX A
THE COUNTY OF DEKALB, ILLINOIS FISCAL YEAR 2019 AUDITED FINANCIAL STATEMENTS
DE
KA
LB
CO
UN
TY
GO
VE
RN
ME
NT
SY
CA
MO
RE
, ILL
INO
IS
- ii
-
- ii
i -
- iv
-
DeK
alb
Co
un
ty F
inan
ce O
ffic
e20
0 N
. Mai
n St
reet
, Sui
te 2
10 �
Syca
mor
e, IL
601
78-1
431
�
Pho
ne: 8
15-8
95-7
127
�
Fax
: 815
-895
-712
9
July
31,
202
0 To
the
Cit
izen
s of
DeK
alb
Coun
ty:
The
comp
rehe
nsiv
e an
nual
fin
anci
al r
epor
t of
DeK
alb
Coun
ty f
or t
he fi
scal
yea
r en
ded
Dece
mber
31
, 20
19,
is he
reby
su
bmit
ted.
Re
spon
sibi
lity
fo
r bo
th th
e ac
cura
cy of
th
e da
ta,
and
the
comp
lete
ness
an
d fa
irne
ss of
th
e pr
esen
tati
on,
incl
udin
g al
l di
sclo
sure
s, res
ts wit
h De
Kalb
Cou
nty.
To
the
bes
t of
our
kno
wled
ge
and
beli
ef,
the
enclos
ed da
ta ar
e ac
cura
te in
al
l ma
teri
al re
spec
ts an
d ar
e re
port
ed i
n a
mann
er d
esig
ned
to p
rese
nt f
airl
y th
e fi
nanc
ial
posi
tion
and
the
ch
ange
s in
fi
nanc
ial
posi
tion
of
th
e va
riou
s fu
nds
of De
Kalb
Co
unty
. Al
l di
sclo
sure
s ne
cess
ary
to en
able
th
e re
ader
to
ga
in an
un
ders
tand
ing
of th
e Co
unty
's fi
nanc
ial
acti
viti
es ha
ve be
en in
clud
ed.
We
en
cour
age
read
ers
to
cons
ider
th
e in
format
ion
pres
ente
d here
al
ong
with
ad
diti
onal
in
form
atio
n in
clud
ed i
n Ma
nage
ment
’s D
iscu
ssio
n an
d An
alys
is.
DeKa
lb C
ount
y is
req
uire
d to
und
ergo
an
annu
al s
ingl
e au
dit
in c
onfo
rmit
y wi
th
the
prov
isio
ns of
th
e re
vise
d Si
ngle
Au
dit
Act
of 19
96 an
d U.
S. Of
fice
of
Ma
nage
ment
an
d Bu
dget
Un
ifor
m Gu
idan
ce.
In
form
atio
n re
late
d to
th
is si
ngle
au
dit,
in
clud
ing
the
sche
dule
of
fe
dera
l ex
pend
itur
es,
find
ings
an
d re
comm
enda
tion
s, an
d au
dito
r's
repo
rts
on th
e in
tern
al co
ntro
l st
ruct
ure
and
comp
lian
ce wi
th ap
plic
able
la
ws an
d re
gula
tion
s ar
e in
clud
ed in
a
sepa
rate
ly
issu
ed S
ingl
e Au
dit
Repo
rt.
This
rep
ort
incl
udes
all
fun
ds o
f De
Kalb
Cou
nty.
De
Kalb
Cou
nty
prov
ides
a f
ull
rang
e of
ser
vice
s.
Thes
e se
rvic
es i
nclu
de p
ubli
c sa
fety
, hi
ghwa
ys a
nd s
tree
ts,
heal
th a
nd s
ocia
l se
rvic
es,
recr
eati
on a
reas
, pl
anni
ng a
nd z
onin
g, a
nd g
ener
al
admi
nist
rati
ve s
ervi
ces.
In
add
itio
n to
gen
eral
Cou
nty
gove
rnme
nt a
ctiv
itie
s,
the Co
unty
Boa
rd als
o se
rves
as th
e De
Kalb
Cou
nty Fo
rest
Pre
serv
e Di
stri
ct Boa
rd
of Co
mmis
sion
ers.
Th
e Fo
rest
Pr
eser
ve Di
stri
ct is
co
nsid
ered
a
disc
rete
ly
pres
ente
d co
mpon
ent
unit
of
the
Coun
ty.
Fur
ther
, th
e Co
unty
Boa
rd a
ppoi
nts
the
memb
ers
of th
e De
Kalb
Co
unty
Pu
blic
Bu
ildi
ng Co
mmis
sion
, an
d th
e Co
mmis
sion
ge
nera
tes
its
reve
nues
en
tire
ly th
roug
h lo
ng-t
erm
leas
e ag
reem
ents
wi
th th
e Co
unty
. T
here
fore
, th
e Pu
blic
Bui
ldin
g Co
mmis
sion
is
incl
uded
in
the
repo
rtin
g en
tity
as
a bl
ende
d co
mpon
ent
unit
. PR
OFIL
E OF
DEK
ALB
COUN
TY
DeKa
lb Cou
nty is
loc
ated
in No
rthe
rn Ill
inoi
s ab
out si
xty mi
les we
st of th
e Ci
ty
of C
hica
go,
Illi
nois
, an
d wa
s fo
unde
d on
Mar
ch 4
, 18
37.
The
rich
soi
ls o
f th
e ea
ster
n pr
airi
e, wh
ich
prov
ided
th
e ea
rly
sett
lers
wi
th a
valu
able
as
set
from
wh
ich to
ear
n a li
ving
, co
ntin
ue tod
ay to be
a cen
ter of
str
engt
h in
the
Cou
nty.
Citi
zens
of
DeKa
lb C
ount
y Ju
ly 3
1, 2
020
- v
-
The
DeKa
lb Co
unty
Fa
rm Bu
reau
wa
s th
e fi
rst
Farm
Bu
reau
in
th
e na
tion
an
d re
pres
ents
and
adv
ance
s fa
rmin
g in
tere
sts
at t
he C
ount
y le
vel.
Th
e Fa
rm B
urea
u ce
lebr
ated
its
100
th ann
iver
sary
in
2012
and
has
app
roxi
mate
ly 6
,200
mem
bers
. In
189
5 No
rthe
rn I
llin
ois
Stat
e No
rmal
Sch
ool
open
ed.
Alt
houg
h th
e sc
hool
has
be
en r
enam
ed N
orth
ern
Illi
nois
Uni
vers
ity
(NIU
), i
t ha
s gr
own
to a
ccom
moda
te a
n an
nual
en
roll
ment
of
mo
re th
an 15
,000
st
uden
ts as
of
Sp
ring
20
19 an
d is
th
e Co
unty
’s l
arge
st e
mplo
yer.
A
majo
r ac
comp
lish
ment
for
the
Uni
vers
ity
was
bein
g se
lect
ed as th
e ho
st sit
e fo
r th
e Il
lino
is Hig
h Sc
hool
Ass
ocia
tion
(IH
SA) Fo
otba
ll
Stat
e Ch
ampi
onsh
ip be
ginn
ing
in 20
13 an
d co
ntin
uing
ev
ery
othe
r ye
ar th
roug
h 20
21.
Thi
s is
a t
wo-d
ay e
vent
whe
re 1
6 te
ams
comp
ete
in e
ight
gam
es t
hat
draw
ap
prox
imat
ely
25,0
00 f
ans,
and
the
eve
nt g
ener
ates
ove
r $1
,000
,000
in
econ
omic
im
pact
fo
r th
e re
gion
. A
simi
lar
accomp
lish
ment
fo
r th
e Un
iver
sity
wa
s th
e ex
tens
ion
of th
e Il
lino
is El
emen
tary
Sc
hool
As
soci
atio
n (I
ESA)
Bo
ys Wr
estl
ing
Stat
e Fi
nal co
ntra
ct thr
ough
202
0. Th
is ann
ual tw
o-da
y ev
ent dr
aws ap
prox
imat
ely
5,00
0 vi
sito
rs and
gen
erat
es an es
tima
ted $3
00,0
00 to $4
50,0
00 in ec
onom
ic imp
act
to t
he r
egio
n.
The ye
ars be
twee
n 1940
and
197
0 sa
w si
gnif
ican
t gr
owth
in the Co
unty
’s pop
ulat
ion
and
a st
eady
gro
wth
of t
he r
egio
nal
indu
stri
al b
ase.
Th
e es
tima
ted
popu
lati
on
of DeK
alb Co
unty
in 20
19 was
104
,897
acc
ordi
ng to th
e Un
ited
Sta
tes Ce
nsus
Bur
eau.
De
Kalb
Co
unty
is
re
ctan
gula
r in
si
ze wi
th th
e no
rth/
sout
h di
mens
ion
bein
g 36
mile
s lo
ng and
the
eas
t/we
st dim
ensi
on bei
ng 18 mi
les wi
de. The
Cou
nty re
pres
ents
ap
prox
imat
ely 63
4 sq
uare
mil
es (40
5,76
0 ac
res)
and
is co
mprise
d of
19 To
wnsh
ips.
The
Coun
ty al
so ha
s 14
mu
nici
pali
ties
th
at ar
e lo
cate
d pa
rtia
lly
or en
tire
ly
with
in t
he C
ount
y.
DeKa
lb C
ount
y is
gov
erne
d by
a C
ount
y Bo
ard.
Th
e Co
unty
Boa
rd i
s di
vide
d in
to
twel
ve (
12)
two-
pers
on D
istr
icts
bas
ed o
n po
pula
tion
. M
embe
rs a
re e
lect
ed f
or
four
-yea
r te
rms.
On
e me
mber
is el
ecte
d in
eac
h Di
stri
ct eve
ry two
yea
rs. Ho
weve
r,
all tw
enty
-fou
r (2
4) mem
bers
are
ele
cted
at th
e No
vemb
er Gen
eral
Ele
ctio
n in
the
seco
nd yea
r fo
llow
ing a de
cenn
ial ce
nsus
. The
Cou
nty Bo
ard ha
s ei
ght (8
) st
andi
ng
comm
itte
es.
Mem
bers
of
the
Coun
ty B
oard
ser
ve c
oncu
rren
tly
as C
ommi
ssio
ners
of
the
DeKa
lb Co
unty
Fo
rest
Pr
eser
ve Di
stri
ct.
Th
e Co
unty
Cl
erk
and
Reco
rder
, Re
gion
al Su
peri
nten
dent
of
Sc
hool
s, Co
unty
Ci
rcui
t Cl
erk,
Co
unty
Tr
easu
rer,
Co
unty
She
riff
, St
ates
Att
orne
y, a
nd C
oron
er a
re e
lect
ed o
ffic
ials
. Th
e Co
unty
Bo
ard
appo
ints
, am
ong
othe
rs,
the
Coun
ty A
dmin
istr
ator
, Fi
nanc
e Di
rect
or,
Chie
f Co
unty
As
sess
ment
Of
fici
al,
Info
rmat
ion
Mana
geme
nt Di
rect
or,
Fore
st Pr
eser
ve
Supe
rint
ende
nt,
Coun
ty
Engi
neer
, Fa
cili
ties
Ma
nage
ment
Di
rect
or,
and
the
Comm
unit
y De
velo
pmen
t Di
rect
or. Th
e Co
unty
Boa
rd als
o ap
poin
ts the
Dep
uty Co
unty
Admi
nist
rato
r, h
owev
er,
that
pos
itio
n wa
s va
cant
for
the
201
9 fi
scal
yea
r.
Mana
geme
nt of th
e Co
unty
is re
spon
sibl
e fo
r es
tabl
ishi
ng and
mai
ntai
ning
int
erna
l co
ntro
ls de
sign
ed to en
sure
th
at th
e asse
ts of
th
e Co
unty ar
e pr
otec
ted
from
loss
, th
eft,
or mi
suse
, an
d to
ens
ure th
at ade
quat
e ac
coun
ting
dat
a ar
e co
mpil
ed
to al
low
for
the
prep
arat
ion
of th
e fi
nanc
ial
stat
emen
ts in
co
nfor
mity
wi
th
gene
rall
y ac
cept
ed ac
coun
ting
pr
inci
ples
. Th
e in
tern
al co
ntro
l st
ruct
ure
is
desi
gned
to pr
ovid
e re
ason
able
, bu
t no
t ab
solu
te, as
sura
nce th
at the
se obj
ecti
ves
are
met.
Th
e co
ncep
t of
re
ason
able
as
sura
nce
reco
gniz
es th
at th
e co
st of
a
cont
rol
shou
ld no
t ex
ceed
th
e be
nefi
ts li
kely
to
be
de
rive
d fr
om it
, an
d th
e va
luat
ion of
cos
ts and
ben
efit
s re
quir
es tha
t es
tima
tes an
d ju
dgme
nts be
mad
e by
mana
geme
nt.
Citi
zens
of
DeKa
lb C
ount
y Ju
ly 3
1, 2
020
- vi
-
Of the
201
8 ta
xabl
e eq
uali
zed as
sess
ed val
uati
on (EA
V) of $2,0
69,4
14,9
75, 62
% is
resi
dent
ial,
22%
is
comm
erci
al/i
ndus
tria
l, 1
4% i
s fa
rm,
and
the
rema
inin
g 2%
is
rail
road
/win
d fa
rm.
The
Cou
nty,
thr
ough
its
Eco
nomi
c De
velo
pmen
t Co
mmit
tee
and
thro
ugh it
s pa
rtne
rshi
p wi
th the
DeK
alb Co
unty
Eco
nomi
c De
velo
pmen
t Co
rpor
atio
n,
cont
inue
s to
ac
tive
ly pu
rsue
ec
onom
ic de
velo
pmen
t wi
th th
e go
al of
br
oade
ning
an
d di
vers
ifyi
ng i
ts l
ong-
term
tax
bas
e.
The
annu
al bu
dget
is
th
e pr
imar
y gu
idin
g do
cume
nt fo
r th
e Co
unty
’s fi
nanc
ial
plan
ning
and
con
trol
. In ad
diti
on, th
e Coun
ty mai
ntai
ns bud
geta
ry con
trol
s. Th
e ob
ject
ive
of th
ese
budg
etar
y co
ntro
ls is
to
en
sure
co
mpli
ance
wi
th le
gal
prov
isio
ns emb
odie
d in
the
ann
ual bu
dget app
rove
d by
the
Count
y Go
vern
ing Bo
ard.
The
leve
l of
bud
geta
ry c
ontr
ol (
that
is,
the
lev
el a
t wh
ich
expe
ndit
ures
can
not
lega
lly
exce
ed t
he b
udge
ted
amou
nt)
is e
stab
lish
ed a
t th
e ob
ject
lev
el.
ECON
OMIC
CON
DITI
ON A
ND O
UTLO
OK
Over
all,
the
lon
g-te
rm eco
nomi
c tr
ends
in De
Kalb
Cou
nty co
ntin
ue to im
prov
e. The
numb
er of
un
empl
oyed
wo
rker
s in
De
Kalb
Co
unty
de
crea
sed
by 50
8 fr
om De
cemb
er,
2018
to De
cemb
er, 2019
per
dat
a re
leas
ed by th
e Il
lino
is Depar
tmen
t of
Emp
loym
ent
Secu
rity
. Thi
s re
sult
ed in a de
crea
se of 0.
9% in th
e un
employ
ment
rat
e fr
om 4.8%
in De
cemb
er,
2018
to
3.
9% in
De
cemb
er,
2019
. Th
e De
cemb
er,
2019
un
empl
oyme
nt
rate
of
3.9%
was
the
low
est
rate
in
the
past
13
year
s si
nce
the
Dece
mber
, 20
06
rate
of
3.7%
. T
he 2
019
aver
age
unem
ploy
ment
rat
e of
4.1
% wa
s in
lin
e wi
th t
he
4.0%
ave
rage
une
mplo
ymen
t ra
te f
or t
he S
tate
of
Illi
nois
for 2
019.
Th
is l
ong-
term
tre
nd i
s en
cour
agin
g as
it
indi
cate
s an
imp
rovi
ng l
ocal
eco
nomy
. Ta
xabl
e EA
V on
a C
ount
y-wi
de b
asis
inc
reas
ed b
y 5.
2% d
urin
g th
e ye
ar.
Thi
s is
th
e fo
urth
con
secu
tive
ann
ual in
crea
se fol
lowi
ng fiv
e ye
ars of
dec
lini
ng pro
pert
y va
lues
, an
in
dica
tion
th
at pr
oper
ty va
lues
ha
ve fi
nall
y tu
rned
th
e co
rner
an
d ar
e be
ginn
ing
a re
turn
tow
ards
the
pre
-rec
essi
on p
eak
atta
ined
in
2009
. I
t is
anti
cipa
ted
that
th
e ta
xabl
e EA
V wi
ll po
st it
s fi
fth
cons
ecut
ive
year
of
in
crea
sing
val
ues
this
yea
r, a
noth
er s
ign
of a
n im
prov
ing
loca
l ec
onom
y.
Alon
g th
ose
line
s, D
eKal
b Co
unty
iss
ued
a to
tal
of 2
73 p
ermi
ts f
or c
onst
ruct
ion
in uni
ncor
pora
ted ar
eas of
the
Cou
nty in
201
9 co
mpar
ed wit
h 20
0 in
201
8. Of
thi
s to
tal,
8
perm
its
were
is
sued
fo
r ne
w ho
me co
nstr
ucti
on wi
th a
tota
l va
lue
of
$2,4
60,0
00 (t
wo of
whi
ch we
re fo
r fa
rm dw
elli
ngs)
. Of th
e pe
rmit
s is
sued
for
new
home
s in
uni
ncor
pora
ted
DeKa
lb C
ount
y in
201
9, t
here
was
one
eac
h in
Aft
on,
Clin
ton,
Co
rtla
nd,
Malt
a, Sa
ndwi
ch,
and
Syca
more
To
wnsh
ips
plus
tw
o in
Ge
noa
Town
ship
. An
othe
r 43
pe
rmit
s we
re is
sued
fo
r co
mmer
cial
or
in
dust
rial
co
nstr
ucti
on w
ith
a to
tal
valu
e of
$7,
203,
295,
and
121
per
mits
wer
e is
sued
for
al
tera
tion
s to
ex
isti
ng re
side
nces
wi
th a
tota
l va
lue
of $3
,477
,201
. An
ad
diti
onal
101
per
mits
wer
e is
sued
for
non
-com
merc
ial,
non
-ind
ustr
ial
acce
ssor
y st
ruct
ures
wi
th a
valu
e of
$4
,066
,433
(o
f th
ese,
19
we
re is
sued
fo
r fa
rm
stru
ctur
es).
Th
e to
tal
numb
er o
f pe
rmit
s re
flec
t ap
prox
imat
ely
$17,
206,
929
in
cons
truc
tion
va
lue
whic
h re
pres
ents
a
59%
incr
ease
an
d $1
50,6
61 in
fe
es we
re
gene
rate
d in
201
9 wh
ich
is a
33%
inc
reas
e fr
om 2
018.
Wh
ile
the
Coun
ty co
ntin
ues
to lo
ok fo
r op
port
unit
ies
to en
hanc
e an
d de
velo
p em
ploy
ment
pro
spec
ts for
its
res
iden
ts, an
d fo
r af
ford
able
hou
sing
sto
ck for
its
comm
unit
ies,
202
0 wi
ll u
ndou
bted
ly p
rese
nt c
hall
enge
s on
mul
tipl
e le
vels
as
the
Coun
ty d
evel
ops
plan
s to
mit
igat
e th
e im
pact
of
the
coro
navi
rus
pand
emic
.
Citi
zens
of
DeKa
lb C
ount
y Ju
ly 3
1, 2
020
- vi
i -
MAJO
R IN
ITIA
TIVE
S FO
R TH
E YE
AR A
ND T
HE F
UTUR
E Cu
rren
t Ye
ar I
niti
ativ
es
Infr
astr
uctu
re i
mpro
veme
nts
cont
inue
to
be a
nec
essi
ty t
o enco
urag
e de
velo
pmen
t in
DeK
alb
Coun
ty a
nd s
timu
late
the
loc
al e
cono
my.
Peac
e Ro
ad /
Ill
inoi
s Ro
ute
64 I
nter
sect
ion
Safe
ty I
mpro
veme
nts
The
inte
rsec
tion
of
Pe
ace
Road
an
d Il
lino
is Ro
ute
64 is
on
e of
th
e bu
sies
t in
ters
ecti
ons
in the
Coun
ty.
La
rge
volu
mes
of tr
affi
c typi
call
y re
sult
in
a
high
er nu
mber
of
cr
ashe
s. Th
is in
ters
ecti
on is
no
ex
cept
ion
and
ther
efor
e qu
alif
ied fo
r fe
dera
l sa
fety
fun
ds to ma
ke imp
rove
ment
s in
201
9. Pe
ace Ro
ad was
a 5-
lane
hig
hway
sou
th of Il
lino
is Rou
te 64 an
d a 2-
lane
hig
hway
nor
th of Il
lino
is
Rout
e 64
. The
5-l
ane cr
oss se
ctio
n wa
s ex
tend
ed nor
th to al
low dr
iver
s to
mer
ge
long
af
ter
they
cr
osse
d th
e in
ters
ecti
on.
Th
e pr
ojec
t al
so in
clud
ed im
prov
ed
righ
t tu
rn l
anes
, of
fset
lef
t tu
rn l
anes
for
bet
ter
sigh
t di
stan
ce o
f on
comi
ng
traf
fic,
pav
ed saf
ety sh
ould
ers,
and
new tra
ffic
sig
nals
. The pro
ject
was
awa
rded
the
APWA
Fo
x Va
lley
Br
anch
’s Pu
blic
Wo
rks
Proj
ect
of th
e Ye
ar in
th
e Tr
ansp
orta
tion
le
ss th
an $5
Mi
llio
n ca
tego
ry.
The
proj
ect
cost
$2
,386
,000
of
wh
ich
90%
was
paid
usi
ng F
eder
al H
ighw
ay S
afet
y Im
prov
emen
t Pr
ogra
m Fu
nds.
Th
e re
main
ing
10%
was
paid
usi
ng l
ocal
Mat
chin
g Ta
x fu
nds.
Pl
ank
Road
Saf
ety
Impr
ovem
ents
In
20
16,
the
Coun
ty Hi
ghwa
y De
part
ment
ap
plie
d fo
r Fe
dera
l Hi
ghwa
y Sa
fety
Im
prov
emen
t Pr
ogra
m Fu
nds
(HSI
P) d
ue t
o th
e nu
mber
of
seri
ous
and
fata
l cr
ashe
s on
Pl
ank
Road
. IDOT
se
lect
ed th
is pr
ojec
t in
ad
diti
on to
th
e Pe
ace
Road
inte
rsec
tion
pr
ojec
t. Th
e Pl
ank
Road
im
prov
emen
ts co
nsis
ted
of pa
ved
safe
ty
shou
lder
s an
d ge
nera
l sh
ould
er w
iden
ing,
dit
ch r
egra
ding
, and
impr
oved
lig
htin
g at
int
erse
ctio
ns.
The
int
erse
ctio
n li
ghti
ng a
nd c
ente
rlin
e re
flec
tive
pav
emen
t ma
rker
s we
re no
t able
to
be
co
mple
ted
due
to an
ea
rly
wint
er an
d th
ose
two
port
ions
of
the
proj
ect
will
be
comp
lete
d in
202
0.
The
proj
ect
cost
$1,
758,
430
of wh
ich
90%
was
paid
us
ing
Fede
ral
High
way
Safe
ty Im
prov
emen
t Pr
ogra
m Fu
nds.
Th
e re
main
ing
10%
was
paid
usi
ng l
ocal
Mat
chin
g Ta
x fu
nds.
Wa
term
an R
oad
Shou
lder
& D
itch
Rec
onst
ruct
ion
The
mult
i-ye
ar pr
oces
s of
re
buil
ding
th
e 5-
mile
hi
ghwa
y be
twee
n Wa
term
an,
Illi
nois
an
d Pe
rry
Road
st
arte
d in
20
17.
In
20
19,
the
Coun
ty co
ntin
ued
the
reco
nstr
ucti
on wit
h a sh
ould
er wid
enin
g an
d di
tch re
shap
ing pr
ojec
t. In
add
itio
n to
the
sho
ulde
r an
d di
tch wo
rk, en
tran
ce pip
es wer
e re
plac
ed and
a few
cro
ssro
ad
pipe
s we
re mo
difi
ed.
Du
e to
th
e ea
rly
wint
er,
the
nort
h en
d of
th
e pr
ojec
t re
main
s to
be
fina
l gr
aded
and
see
ded.
Th
e pr
ojec
t co
st $
885,
403
and
100%
of
the
proj
ect
was
paid us
ing
Coun
ty Mo
tor
Fuel
Ta
x fu
nds
and
loca
l Ma
tchi
ng Tax
fund
s.
Chic
ago
Road
Pip
e Cu
lver
ts
In the
Cou
nty’
s Tr
ansp
orta
tion
Imp
rove
ment
Pla
n, Chi
cago
Road is
sch
edul
ed to be
pave
d we
st of Il
linois
Rou
te 23 in
202
1. Pr
ior to
res
urfa
cing a roa
d, the
Hig
hway
Depa
rtme
nt i
nspe
cts
the
cros
sroa
d an
d dr
ivew
ay c
ulve
rts
to d
eter
mine
wha
t ne
eds
to b
e re
plac
ed.
The
Hig
hway
Dep
artm
ent
repl
aced
15
cros
sroa
d pi
pes
in 2
018
and
repl
aced
45
dr
ivew
ay pi
pes
in 20
19.
Ju
st as
in
20
18,
all
work
wa
s pe
rfor
med
usin
g in
-hou
se la
bor
by th
e Hi
ghwa
y De
part
ment
. Th
e De
Kalb
Co
unty
Hi
ghwa
y De
part
ment
pe
rfor
med
the
surv
eyin
g, de
sign
, an
d co
nstr
ucti
on on
th
is pr
ojec
t.
The
cost
of
the
pipe
mat
eria
ls w
as $
12,8
99.
Citi
zens
of
DeKa
lb C
ount
y Ju
ly 3
1, 2
020
- vi
ii -
Base
Lin
e Ro
ad B
ridg
e Th
is p
roje
ct i
nclu
ded
the
repl
acem
ent
of a
60-
year
old
bri
dge
on B
ase
Line
Roa
d ju
st we
st of
th
e Kane
Co
unty
li
ne in Ge
noa
Town
ship
. Th
e 44
-foo
t-lo
ng br
idge
had
a re
duce
d we
ight l
imit
cap
acit
y.
The
new
stru
ctur
e is
58
feet
lon
g an
d has
a su
rfac
e wi
dth
of 3
0 fe
et v
ersu
s th
e pr
evio
us w
idth
of
24 f
eet.
Th
e pr
ojec
t wa
s co
mple
ted
and
the
road
op
ened
to
tr
affi
c ah
ead
of sc
hedu
le at
a
cost
of
$6
13,3
27. The
pro
ject
was
pai
d us
ing Fede
ral Su
rfac
e Tr
ansp
orta
tion
Fun
ds (ST
P-Br
) fo
r 80
% of
th
e pr
ojec
t, th
e lo
cal
Aid
to Br
idge
s Ta
x fu
nd fo
r 10
% of
th
e pr
ojec
t, an
d th
e re
main
ing
10%
spli
t be
twee
n th
e Ge
noa
Town
ship
Ro
ad Di
stri
ct
and
the
Syca
more
Tow
nshi
p Ro
ad D
istr
ict.
Pe
ace
Road
Tur
n La
nes
This
pro
ject
cre
ated
ext
ende
d ri
ght tu
rn lan
es on Pe
ace Ro
ad at th
e in
ters
ecti
ons
with
Fre
ed R
oad
and
with
Bri
ckvi
lle
Road
. T
he t
urn
lane
s we
re c
onst
ruct
ed l
ong
enou
gh to al
so ser
ve as de
cele
rati
on lanes
. The
y we
re als
o offs
et fro
m th
e Pe
ace
Road
thr
ough
lan
es t
o he
lp v
ehic
les
on t
he s
ide
road
s se
e arou
nd t
raff
ic i
n th
e tu
rn l
anes
. T
he f
irst
par
t of
the
ove
rall
pro
ject
inc
lude
d th
e wi
deni
ng o
f th
e ag
greg
ate
road
bas
e an
d re
late
d ea
rthw
ork.
Th
e se
cond
par
t of
the
pro
ject
was
the
pavi
ng a
nd s
trip
ing
of t
he n
ew t
urn
lane
s.
The
firs
t pa
rt o
f th
e pr
ojec
t wa
s co
mple
ted
in th
e sp
ring
wh
ile
the
pavi
ng oc
curr
ed in
la
te su
mmer
. The
eart
hwor
k an
d ag
greg
ate
port
ion
of t
he p
roje
ct c
ost
$131
,734
and
was
100
% pa
id
usin
g lo
cal
High
way
fund
s.
The
pavi
ng p
orti
on o
f th
e pr
ojec
t co
st $
164,
177
and
was
80%
paid
us
ing
Fede
ral
Surf
ace
Tran
spor
tati
on Fu
nds
- Ur
ban
(STU
) th
roug
h th
e De
Kalb
-Syc
amor
e-Co
rtla
nd MPO
(DS
ATS)
. The
rem
aini
ng 20%
was
pai
d us
ing lo
cal
Matc
hing
Tax
fun
ds.
Barb
er G
reen
e Sa
fety
Sho
ulde
rs a
nd T
urn
Lane
Th
is p
roje
ct i
nvol
ved
the
pavi
ng o
f 4-
foot
pav
ed s
afet
y sh
ould
ers
alon
g Ba
rber
Gree
ne Roa
d be
twee
n Pe
ace Ro
ad and
Som
onau
k Ro
ad. The
pro
ject
als
o in
clud
ed the
pa
ving
of
a ri
ght
turn
lan
e fo
r we
stbo
und
traf
fic
on B
arbe
r Gr
eene
Roa
d tu
rnin
g no
rth on
to Pea
ce Road.
Th
e Co
unty
Hig
hway
Dep
artm
ent pr
epar
ed the
agg
rega
te base
for
the
turn
lan
e in 2
018.
Un
til
the
prop
osed
bik
e pa
th s
epar
ate
from
the
roa
d is
com
plet
ed,
pave
d sa
fety
sho
ulde
rs w
ill
elim
inat
e th
e dr
op-o
ff a
t th
e ed
ge o
f th
e pa
veme
nt,
prot
ect
the
pave
ment
edg
e fr
om c
rack
ing
and
brea
king
off
, pr
ovid
e a
safe
ar
ea fo
r dr
iver
s to
re
gain
co
ntro
l of
th
eir
vehi
cle
and
re-e
nter
th
eir
lane
of tr
affi
c, and
pro
vide
an ar
ea for
cyc
list
s to
tra
vel wi
thou
t be
ing in
the
li
ve la
ne of
tr
affic.
Th
e pa
ving po
rtio
n of
th
is pr
ojec
t co
st $1
53,1
55 wh
ile
the
High
way
Depa
rtme
nt u
sed
in-h
ouse
cre
ws t
o co
mple
te t
he a
ggre
gate
sho
ulde
rs
outs
ide
the
pave
d sh
ould
ers.
80
% wa
s pa
id u
sing
Fed
eral
Sur
face
Tra
nspo
rtat
ion
Fund
s -
Urba
n (S
TU)
thro
ugh
the
DeKa
lb-S
ycam
ore-
Cort
land
MP
O (D
SATS
). Th
e re
main
ing
20%
was
paid
usi
ng l
ocal
Mat
chin
g Ta
x fu
nds.
Jo
hnso
n Ro
ad B
ox C
ulve
rt
The Jo
hnso
n Ro
ad box
cul
vert
in Ma
yfie
ld Tow
nshi
p Ro
ad Dis
tric
t wa
s bu
ilt in
195
5 an
d ha
d a po
sted
wei
ght li
mit of
12 to
ns. The
red
uced
wei
ght limi
t wa
s de
term
ined
by I
DOT
afte
r th
ey d
id a
n an
alys
is o
f the
top
slab
of
the
box
culv
ert
and
foun
d it
to
be
in
suff
icient
. In
stea
d of a
comp
lete
re
plac
emen
t of
th
e cu
lver
t, th
e Co
unty
and
Roa
d Di
stri
ct had
an op
tion
to mo
dify
the
top
dec
k of
the
box
cul
vert
to
rem
ove th
e re
stri
cted
wei
ght li
mit.
Th
is opt
ion re
quir
ed a 3-w
eek ro
ad clo
sure
in
stea
d of
3
mont
hs.
It
al
so sa
ved
appr
oxim
atel
y $3
00,0
00 of
ta
xpay
er fu
nds.
Th
e pr
ojec
t wa
s co
mple
ted
at a
cos
t of
$29
,571
and
50%
of
the
proj
ect
was
paid
us
ing
loca
l Co
unty
Aid
to
Brid
ges
Tax
fund
s wi
th t
he r
emai
ning
50%
pai
d by
the
Ma
yfie
ld T
owns
hip
Road
Dis
tric
t.
Citi
zens
of
DeKa
lb C
ount
y Ju
ly 3
1, 2
020
- ix
-
Somo
nauk
Roa
d Si
dewa
lk
This
pro
ject
inc
lude
d th
e re
plac
emen
t of
def
icie
nt s
idew
alk
and
inst
alla
tion
of
new si
dewa
lk whe
re gap
s ex
iste
d al
ong Somo
nauk
Roa
d in
the
Tow
n of
Cor
tlan
d. The
proj
ect al
so inc
lude
d ne
w si
dewa
lk alo
ng sec
tion
s of
Mea
dow La
ne und
er the
Tow
n’s
juri
sdic
tion
. Du
ring
th
e pr
ojec
t, bo
th th
e Co
unty
an
d th
e To
wn in
crea
sed
the
area
s of
sid
ewal
k to
be re
plac
ed. Thi
s wa
s du
e to
the
ext
ra det
erio
rati
on whi
ch
occu
rred
du
ring
th
e tw
o wi
nter
s si
nce
the
orig
inal
pl
ans
were
cr
eate
d. The
proj
ect
cost
$14
4,96
1 an
d th
e Co
unty
’s p
orti
on o
f th
e pr
ojec
t wa
s $9
8,17
2 wi
th
55%
comi
ng f
rom
Coun
ty M
otor
Fue
l Ta
x fu
nds
and
45%
comi
ng f
rom
Coun
ty M
atch
ing
Tax
fund
s.
The
DeKalb
Cou
nty
High
way
Depa
rtme
nt p
erfo
rmed
the
pre
limi
nary
and
desi
gn e
ngin
eeri
ng f
or t
his
proj
ect.
To
wnsh
ip R
esur
faci
ng P
roje
cts
Each
ye
ar,
town
ship
ro
ad di
stri
cts
requ
est
the
Coun
ty Hi
ghwa
y De
part
ment
to
pr
epar
e pr
opos
als an
d co
ntra
cts as
wel
l as
ove
rsee
con
stru
ctio
n ac
tivi
ties
. Som
e of
th
ese
acti
viti
es in
clud
e ho
t-mi
x as
phal
t pa
ving
on
su
bdiv
isio
n st
reet
s an
d ru
ral ro
ads.
In
2019,
5 tow
nshi
p ro
ad dis
tric
ts com
plet
ed hot
-mix
asp
halt
pav
ing
proj
ects
thr
ough
out
the
Coun
ty.
The
se p
roje
cts
cove
red
5.75
mil
es o
f ro
ad a
t a
cost
of
$868
,453
. Th
ey w
ere
paid
usi
ng a
com
bina
tion
of
Town
ship
Mot
or F
uel
Tax
fund
s an
d To
wnsh
ip l
ocal
fun
ds.
The
DeKal
b Co
unty
Hig
hway
Dep
artm
ent
prep
ared
the
plan
s fo
r th
ese
pavi
ng p
roje
cts
and
perf
orme
d th
e co
nstr
ucti
on i
nspe
ctio
n.
Seal
Coa
t Pr
ojec
ts
In 201
9, 13 to
wnsh
ips an
d 2 mu
nici
pali
ties joi
ned th
e Co
unty
’s sea
l co
at con
trac
t.
Seal
co
at is
a
prev
enta
tive
ma
inte
nanc
e pr
oces
s us
ed to
ex
tend
th
e li
fe of
a
pave
ment
. The
Cou
nty se
al coa
ted 14
.7 mil
es at a co
st of $2
20,0
90. The
tow
nshi
p ro
ad dis
tric
ts sea
l co
ated
38.
6 mi
les at
a cos
t of
$72
9,32
3. Th
e mu
nici
pali
ties
’ se
al c
oat
work
cos
t $2
2,10
6.
The
DeKa
lb C
ount
y Hi
ghwa
y De
part
ment
pre
pare
d th
e pl
ans
for
thes
e se
al c
oat
proj
ects
and
per
form
ed t
he c
onst
ruct
ion
insp
ecti
on.
Reju
vena
tor
Proj
ects
Th
e Co
unty
al
so us
es a
liqu
id re
juve
nato
r as
a
way
to ex
tend
th
e li
fe of
it
s ro
ads.
3 mi
les of
Cou
nty ro
ads we
re spr
ayed
at a co
st of $5
7,08
2. On
e to
wnsh
ip
road
dis
tric
t sp
raye
d 2.
8 mi
les of
roa
ds at a co
st of $3
0,98
2. On
e mu
nici
pali
ty
spra
yed
vari
ous
stre
ets
at a
cost
of
$8
9,68
7. Th
e De
Kalb
Co
unty
Hi
ghwa
y De
part
ment
pre
pare
d th
e pl
ans
for
thes
e pr
ojec
ts a
nd p
erfo
rmed
the
con
stru
ctio
n in
spec
tion
. Cr
ack
Rout
ing
and
Fill
ing
Proj
ects
Cr
ack fi
llin
g is
ano
ther
pre
vent
ativ
e ma
inte
nanc
e pr
ogra
m us
ed to ex
tend
the
lif
e of
pav
emen
ts.
Whi
le t
he C
ount
y us
es i
n-ho
use
crew
s to
rou
t an
d fi
ll c
rack
s on
it
s ro
ads,
th
e to
wnsh
ips
and
muni
cipa
liti
es hi
re co
ntra
ctor
s to
pe
rfor
m th
is
work
. I
n 20
19,
5 town
ship
s ha
d ro
ads
unde
r th
is c
ontr
act
at a
cos
t of
$57
,835
.
Two
muni
cipa
liti
es ha
d st
reet
s un
der
this
co
ntac
t at
a
cost
of
$1
0,76
7. Th
e De
Kalb
Co
unty
Hi
ghwa
y De
part
ment
pr
epar
ed th
e pl
ans
for
thes
e pr
ojec
ts an
d pe
rfor
med
the
cons
truc
tion
ins
pect
ion.
Citi
zens
of
DeKa
lb C
ount
y Ju
ly 3
1, 2
020
- x
-
Othe
r To
wnsh
ip M
aint
enan
ce P
roje
cts
In add
itio
n to
the
abo
ve wor
k, the
19 to
wnsh
ip roa
d di
stri
cts an
d 4 mu
nici
pali
ties
ha
d th
e Co
unty
pr
epar
e va
riou
s ma
inte
nanc
e co
ntra
cts
on th
eir
beha
lf in
20
19
incl
udin
g bi
tumi
nous
pa
tchi
ng ma
teri
als, va
riou
s ag
greg
ates
, ca
lciu
m ch
lori
de,
cent
erli
ne and
edg
e li
ne str
ipin
g, and
dra
inag
e pi
pes.
Th
e De
Kalb
Cou
nty Hi
ghwa
y De
part
ment
pre
pare
d th
e pl
ans
for
thes
e co
ntra
cts.
To
rt &
Lia
bili
ty F
und
Rese
rves
In
the
pas
t, the
Cou
nty ha
s el
ecte
d to
ass
ume mo
st of it
s ow
n li
abil
ity fo
r ri
sk
expo
sure
. S
elf-
insu
ranc
e co
ntin
ued
in 2
019
for
work
ers
comp
ensa
tion
and
exc
ess
liab
ilit
y co
vera
ge.
By
assu
ming
tho
se r
isks
, th
e Co
unty
has b
een
able
to
keep
its ta
x le
vy low
er tha
n no
rmal
ove
r th
e la
st sev
eral
yea
rs for
tor
t an
d li
abil
ity
insu
ranc
e pu
rpos
es.
At
the
same
tim
e, t
he C
ount
y ha
s bu
ilt
an a
dequ
ate
rese
rve
for
pote
ntia
l cl
aims
. T
hose
res
erve
s, in
a p
erio
d of
29
yea
rs f
or w
hich
thi
s se
lf-i
nsur
ed p
hilo
soph
y ha
s be
en i
n pl
ace,
hav
e go
ne f
rom
a ne
gati
ve b
alan
ce t
o $6
.3 m
illi
on a
s of t
he e
nd o
f th
e 20
19 f
isca
l ye
ar.
It
is a
ntic
ipat
ed t
hat
the
tax
levy
fo
r in
sura
nce
poli
cies
an
d cl
aims
wi
ll re
main
re
lati
vely
co
nsta
nt.
Prop
erty
in
sura
nce
is pu
rcha
sed
on al
l Co
unty
bu
ildi
ngs
and
for
all
High
way
Depa
rtme
nt veh
icle
s on
a ful
ly ins
ured basis
as th
ose ri
sks are mo
re con
cent
rate
d.
Co
unty
-Wid
e Di
gita
l Ra
dio
Comm
unic
atio
n Sy
stem
In
20
19,
the
Coun
ty-w
ide
digi
tal
radi
o co
mmun
icat
ion
syst
em wa
s su
bsta
ntia
lly
comp
lete
d wi
th o
nly
mino
r tr
oubl
esho
otin
g is
sues
lef
t to
res
olve
. C
onst
ruct
ion
on t
he n
ew s
yste
m be
gan
in 2
018
to r
epla
ce t
he a
ntiq
uate
d sy
stem
tha
t ha
d be
en
in us
e th
at di
d not
prov
ide
adeq
uate
re
cept
ion
or si
gnal
st
reng
th to
pu
blic
safe
ty ag
enci
es th
roug
hout
th
e Co
unty
. Th
e Co
unty
co
nstr
ucte
d th
ree
towe
rs
suff
icie
nt t
o pr
ovid
e ad
equa
te r
adio
cov
erag
e th
roug
hout
the
Cou
nty
and
offe
red
low
inte
rest
lo
ans
to an
y la
w en
forc
emen
t ag
ency
th
at co
uld
not
imme
diat
ely
affo
rd to pu
rcha
se the
nec
essa
ry equ
ipme
nt upg
rade
s to
ope
rate
on th
e ne
w di
gital
radi
o co
mmun
icat
ion
syst
em.
Th
e fi
nal
cost
of
th
e pr
ojec
t is
ex
pect
ed to
be
ap
prox
imat
ely
$4.4
mi
llio
n wh
ich
will
be
fu
nded
by
in
terf
und
loan
s fr
om ot
her
Coun
ty Fu
nds
to ev
entu
ally
be
re
paid
by
re
venu
e ge
nera
ted
by sp
ecia
l wa
ste
disp
osal
at
the
land
fill
. Nu
rsin
g Ho
me E
xpan
sion
Th
e Nu
rsin
g Ho
me E
xpan
sion
got
und
erwa
y in
ear
nest
in
2018
wit
h a
tota
l of
$1.
3 mi
llio
n sp
ent
as of th
e en
d of
th
e fi
scal
ye
ar.
In
20
19,
an ad
diti
onal
$6
.9
mill
ion in
cos
ts wer
e in
curr
ed bri
ngin
g the pr
ojec
t-to
-dat
e tota
l to
$8.
2 mi
llio
n.
The pr
ojec
t co
nsis
ts of ad
ding
a Tra
nsit
iona
l Ca
re Uni
t th
at wil
l ad
d 18
Med
icar
e be
ds, a mu
lti-
purp
ose ro
om, do
wnsi
zing
the
nur
sing
sta
tion
s, as we
ll as cr
eati
ng
loun
ges/
resi
dent
vi
siti
ng ar
eas.
Im
provem
ents
wo
uld
faci
lita
te re
side
nt fo
od
cart
dis
trib
utio
n an
d en
hanc
e Me
dica
re A pri
vate
pay
rev
enue. Con
stru
ctio
n wi
ll
enha
nce
the
long
evit
y of
th
e fa
cili
ty fo
r th
e ne
xt fi
ftee
n to
tw
enty
ye
ars.
Init
ial
fina
ncin
g fo
r th
is $
15 m
illi
on e
xpan
sion
wil
l be
pro
vide
d by
$2
mill
ion
from
cas
h re
serv
es plu
s in
terf
und lo
ans fr
om oth
er Cou
nty Fu
nds.
In
202
0, a $13
mi
llio
n bo
nd iss
ue is pl
anne
d to
com
plet
e th
e co
nstr
ucti
on and
rep
ay the
int
erfu
nd
loan
s.
Citi
zens
of
DeKa
lb C
ount
y Ju
ly 3
1, 2
020
- xi
-
Empl
oyee
Hea
lth
Insu
ranc
e Ef
fect
ive wi
th the
201
9 Pl
an Yea
r, the
Cou
nty mo
ved fr
om stand
alon
e se
lf-i
nsur
ed
heal
th i
nsur
ance
pla
ns t
o me
mber
ship
in
the
Inte
rgov
ernm
enta
l Pe
rson
nel
Bene
fit
Coop
erat
ive (I
PBC)
, a po
ol of lo
cal go
vern
ment
s th
at has
bee
n in
exi
sten
ce sin
ce
the
late
19
70s
and
is cu
rren
tly
comp
rise
d of
ov
er 13
0 pu
blic
se
ctor
en
titi
es.
Th
e IP
BC a
lso
has
an i
nter
nal
pool
ing
mech
anis
m th
at a
llow
s th
e po
ol t
o ab
sorb
mo
re ris
k in
tern
ally
wit
hout
hav
ing to
pur
chas
e st
op los
s cove
rage
at re
lati
vely
low
atta
chme
nt po
ints
. Lo
wer
prem
iums an
d ec
onom
ies
of scal
e th
at al
low
for
high
er l
evel
s of
sel
f-in
sure
d re
tent
ion
are
expe
cted
to
bene
fit
the
Coun
ty f
or
seve
ral
year
s in
the
fut
ure.
He
alth
ins
uran
ce r
ates
for
201
9 we
re d
ecre
ased
on
aver
age
by 7
% an
d ra
tes
were
gua
rant
eed
thro
ugh
June
, 20
20.
Fin
anci
al r
esul
ts
for 20
19 wer
e sl
ight
ly unf
avor
able
as th
e ne
t po
siti
on for
the
Med
ical
Ins
uran
ce
Fund
dec
reas
ed b
y $0.1
mil
lion
to
a st
ill
“hea
lthy
” ba
lanc
e of
$3.
7 mi
llio
n as
of
the
end
of
the
fisc
al y
ear
or 6
1% o
f to
tal
oper
atin
g ex
pens
es.
Pr
oper
ty A
cqui
siti
on
Over
the
pas
t fe
w year
s, a
col
d st
orag
e bu
ildi
ng h
as b
een
requ
este
d by
sev
eral
de
part
ment
s, mos
t no
tabl
y th
e Sh
erif
f’s Of
fice
. Con
stru
ctio
n of
suc
h a fa
cili
ty
had
alwa
ys tu
rned
ou
t to
be
co
st-p
rohi
biti
ve in
pr
ior
year
s bu
t, in
20
19,
an
oppo
rtun
ity
pres
ente
d it
self
th
at ma
de a
cold
st
orag
e bu
ildi
ng a
real
ity.
In
th
e sp
irit
of
tr
ue in
terg
over
nmen
tal
coop
erat
ion,
th
e Co
unty
pu
rcha
sed
two
prop
erti
es fr
om th
e Ci
ty of
Sy
camo
re in
De
cemb
er,
2019
loca
ted
at 20
2 E. Pa
ge
Stre
et a
nd 1
730
N. M
ain
Stre
et,
both
in
the
City
of
Syca
more
. T
he p
rope
rtie
s ha
d se
rved
the
ir p
urpo
ses
for
the
City
and
the
Cit
y no
lon
ger
had
any
need
for
th
em.
The
two
pro
pert
ies
woul
d, o
n th
e ot
her
hand
, fi
t th
e Co
unty
’s n
eeds
for
co
ld s
tora
ge p
urpo
ses
perf
ectl
y.
Acco
rdin
gly,
a p
urch
ase
pric
e of
$47
5,00
0 wa
s ag
reed
to by
bot
h the Co
unty
and
the
City an
d ti
tle to
the prope
rtie
s tr
ansf
erre
d on
Dec
embe
r 6,
201
9.
Airl
ine
Fuel
Sal
es T
ax R
even
ue
The
Coun
ty h
ad b
een
rece
ivin
g sa
les
taxe
s fr
om t
he s
ale
of a
irli
ne f
uel
with
in
its
boun
dari
es f
or s
ever
al y
ears
. R
ecen
t le
gisl
atio
n, h
owev
er,
has
put
a ha
lt
to tha
t re
venu
e so
urce
. Whi
le the
Cou
nty co
ntin
ued to
rec
eive
air
line
fue
l sa
les
tax re
venu
e th
roug
hout
all
of th
e 20
18 fis
cal ye
ar (ap
prox
imat
ely $1
.5 mil
lion
),
the gr
ound
work
had
bee
n la
id for
the
Sta
te to in
terc
ept th
ose fu
nds.
Ac
cord
ingl
y,
for
the
past
tw
o fisc
al ye
ars,
th
at reve
nue
sour
ce ha
d not
been
fa
ctor
ed in
to
the Co
unty
’s ann
ual bu
dget
. All
of th
e un
budg
eted
air
line
fue
l sa
les ta
x re
venu
e th
at h
as b
een
rece
ived
sin
ce 2
018
was
allo
cate
d to
ward
s re
buil
ding
Gen
eral
Fun
d re
serv
es tha
t ha
d been
dep
lete
d th
roug
h pl
anne
d dr
awdo
wns of
fun
d ba
lanc
e du
ring
the
rece
ssio
n ye
ars
and
subs
eque
nt r
ecov
ery
peri
od.
The
2019
budg
et c
onti
nued
th
e pr
acti
ce of no
t re
lyin
g on
any
air
line
fue
l sa
les ta
x re
venu
e to
bal
ance
the
bu
dget
. T
he S
tate
eve
ntua
lly
bega
n re
dire
ctin
g th
at r
even
ue f
rom
the
Coun
ty i
n De
cemb
er,
2019
. Ac
cord
ingl
y, th
e $1
.2 mi
llio
n th
at ha
d be
en co
llec
ted
by th
e Co
unty
for
the
fir
st e
leve
n mo
nths
of
the
fisc
al y
ear
ende
d up
bei
ng t
he f
inal
di
stri
buti
ons
the
Coun
ty wo
uld
rece
ive.
Du
e to
th
e co
nser
vati
ve na
ture
of
fa
ctor
ing
this
re
venue
sour
ce ou
t of th
e bu
dget
fo
r th
e en
tire
fi
scal
ye
ar as
the
Coun
ty h
ad n
o co
ntro
l ov
er w
hen
the
dist
ribu
tion
s wo
uld
actu
ally
ter
mina
te,
Gene
ral
Fund
re
serv
es en
ded
up as
th
e be
nefi
ciar
y of
th
is un
budg
eted
re
venu
e so
urce
.
Citi
zens
of
DeKa
lb C
ount
y Ju
ly 3
1, 2
020
- xi
i -
Roof
top
Cool
ing
Unit
Rep
lace
ment
s A
two-
year
re
plac
emen
t pr
ogra
m of
ro
ofto
p co
olin
g un
its
on va
riou
s Co
unty
bu
ildi
ngs
bega
n in
201
9 wi
th f
our
of e
ight
uni
ts b
eing
rep
lace
d.
The
rema
inin
g fo
ur un
its
will
be
re
plac
ed in
fi
scal
ye
ar 20
20.
Th
ese
repl
acem
ents
ar
e ne
cess
itat
ed by
an
en
viro
nmen
tal
regu
lato
ry ch
ange
th
at no
lo
nger
pe
rmit
s the
sale
of
new
R22
refr
iger
ant
in t
he U
nite
d St
ates
. T
he t
otal
cos
t of
the
two
-ye
ar pr
ogra
m is
es
tima
ted
at $1
.1 mi
llio
n wi
th $5
30,0
00 of th
at ha
ving
be
en
incu
rred
in
2019
. De
Kalb
-Syc
amor
e Ar
ea T
rans
port
atio
n St
udy
(DSA
TS)
In 20
19,
a ne
w ar
rang
emen
t wi
th th
e De
Kalb
-Syc
amor
e Ar
ea Tr
ansp
orta
tion
St
udy
(DSA
TS) na
med th
e De
Kalb
Cou
nty Hi
ghwa
y De
part
ment
as th
e Le
ad (Fi
scal
) Ag
ent as
it a
ssum
ed t
hat
respon
sibi
lity
fro
m th
e Ci
ty o
f De
Kalb
. T
hat
mean
s th
at g
rant
fu
nds
will
no
w pa
ss-t
hrou
gh th
e Co
unty
fo
r th
e op
erat
ion
of DS
ATS.
As
th
e pr
evio
usly
de
scri
bed
infr
astr
uctu
re im
prov
emen
ts th
at we
re co
mple
ted
in 20
19
indi
cate
, DS
ATS
is an
im
port
ant
fund
ing
mech
anis
m fo
r ma
ny ro
ad pr
ojec
ts.
Ac
cord
ingl
y, a new
cos
t ce
nter
was
add
ed to th
e Hi
ghwa
y Fu
nds in
the
201
9 bu
dget
to
ref
lect
thi
s im
port
ant
capi
tal
impr
ovem
ent
fund
ing
sour
ce.
Cour
thou
se E
xpan
sion
In
201
9, the
ear
ly sta
ges of
the
Cou
rthous
e Ex
pans
ion Pr
ojec
t un
fold
ed as $7
0,000
was tr
ansf
erre
d to
cov
er ini
tial
arc
hite
ctur
al cos
ts. Thi
s $1
.7 mil
lion
pro
ject
will
bui
ld-o
ut t
he t
hird
flo
or o
f th
e Cour
thou
se i
nto
offi
ce s
pace
. T
he t
hird
floo
r of
the
Cou
rthous
e wa
s le
ft a
s em
pty
shel
l sp
ace
for
a fu
ture
bui
ld-o
ut a
s pa
rt of
th
e Co
urth
ouse
Ex
pans
ion
Proj
ect
that
wa
s fu
nded by
a
2010
bo
nd is
sue
and
comp
lete
d in
201
3.
Futu
re Y
ear
Init
iati
ves
Tran
spor
tati
on I
nfra
stru
ctur
e Tr
ansp
orta
tion
pla
nnin
g is
key
to
DeKa
lb C
ount
y's
futu
re.
Bec
ause
of
comm
utin
g pa
tter
ns,
both
in
and
out
of t
he C
ount
y, D
eKal
b Co
unty
is
now
cons
ider
ed a
par
t of
th
e Ch
icag
o Me
trop
olit
an St
atis
tica
l Ar
ea.
Wh
en th
e 20
00 Ce
nsus
fi
gure
s in
dica
ted
that
th
e co
mbin
ed po
pula
tion
of
th
e Ci
ty of
De
Kalb
, th
e Ci
ty of
Sy
camo
re,
and
the
Town
of
Co
rtla
nd ex
ceed
ed 50
,000
, a
Metr
opol
itan
Pl
anni
ng
Orga
niza
tion
(MP
O) for
Tra
nspo
rtat
ion was re
quir
ed to be
cre
ated
in De
Kalb
Cou
nty.
This
jo
int
plan
ning
or
gani
zati
on,
know
n as
DS
ATS,
is
th
e po
int
of re
ceip
t, or
fl
ow th
roug
h, of
fe
dera
l tr
ansp
orta
tion
do
llar
s th
at wi
ll be
us
ed fo
r ro
ads,
br
idge
s, and
pub
lic tr
ansp
orta
tion
in th
e MP
O ar
ea. DSA
TS is a va
luab
le fun
ding
so
urce
for
man
y of
the
Cou
nty’
s tr
ansp
orta
tion
pro
ject
s.
Seve
ral
road
rec
onst
ruct
ion/
pavi
ng a
nd b
ridg
e pr
ojec
ts a
re p
lann
ed f
or 2
020:
McN
eal
Road
Br
idge
-
The
McNe
al Ro
ad br
idge
no
rthw
est
of Ki
rkla
nd in
Fr
ankl
in T
owns
hip
is t
he l
ast
brid
ge o
ver
the
Kish
wauk
ee R
iver
bef
ore
it
leav
es D
eKal
b Co
unty
. T
he 1
96-f
oot-
long
bri
dge
was
buil
t in
197
8 an
d ha
s si
gnif
ican
t se
ctio
n lo
ss i
n th
e pr
ecas
t pr
estr
esse
d bo
x be
ams
whic
h ma
ke
up t
he b
ridg
e de
ck.
Thi
s ha
s ca
used
the b
ridg
e to
be
post
ed a
t a
maxi
mum
weig
ht l
imit
of
5 to
ns.
In
2020
, th
e br
idge
is
sche
dule
d to
be
repl
aced
wi
th a
cast
-in-
plac
e co
ncre
te de
ck br
idge
. Th
e es
tima
ted
cost
of
th
e pr
ojec
t is
$2,
602,
356
with
80%
pai
d us
ing
Fede
ral
Surf
ace
Tran
spor
tati
on
Fund
s (S
TP-B
r) an
d th
e 20
% lo
cal
matc
h to
be
sp
lit
betw
een
the
Coun
ty’s
lo
cal
Aid
to B
ridg
es T
ax f
und
and
the
Fran
klin
Tow
nshi
p Ro
ad D
istr
ict.
Citi
zens
of
DeKa
lb C
ount
y Ju
ly 3
1, 2
020
- xi
ii -
Peac
e Ro
ad / Mer
cantil
e Dr
ive Re
surf
acin
g - Pe
ace Ro
ad bet
ween
Bet
hany
Roa
d an
d Il
lino
is R
oute
64
is u
nder
the
Cou
nty’
s ju
risd
icti
on a
nd h
as t
raff
ic
volu
mes
rang
ing
betw
een
12,4
00 an
d 16
,500
ve
hicl
es pe
r da
y. Me
rcan
tile
Dr
ive
betw
een
Illi
nois
Ro
ute
23 an
d Pe
ace
Road
is
un
der
the
City
of
Sy
camo
re’s
jur
isdi
ctio
n an
d ha
s tr
affi
c vo
lume
s ra
ngin
g be
twee
n 5,
800
and
6,60
0 ve
hicl
es pe
r da
y. Bo
th ro
ads
are
show
ing
dist
ress
fr
om th
e he
avy
traf
fic,
pa
rtic
ular
ly al
ong
the
pave
ment
jo
ints
be
twee
n th
e la
nes.
In
20
20,
both
of
th
ese
road
se
gmen
ts ar
e sc
hedu
led
to be
re
surf
aced
. Th
e es
tima
ted
cost
of
th
is pr
ojec
t is
$1
,362
,384
wi
th $9
87,0
79 be
ing
DeKa
lb
Coun
ty’s
res
pons
ibil
ity an
d $3
75,3
05 bei
ng the
Cit
y’s re
spon
sibi
lity
. The
pr
ojec
t wi
ll be
fu
nded
80
% us
ing
Fede
ral
Surf
ace
Tran
spor
tati
on Fu
nds
- Ur
ban (S
TU) th
roug
h the De
Kalb
-Syc
amor
e-Co
rtla
nd MPO
(DS
ATS)
. Th
e re
main
ing
20% wi
ll be sp
lit by the
Cou
nty us
ing lo
cal Ma
tchi
ng Tax
fun
ds and
the
Cit
y us
ing
loca
l pr
oper
ty t
ax f
unds
. Mot
el Roa
d Br
idge
- The
Mot
el Roa
d br
idge
on th
e we
st sid
e of
Syc
amor
e ha
s be
en th
e pr
imar
y de
tour
ro
ute
when
th
e in
ters
ecti
on of
Pe
ace
Road
at
Il
lino
is Rou
te 64 ha
s be
en clo
sed du
e to
a cra
sh. The
bri
dge wa
s bu
ilt in
19
82 a
nd h
as e
xper
ienc
ed m
ovem
ent
in t
he d
eck.
Th
is m
ay h
ave
cont
ribu
ted
to t
he a
dvan
ced
dete
rior
atio
n in
the
pre
cast
pre
stre
ssed
box
bea
ms w
hich
ma
ke up
th
e br
idge de
ck.
Th
e 12
5-foot
-lon
g br
idge
is
sche
dule
d to
be
re
plac
ed i
n 20
20 w
ith
a ne
w br
idge
com
pris
ed o
f a
pour
ed c
oncr
ete
deck
on
stee
l I-
beam
s.
The
esti
mate
d co
st o
f th
e pr
ojec
t is
$1,
329,
557
with
80%
pa
id u
sing
Fed
eral
Ill
inoi
s Sp
ecia
l Br
idge
Fun
ds a
nd t
he 2
0% l
ocal
mat
ch
to be
sp
lit
betw
een
the
Coun
ty’s
lo
cal
Aid
to Br
idge
s Ta
x fu
nd an
d th
e Ma
yfie
ld T
owns
hip
Road
Dis
tric
t.
Sou
th Fir
st Str
eet Bo
x Cu
lver
t Re
plac
emen
t - Th
e co
ncre
te box
cul
vert
und
er
Sout
h Fi
rst
Stre
et a
t th
e in
ters
ecti
on w
ith
Gurl
er R
oad
carr
ies
the
Afto
n De
Kalb
Dra
inag
e Di
tch
No.
5 an
d is
sch
edul
ed t
o be
rep
lace
d in
202
0.
The
drop
-off
s at
th
e en
ds of
th
e st
ruct
ure
are
clos
e to
th
e in
ters
ecti
on
requ
irin
g gu
ardr
ail
alon
g bo
th So
uth
Firs
t St
reet
an
d Gu
rler
Ro
ad.
Th
e st
ruct
ure is
ske
wed at
an an
gle un
der So
uth Fi
rst St
reet
but
sti
ll dir
ects
wate
r in
to t
he r
esid
enti
al p
rope
rty
on t
he d
owns
trea
m si
de.
The
new
box
cu
lver
t wi
ll b
e ex
tend
ed t
o pr
ovid
e fo
r wi
der
road
way
shou
lder
s an
d sa
fe
fore
slop
es,
thus
el
imin
atin
g th
e ne
ed fo
r gu
ardr
ail.
It
wi
ll al
so be
re
alig
ned
with
a c
oncr
ete
outl
et t
o re
dire
ct t
he w
ater
dow
n th
e di
tch
as
it l
eave
s th
e cu
lver
t.
The
esti
mate
d co
st o
f th
e pr
ojec
t is
$57
7,76
3 an
d is
bud
gete
d to
be
paid
usi
ng t
he C
ount
y’s
loca
l Ai
d to
Bri
dges
Tax
fun
d.
New
Sa
lt St
orag
e Sh
ed -
In ty
pica
l ye
ars,
th
e Co
unty
Hi
ghwa
y De
part
ment
us
es b
etwe
en $
0.5
mill
ion
and
$1 m
illi
on f
or r
ock
salt
to
be u
sed
in o
ur
wint
er sn
ow an
d ic
e re
mova
l op
erat
ions
. In
so
me wi
nter
s, wh
en Mo
ther
Na
ture
giv
es us st
orm af
ter st
orm,
sal
t de
live
ries
can
be de
laye
d if
eve
ry
othe
r pu
blic
ent
ity is
ord
erin
g sa
lt at th
e sa
me tim
e. Du
ring
par
ticu
larl
y co
ld wi
nter
s, sa
lt de
live
ries
vi
a ba
rges
ca
n be
ha
lted
if
th
e ri
ver
comp
lete
ly f
reez
es o
ver.
In
202
0, t
he H
ighw
ay D
epar
tmen
t is
pla
nnin
g to
cons
truc
t an
othe
r sa
lt sh
ed to
do
uble
ou
r st
orag
e ca
paci
ty.
Th
is wi
ll
allo
w us
to
ente
r in
to t
he w
inte
r se
ason
wit
h ne
arly
all
the
sal
t we
can
ex
pect
to
use.
The
pro
ject
is
expe
cted
to
cost
$26
0,00
0 an
d be
pai
d fr
om
the
Coun
ty Fa
rm Fu
nd an
d th
e Hi
ghwa
y De
part
ment
’s Re
newa
l &
Repl
acem
ent
High
way
Faci
liti
es F
und.
Citi
zens
of
DeKa
lb C
ount
y Ju
ly 3
1, 2
020
- xi
v -
Som
onau
k Ro
ad Bo
x Cu
lver
t Ex
tens
ions
-
This
pr
ojec
t is
th
e ex
tens
ion
of
seve
n cu
lver
ts u
nder
Som
onau
k Ro
ad a
nd o
ne c
ulve
rt u
nder
Per
ry R
oad.
Si
x of
th
e cu
lver
ts un
der
Somo
nauk
Ro
ad ar
e lo
cate
d in
th
e 2-
mile
st
retc
h be
twee
n Pe
rry
Road
an
d Ke
slin
ger
Road
. Th
ese
loca
tion
s ha
ve st
eep
fore
slop
es out
side
the
roa
dway
sho
ulde
rs. The
oth
er cul
vert
und
er Som
onau
k Ro
ad is lo
cate
d im
medi
atel
y so
uth of
Barbe
r Gr
eene
Roa
d. The cu
lver
ts wil
l be
ext
ende
d to
wid
en the
roa
dway
sho
ulders
and
eli
mina
te guard
rail
at th
at
loca
tion
. The
las
t lo
cati
on is ap
prox
imat
ely ¼ mi
le eas
t of
Som
onau
k Ro
ad
on Per
ry Roa
d. Th
is str
uctu
re wil
l be
ext
ende
d to
eli
mina
te a ste
ep slo
pe
on o
ne s
ide
of t
he r
oad
and
elim
inat
e the
need
for
gua
rdra
il o
n th
e ot
her
side
of th
e ro
ad. Ove
r 30
,000
cub
ic yar
ds of fi
ll mat
eria
l wa
s st
ockp
iled
on
pr
oper
ty ow
ned
by De
Kalb
Co
unty
du
ring
th
e re
cent
I-
88 To
llwa
y co
nstr
ucti
on p
roje
ct.
Tha
t ma
teri
al h
as b
een
made
ava
ilab
le t
o ba
ckfi
ll
the cu
lver
t ex
tens
ions
and
pro
vide
bet
ter sl
opes
alo
ng Som
onau
k Ro
ad. The
esti
mate
d co
st of th
e pr
ojec
t is
$40
0,00
0 an
d is
bud
gete
d to
be pa
id usi
ng
a co
mbin
atio
n of
the
Coun
ty Mo
tor
Fuel Ta
x an
d lo
cal
Aid
to Br
idge
s Ta
x fu
nd.
Suy
dam
Road
Cul
vert
s -
Simi
lar
to t
he c
ulve
rt r
epla
ceme
nts
alon
g Ch
icag
o Ro
ad i
n 20
18 &
201
9, t
he C
ount
y Hi
ghwa
y De
part
ment
exp
ects
to
repl
ace
the
culv
erts
al
ong
Suyd
am Ro
ad be
twee
n Il
lino
is Ro
ute
23 an
d th
e Ci
ty of
Sa
ndwi
ch.
The
cul
vert
wor
k is
in
anti
cipa
tion
of
the
road
bei
ng r
epav
ed
in 20
21.
Th
e Hi
ghway
Depa
rtme
nt is
plan
ning
to
us
e in
-house
la
bor
and
equi
pmen
t to
re
plac
e 11
cr
ossr
oad
pipe
cu
lver
ts an
d 22
en
tran
ce pi
pe
culv
erts
. Bri
dge
Timb
er P
ile
Repa
irs
- Pe
riod
ical
ly,
the
Coun
ty H
ighw
ay D
epar
tmen
t pr
epar
es a
nd o
vers
ees
repa
irs
to b
ridg
es t
o re
move
wei
ght
limi
t po
stin
gs.
Ma
ny ti
mes,
th
e we
ight
li
mits
ar
e in
plac
e du
e to
th
e po
or co
ndit
ion
of
timb
er p
iles
sup
port
ing
the
brid
ges.
In 2
020,
two
bri
dges
are
sch
edul
ed
for
repa
irs:
Ha
umes
ser
Road
nor
th o
f Pe
rry
Road
and
And
erla
nd R
oad
sout
h of
Per
ry R
oad.
Fo
r th
is t
ype
of p
roje
ct,
the
Coun
ty w
orks
dir
ectl
y wi
th
the
IDOT
Br
idge
Of
fice
in
Sp
ring
fiel
d to
cr
eate
a
set
of pl
ans
for
the
work
. Th
e co
st of
th
e pr
ojec
t is
es
tima
ted
to be
$1
20,0
00 an
d wi
ll be
spli
t be
twee
n th
e Co
unty
’s loc
al Aid
to Brid
ges Ta
x fu
nd, th
e Mila
n To
wnsh
ip
Road
Dis
tric
t, a
nd t
he A
fton
Tow
nshi
p Ro
ad D
istr
ict.
Roof
top
Cool
ing
Unit
Rep
lace
ment
s A
two-
year
re
plac
emen
t pr
ogra
m of
ro
ofto
p co
olin
g un
its
on va
riou
s Co
unty
bu
ildi
ngs
bega
n in
20
19 an
d wi
ll be
co
mple
ted
in 20
20 wi
th fo
ur un
its
bein
g re
plac
ed in 20
19 for
$53
0,00
0 an
d th
e re
main
ing fo
ur uni
ts bei
ng rep
lace
d in
202
0 fo
r an
es
tima
ted
$570
,000
.
Thes
e re
plac
emen
ts
are
nece
ssit
ated
by
an
en
viro
nmen
tal
regu
lato
ry ch
ange
th
at no
lo
nger
pe
rmit
s th
e sa
le of
ne
w R2
2 re
frig
eran
t in
the
Uni
ted
Stat
es.
Citi
zens
of
DeKa
lb C
ount
y Ju
ly 3
1, 2
020
- xv
-
Inte
rgov
ernm
enta
l Ag
reem
ent
with
the
Pra
irie
Ban
d Po
tawa
tomi
Nat
ion
DeKa
lb C
ount
y be
gan
nego
tiat
ing
a Go
vern
ment
al A
gree
ment
wit
h th
e Pr
airi
e Ba
nd
Pota
wato
mi N
atio
n (“
Nati
on”)
dur
ing
2007
. T
he N
atio
n is
a f
eder
ally
rec
ogni
zed
Indi
an tr
ibe
with
al
l ri
ghts
an
d po
wers
at
tend
ant
ther
eto.
Th
e Na
tion
ha
d pu
rcha
sed
128
acre
s of
la
nd wi
thin
the
Shab
-eh-
nay
Rese
rve.
Th
e Na
tion
and
DeKa
lb Co
unty
de
velo
ped
the
fina
l In
terg
over
nmen
tal
Agre
emen
t on
Fe
brua
ry 20
, 20
08.
Th
is In
terg
over
nmen
tal
Agre
emen
t al
lows
th
e tw
o pa
rtie
s to
co
nsul
t an
d co
oper
ate wi
th reg
ard to
the
dev
elop
ment
of Tr
ibal
Pro
ject
Lan
ds. The
agr
eeme
nt
also
sa
ys th
e Tr
ibal
Pr
ojec
t La
nds
are
limi
ted
to a
Clas
s II
ga
ming
fa
cili
ty
unde
r th
e In
dian
Ga
ming
Re
gula
tory
Ac
t, 25
U.
S.C.
, in
clud
ing
food
se
rvic
e an
d co
mple
ment
ary
reta
il,
a 2,
500
squa
re f
oot
gove
rnme
nt c
ente
r wi
th l
imit
ed o
ffic
e sp
ace,
and
a w
elco
me c
ente
r an
d pa
rkin
g to
ser
ve b
oth.
Pa
ymen
ts t
o th
e Co
unty
wi
ll be in
lie
u of
pro
pert
y ta
xes an
d sh
all be
bas
ed on th
e am
ount
cal
cula
ted by
th
e Co
unty
Ta
x Ex
tens
ion
Cler
k, as
su
ch ca
lcul
atio
ns fo
r al
l re
al pr
oper
ty in
th
e Co
unty
are
cal
cula
ted.
Up
on c
omme
ncem
ent
of g
amin
g ac
tivi
ties
, th
e Co
unty
will
als
o re
ceiv
e an
ann
ual
cont
ribu
tion
bas
ed o
n ne
t re
venu
es f
rom
the
gami
ng
oper
atio
ns of th
e Na
tion
. The
ent
ire In
terg
over
nmen
tal Ag
reem
ent be
twee
n De
Kalb
Co
unty
and
the
Nat
ion
is c
onti
ngen
t up
on t
he i
ssua
nce
of a
wri
tten
Ind
ian
land
de
term
inat
ion
by th
e Na
tion
al In
dian
Ga
ming
Co
mmis
sion
(“
NIGC
”) or
th
e U.
S.
Depa
rtme
nt o
f th
e In
teri
or.
Thi
s de
term
inat
ion
woul
d sa
y th
at t
he S
hab-
eh-n
ay
Rese
rve le
gall
y qu
alif
ies fo
r ga
ming
und
er the
Ind
ian Ga
ming
Reg
ulat
ory Ac
t. If
this
qu
alif
icat
ion
does
no
t oc
cur,
th
e In
terg
over
nmen
tal
Agre
emen
t sh
all
term
inat
e im
medi
atel
y.
As o
f De
cemb
er 3
1, 2
019,
no
deci
sion
had
bee
n re
ceiv
ed
from
the
U.S
. De
part
ment
of th
e In
teri
or on th
e de
term
inat
ion an
d th
e pr
ojec
t is
st
ill
pend
ing.
Fo
rest
Pre
serv
e Di
stri
ct L
and
Acqu
isit
ion
Refe
rend
um
In 2
006,
the
Cou
nty
Boar
d ma
de t
he d
ecisio
n to
ask
the
vot
ers,
via
ref
eren
dum,
fo
r th
e au
thor
ity
to in
crea
se th
e ge
nera
l co
rpor
ate
tax
rate
fo
r th
e Fo
rest
Pr
eser
ve Di
stri
ct fr
om .0
325%
to
.0
600%
fo
r la
nd ac
quis
itio
n pu
rpos
es.
Th
e re
fere
ndum
wa
s su
cces
sful
an
d, ac
cord
ingl
y, th
e Fo
rest
Pr
eser
ve Di
stri
ct is
co
nsta
ntly
on th
e lo
okou
t fo
r ad
diti
onal
pro
pert
y to
pur
chas
e in
ord
er to cr
eate
more
For
est
Pres
erve
are
as t
hrou
ghou
t th
e Co
unty
. Fo
rest
Pre
serv
e Di
stri
ct W
etla
nd B
ank
Alon
g wi
th po
pula
tion
an
d de
velo
pmen
t gr
owth
, th
ere’
s al
so a
conc
ern
for
main
tain
ing ad
equa
te ope
n sp
ace.
Of
cou
rse,
the
fun
ding
of an
y la
nd acq
uisi
tion
also
pr
esen
ts ch
alle
nges
. In
a
very
cr
eati
ve ap
proa
ch,
the
Fore
st Pr
eser
ve
Dist
rict
has
est
abli
shed
a W
etla
nd B
ank
so t
hat
as d
evel
oper
s ne
ed t
o es
tabl
ish
or rep
lace
wet
land
s, the
y ca
n sa
tisf
y th
at req
uire
ment
by pu
rcha
sing
par
t of
the
Fore
st P
rese
rve
Wetl
and
that
is
held
in
a ty
pe o
f “b
ank”
just
for
that
pur
pose
.
Moni
es fro
m th
e sa
le of we
tlan
ds are
then re
stri
cted
for
futur
e la
nd acq
uisi
tion
s by
the
For
est Pr
eser
ve Dis
tric
t. In
add
itio
n to
the
ori
gina
l Af
ton We
tlan
d Ba
nk,
anot
her
24-a
cre
Wetl
and
Bank
wa
s ap
prov
ed in
20
15 by
th
e U.
S. Ar
my Co
rp of
En
gine
ers.
Citi
zens
of
DeKa
lb C
ount
y Ju
ly 3
1, 2
020
- xv
i -
Ente
rpri
se Z
one
In ter
ms of ec
onom
ic dev
elop
ment
act
ivit
ies,
in an
eff
ort to
att
ract
new
bus
ines
s an
d in
dust
ry to th
e Co
unty
, th
e Co
unty
and
six
mun
icip
alit
ies lo
cate
d wi
thin
the
Coun
ty, th
e To
wn of Co
rtla
nd, th
e Ci
ty of De
Kalb
, th
e Ci
ty of
Geno
a, the
Cit
y of
Sa
ndwi
ch, th
e Ci
ty of Sy
camo
re, an
d th
e Vi
llag
e of
Wat
erma
n, wor
ked cl
osel
y wi
th
the
DeKa
lb C
ount
y Ec
onom
ic D
evel
opme
nt C
orpo
rati
on t
o su
bmit
an
Ente
rpri
se Z
one
appl
icat
ion
to t
he S
tate
of
Illi
nois
dur
ing
2014
wit
h th
e go
al o
f di
vers
ifyi
ng
the
Coun
ty’s
ta
x ba
se by
at
trac
ting
mo
re in
dust
ry an
d co
mmer
cial
in
tere
sts
to
the
Coun
ty.
The
resul
ts o
f th
e co
mpet
itiv
e ap
plic
atio
n pr
oces
s we
re a
nnou
nced
in 201
5 an
d, on De
cemb
er 17,
201
5, the
Ill
inoi
s De
part
ment
of Co
mmer
ce & Eco
nomi
c Op
port
unit
y, c
erti
fied
the
DeK
alb
Coun
ty E
nter
pris
e Zo
ne.
This
des
igna
tion
is
anti
cipa
ted
to b
e a
very
pow
erfu
l ec
onom
ic d
evel
opme
nt t
ool
in at
trac
ting
co
mmer
cial
an
d in
dust
rial
de
velo
pmen
t pr
ojec
ts to
De
Kalb
Co
unty
be
caus
e En
terp
rise
Zo
nes
prov
ide
tax
brea
ks an
d ot
her
ince
ntiv
es to
en
cour
age
busi
ness
es to
mo
ve o
r ex
pand
wi
thin
the
zone
. Bu
sine
sses ma
y be
el
igib
le fo
r ex
empt
ion
on t
he s
ales
tax
pai
d on
bui
ldin
g ma
teri
als
and
to r
ecei
ve i
nves
tmen
t ta
x cr
edit
s on
qu
alif
ied
prop
erty
. In
ad
diti
on to
th
e St
ate
ince
ntiv
es,
each
zo
ne t
ends
to
offe
r lo
cal
ince
ntiv
es s
uch
as p
rope
rty
tax
abat
emen
ts a
s we
ll i
n or
der
to e
nhan
ce b
usin
ess
deve
lopm
ent.
As
of
la
te 20
19,
the
DeKa
lb Co
unty
En
terp
rise
Zo
ne ha
s attr
acte
d 39
pr
ojec
ts
sinc
e th
e pr
ogra
m be
gan
in 20
16 in
clud
ing
14 ma
nufa
ctur
ing
and
indu
stri
al
proj
ects
, th
irte
en c
omme
rcia
l pr
ojec
ts,
one
prof
essi
onal
ser
vice
s pr
ojec
t, a
nd
thre
e co
ntra
ctor
pr
ojec
ts.
Th
ese
proj
ects
ge
nera
ted
an es
tima
ted
capi
tal
inve
stme
nt of
$1
29 mi
llio
n in
clud
ing
$75
mill
ion
in ne
w co
nstr
ucti
on an
d $3
4 mi
llio
n in
ren
ovat
ions
. The
se pro
ject
s we
re loc
ated
thr
ough
out th
e De
Kalb
Cou
nty
Ente
rpri
se Z
one
in t
he m
unic
ipal
itie
s of
Cor
tlan
d, D
eKal
b, G
enoa,
Sand
wich
, an
d Sy
camo
re. 202
0 is
exp
ecte
d to
add
to th
is alr
eady
imp
ress
ive li
st of de
velo
pmen
t th
at is di
rect
ly att
ribu
tabl
e to
the
est
abli
shme
nt of th
e De
Kalb Cou
nty En
terp
rise
Zone
. Fa
cebo
ok D
eKal
b Da
ta C
ente
r Fa
cebo
ok wil
l be
inv
esti
ng $80
0 mi
llio
n in
a dat
a ce
nter
to be
bui
lt on 50
5 ac
res
of the
Chi
cago
West
Bus
ines
s Ce
nter
in De
Kalb
, Il
lino
is. T
he pro
ject
is ex
pect
ed
to cre
ate ab
out 10
0 pe
rman
ent jo
bs, de
pend
on 10
0% ren
ewab
le ene
rgy,
and
use
80%
le
ss wat
er tha
n an
ave
rage
dat
a ce
nter
. The
907
,000
squ
are fo
ot dat
a ce
nter
will
be F
aceb
ook’
s 16
th w
orld
wide
, 12
th i
n th
e Un
ited
Sta
tes,
and
fir
st i
n Il
lino
is.
The
Face
book
si
te ca
n ho
ld fi
ve bu
ildi
ngs
and
two
will
be
co
mple
ted
by 20
22.
Th
is dev
elop
ment
wil
l pr
ovid
e a we
lcom
e an
d pe
rman
ent po
siti
ve boo
st to th
e lo
cal
econ
omy.
Fe
rrar
a Ca
ndy
Comp
any
Dist
ribu
tion
Com
plex
Fe
rrar
a Ca
ndy
Comp
any,
an
emer
ging
pow
erho
use
in t
he N
orth
Ame
rica
n co
nfec
tion
s an
d sw
eet
snac
king
ca
tego
ries
, co
mmit
ted
to th
e co
nstr
ucti
on of
a
1.6
mill
ion
squa
re f
oot
dist
ribu
tion
com
plex
on
106
acre
s in
the
Chi
cago
West
Bus
ines
s Pa
rk
in De
Kalb
, Il
lino
is,
an in
vest
ment
of mo
re th
an $1
00 mi
llio
n. Th
e ne
w di
stri
buti
on co
mple
x is
ex
pect
ed to
be
fu
lly
oper
atio
nal
by mi
d-20
21 an
d wi
ll
crea
te ap
prox
imat
ely
500
jobs
. Th
is de
velo
pmen
t wi
ll al
so pr
ovid
e nu
mero
us
bene
fits
to
the
loca
l ec
onom
y.
Citi
zens
of
DeKa
lb C
ount
y Ju
ly 3
1, 2
020
- xv
ii -
Syng
enta
Res
earc
h &
Deve
lopm
ent
Inno
vati
on &
Cus
tome
r Ex
peri
ence
Cen
ter
Syng
enta
, a
lead
ing
agri
cult
ure
comp
any,
pl
ans
to bu
ild
a ne
w Re
sear
ch &
Deve
lopm
ent In
nova
tion
and
Cus
tome
r Ex
peri
ence
Cen
ter on
a 90-
acre
sit
e in
Mal
ta,
Illi
nois
. The
sit
e wa
s se
lect
ed for
its
loc
atio
n, soi
l ty
pe, an
d ac
cess
ibil
ity.
In add
itio
n to
sho
wcas
ing Sy
ngen
ta’s
lea
ding
tec
hnol
ogy an
d in
nova
tion
, th
is new
si
te wil
l sp
otli
ght ho
w Sy
ngen
ta is tr
ansf
ormi
ng pro
duct
dev
elop
ment
thr
ough
on-
farm
col
labo
rati
on wit
h gr
ower
s; it wi
ll als
o pr
ovid
e fa
cili
ties
for
lar
ge-s
cale
ev
ents
and
eng
agem
ent wi
th gro
wers
on co
rn and
soy
bean
tec
hnol
ogy an
d in
nova
tion
.
Cons
truc
tion
is
expe
cted
to
begi
n ea
rly
in 2
021
with
the
site
sche
dule
to
open
by t
he e
nd o
f 20
22.
Majo
r Re
tail
Pro
ject
A
new
Meij
er s
tore
wil
l be
ope
ning
in
Syca
more
dur
ing
2020
. M
eije
r is
a l
arge
gr
ocer
y an
d me
rcha
ndis
e ch
ain op
erat
ing in
fiv
e Mi
dwes
t st
ates
. The
sup
erce
nter
will
inc
lude
a g
roce
ry s
tore
, a
depa
rtme
nt s
tore
, a
phar
macy
, an
d a
stan
dalo
ne
gas st
atio
n, and
it is
exp
ecte
d to
gen
erat
e ad
diti
onal
sal
es tax
rev
enue
as th
is
will
be
the
firs
t Me
ijer
sto
re o
peni
ng i
n De
Kalb
Cou
nty.
Co
unty
-Wid
e Di
gita
l Ra
dio
Comm
unic
atio
n Sy
stem
As
pr
evio
usly
me
ntio
ned,
th
e co
nstr
ucti
on of
a
new
$4.4
mi
llio
n Co
unty
-wid
e di
gita
l ra
dio co
mmun
icat
ion sy
stem
was
sub
stan
tial
ly com
plet
ed in 20
19 but
fin
al
trou
bles
hoot
ing
will
not
be
comp
lete
d un
til
the
2020
fis
cal
year
. Nu
rsin
g Ho
me E
xpan
sion
Al
so,
cons
truc
tion
wil
l co
ntin
ue o
n th
e $1
5 mi
llio
n Nu
rsin
g Ho
me E
xpan
sion
tha
t co
nsis
ts of
ad
ding
a Tr
ansi
tion
al Ca
re Un
it th
at wi
ll ad
d 18
Me
dica
re be
ds,
a mu
lti-
purp
ose
room
, do
wnsi
zing
th
e nurs
ing
stat
ions
, as we
ll as
cr
eati
ng
loun
ges/
resi
dent
vi
siti
ng ar
eas.
Th
is pr
ojec
t is
sc
hedu
led
for
comp
leti
on in
ea
rly
Fall
202
0.
Cour
thou
se E
xpan
sion
Th
e Co
urth
ouse
Exp
ansi
on P
roje
ct i
s ex
pect
ed t
o be
gin
in e
arne
st i
n 20
20 a
s th
e $1
.7 m
illi
on p
roje
ct t
o bu
ild-
out
the
thir
d fl
oor
of t
he C
ourt
hous
e in
to o
ffic
e sp
ace wa
s in
clud
ed in th
e ad
opte
d 20
20 bud
get.
Th
e th
ird floo
r of
the
Cou
rtho
use
was
left
as
empt
y sh
ell
spac
e fo
r a
futu
re b
uild
-out
as
part
of
the
Cour
thou
se
Expa
nsio
n Pr
ojec
t that
wa
s fu
nded
by a
2010
bo
nd is
sue
and
comp
lete
d in
20
13.
This
pha
se o
f th
e ex
pans
ion
is e
xpec
ted
to b
e co
mple
ted
some
time
in
2021
. Pr
oper
ty T
ax E
xten
sion
Lim
itat
ion
Law
In ea
rly
1999
, th
e vo
ters
ap
prov
ed a
refe
rend
um wh
ich
would
limi
t an
y fu
ture
prop
erty
tax
inc
reas
es t
o (a
) th
e co
st o
f li
ving
or
5%,
whiche
ver
is l
ess,
plu
s (b
) th
e am
ount
ge
nera
ted
by ne
w co
nstruc
tion
fo
r th
e pr
evio
us ye
ar.
Th
is ne
w li
mita
tion
was
eff
ecti
ve Jan
uary
1, 20
00 and
it fi
rst af
fect
ed the
FY 20
01 bud
get
whic
h wa
s ap
prov
ed by
th
e Co
unty
Bo
ard
in No
vemb
er,
2000
. Th
is li
miti
ng
refe
rend
um co
ntin
ues
to pr
esen
t si
gnif
ican
t ch
alle
nges
to
th
e Co
unty
Bo
ard
to
prov
ide
for
serv
ices
as
th
e de
mand
and
need
fo
r se
rvic
es ex
ceed
s th
e an
nual
allo
wabl
e in
crem
ent.
Citi
zens
of
DeKa
lb C
ount
y Ju
ly 3
1, 2
020
- xv
iii
-
Bala
nced
Bud
get
& Co
rona
viru
s Pa
ndem
ic
Foll
owin
g se
vera
l ye
ars
of pl
anne
d dr
awdo
wns
in th
e Ge
nera
l Fu
nd fu
nd ba
lanc
e th
at w
as o
nly
poss
ible
due
to
prud
ent
fina
ncia
l ma
nage
ment
in
prio
r ye
ars,
the
De
Kalb
Co
unty
Bo
ard
adop
ted
bala
nced
Ge
nera
l Fu
nd bu
dget
s fo
r th
e 20
17,
2018
, 20
19,
and
2020
fis
cal
year
s th
at d
id n
ot r
ely
on e
xist
ing
rese
rves
to
fund
any
pr
ogra
ms.
Ho
weve
r, wi
th th
e CO
VID-
19 co
rona
viru
s pa
ndem
ic wr
eaki
ng ha
voc
on
gove
rnme
nt bud
gets
acr
oss th
e na
tion
, it’s
exp
ecte
d th
at the Cou
nty wi
ll end
2020
with
no ch
oice
but
to ut
iliz
e so
me Gen
eral
Fun
d re
serv
es as th
e lo
st rev
enue
and
in
crea
sed
expe
nses
of
miti
gati
ng t
he e
ffec
ts o
f th
e pa
ndem
ic c
anno
t be
abs
orbe
d by
the
ope
rati
ng b
udge
t.
Undo
ubte
dly,
the
eff
ects
of
the
pand
emic
wil
l be
fel
t fo
r se
vera
l fi
scal
yea
rs a
nd t
he C
ount
y is
bra
cing
for
a v
ery
chal
leng
ing
2021
bu
dget
pro
cess
. OT
HER
INFO
RMAT
ION
Inde
pend
ent
Audi
t. St
ate
stat
utes
re
quir
e an
an
nual
au
dit
by in
depe
nden
t ce
rtif
ied
publ
ic a
ccou
ntan
ts (
CPA)
. T
he C
PA a
ccou
ntin
g fi
rm o
f Si
kich
LLP
was
se
lect
ed by
th
e Co
unty
Bo
ard'
s Fi
nanc
e Co
mmit
tee
to pr
ovid
e th
is se
rvic
e. In
ad
diti
on to me
etin
g th
e re
quir
emen
ts set
for
th in St
ate st
atut
es, th
e au
dit al
so
was
desi
gned
to
me
et th
e re
quir
emen
ts o
f th
e fe
dera
l Si
ngle
Au
dit
Act
of 19
96
and
the
Unif
orm
Guid
ance
. T
he a
udit
or's
rep
ort
on t
he g
ener
al p
urpo
se e
xter
nal
fina
ncia
l st
atem
ents
, an
d co
mbin
ing an
d indi
vidu
al fun
d st
atemen
ts and
sch
edul
es,
is in
clud
ed in
th
e fi
nanc
ial
sect
ion
of th
is re
port
. The
audi
tor'
s re
port
s re
late
d sp
ecif
ical
ly t
o th
e si
ngle
aud
it a
re i
nclu
ded
in t
he s
epar
atel
y is
sued
Si
ngle
Aud
it R
epor
t.
Awar
ds.
Th
e Go
vern
ment
Fi
nanc
e Of
fice
rs As
soci
atio
n of
th
e Un
ited
St
ates
an
d Ca
nada
(G
FOA)
la
st aw
arde
d a
Cert
ific
ate
of Ac
hiev
emen
t fo
r Ex
cell
ence
in
Fi
nanc
ial
Repo
rtin
g to
De
Kalb
Co
unty
Go
vern
ment
fo
r it
s co
mpre
hens
ive
annu
al
fina
ncia
l re
port
for
the
fis
cal
year
end
ed D
ecem
ber
31,
2018
. T
he C
erti
fica
te
of A
chie
veme
nt i
s a
pres
tigi
ous
nati
onal
awa
rd t
hat
reco
gniz
es c
onfo
rman
ce w
ith
the
high
est
stan
dard
s fo
r pr
epar
atio
n of
st
ate
and
loca
l go
vern
ment
fi
nanc
ial
repo
rts.
In
or
der
to be
aw
arde
d a
Cert
ific
ate
of Ac
hiev
emen
t, a
gove
rnme
nt un
it mu
st
publ
ish
an ea
sily
re
adab
le an
d ef
ficien
tly
orga
nize
d comp
rehe
nsiv
e an
nual
fi
nanc
ial re
port
who
se con
tent
s co
nfor
m to
pro
gram
sta
ndar
ds. Suc
h co
mpre
hens
ive
annu
al
fina
ncia
l re
port
mu
st
sati
sfy
both
ge
nera
lly
acce
pted
ac
coun
ting
pr
inci
ples
and
app
lica
ble
lega
l re
quir
emen
ts.
A Ce
rtif
icat
e of
Ac
hiev
emen
t is
va
lid
for
a pe
riod
of
on
e ye
ar on
ly.
De
Kalb
Co
unty
ha
s re
ceiv
ed a
Cert
ific
ate
of Ac
hiev
emen
t fo
r th
e la
st 33
co
nsec
utiv
e ye
ars
(fis
cal
year
s en
ded
1986
-201
8).
We
be
liev
e ou
r cu
rren
t co
mpre
hens
ive
annu
al f
inan
cial
rep
ort
cont
inue
s to
con
form
to
the
Cert
ific
ate
of A
chie
veme
nt
prog
ram
requ
irem
ents
, an
d we
ar
e su
bmit
ting
it
to
GF
OA to
de
term
ine
its
elig
ibil
ity
for
anot
her
cert
ific
ate.
- xi
x -
1415
Wes
t Die
hl R
oad,
Sui
te 4
00N
aper
ville
, IL
6056
3
630.
566.
8400
Gov
ernm
ent
Aud
itin
g St
anda
rds,
Gov
ernm
ent
Aud
itin
g St
anda
rds
Req
uire
d Su
pple
men
tary
Inf
orm
atio
n
Oth
er I
nfor
mat
ion
Gov
ernm
ent A
uditi
ng S
tand
ards
Gov
ernm
ent
Aud
itin
g St
anda
rds
Gov
ernm
ent
Aud
itin
g St
anda
rd
D DE
KA
LB C
OU
NTY
GO
VE
RN
ME
NT
DE
KA
LB C
OU
NTY
, ILL
INO
IS
M
AN
AG
EM
EN
T’S
DIS
CU
SSIO
N A
ND
AN
ALY
SIS
D
ecem
ber 3
1, 2
019
The
Coun
ty B
oard
Mem
bers
and
the
Fina
nce
Offi
ce o
f DeK
alb
Cou
nty
are
plea
sed
to p
rese
nt to
re
ader
s of
the
finan
cial
sta
tem
ents
of D
eKal
b Co
unty
this
nar
rativ
e ov
ervi
ew a
nd a
naly
sis
of th
e fin
anci
al a
ctiv
ities
of
DeK
alb
Cou
nty
for
the
year
end
ed D
ecem
ber
31,
2019
. W
e en
cour
age
read
ers
to c
onsi
der
the
info
rmat
ion
pres
ente
d he
re in
con
junc
tion
with
add
ition
al in
form
atio
n fu
rnis
hed
in th
e le
tter
of t
rans
mitt
al.
In a
ccor
danc
e w
ith g
ener
ally
acc
epte
d ac
coun
ting
prin
cipl
es,
DeK
alb
Cou
nty
pres
ents
its
fin
anci
al s
tate
men
ts s
o as
to
offe
r tw
o pe
rspe
ctiv
es o
f its
fin
anci
al p
ositi
on a
nd r
esul
ts o
f op
erat
ions
. Th
e go
vern
men
t-w
ide
pers
pect
ive
pres
ents
fina
ncia
l inf
orm
atio
n fo
r the
gov
ernm
ent
as a
who
le, w
hile
the
fun
d pe
rspe
ctiv
e in
volv
es t
he p
rese
ntat
ion
of f
inan
cial
inf
orm
atio
n fo
r in
divi
dual
acc
ount
ing
entit
ies
esta
blis
hed
by th
e Co
unty
for
spec
ific
purp
oses
. Th
e fo
cus
of th
e fu
nd st
atem
ents
is o
n m
ajor
fund
s. B
oth
pers
pect
ives
(gov
ernm
ent-w
ide
and
maj
or fu
nd) a
ddre
ss
likel
y us
er q
uest
ions
, pr
ovid
e a
broa
d ba
sis
for
com
pari
son
(yea
r-to
-yea
r or
gov
ernm
ent-
to-
gove
rnm
ent),
and
enh
ance
the
Coun
ty’s
acco
unta
bilit
y.
DeK
alb
Coun
ty G
over
nmen
t’s M
anag
emen
t’s D
iscu
ssio
n an
d A
naly
sis
(MD
&A)
is d
esig
ned
to (1
) as
sist
the r
eade
r in
focu
sing
on si
gnifi
cant
fina
ncia
l iss
ues,
(2) p
rovi
de a
n ov
ervi
ew of
the C
ount
y’s
finan
cial
act
ivity
, (3)
iden
tify
chan
ges i
n th
e C
ount
y’s f
inan
cial
pos
ition
(its
abi
lity
to a
ddre
ss th
e su
bseq
uent
yea
r’s c
halle
nges
), (4
) ide
ntify
any
mat
eria
l dev
iatio
ns fr
om t
he fi
nanc
ial p
lan
(the
appr
oved
bud
get)
, and
(5) i
dent
ify in
divi
dual
fund
issu
es o
r con
cern
s.
I. F
inan
cial
Hig
hlig
hts
A.
Gov
ernm
enta
l Act
iviti
es
The
asse
ts a
nd d
efer
red
outf
low
s of
res
ourc
es o
f th
e go
vern
men
tal
activ
ities
of
the
Cou
nty
exce
eded
its
liabi
litie
s an
d de
ferr
ed in
flow
s of
res
ourc
es a
t the
clo
se o
f the
fisc
al y
ear
by $
121.
9 m
illio
n w
hich
is a
n in
crea
se o
f $4.
4 m
illio
n fr
om t
he p
revi
ous
year
. Th
is in
crea
se is
pri
mar
ily
due
to t
he c
ombi
ned
effe
ct o
f th
e fo
llow
ing
thre
e fa
ctor
s:
a) a
$3.
3 m
illio
n in
crea
se i
n N
et
Inve
stm
ent
in C
apita
l Ass
ets
as t
he C
ount
y-w
ide
digi
tal
radi
o co
mm
unic
atio
n sy
stem
nea
red
subs
tant
ial c
ompl
etio
n al
ong
with
the
com
plet
ion
of s
ever
al r
oad
and
brid
ge p
roje
cts;
b) a
$2.
5 m
illio
n in
crea
se i
n un
rest
rict
ed n
et p
ositi
on w
ith t
he m
ajor
con
trib
utin
g fa
ctor
bei
ng t
he
cont
inue
d re
ceip
t of a
irlin
e fu
el s
ales
tax
reve
nue
thro
ugh
Nov
embe
r 20
19; a
nd c
) a $
1.4
mill
ion
decr
ease
in
rest
rict
ed n
et p
ositi
on d
ue t
o ro
ad a
nd b
ridg
e pr
ojec
t ex
pens
es r
equi
ring
pla
nned
dr
awdo
wns
of r
estr
icte
d re
serv
es. A
lso,
of si
gnifi
cant
impo
rtan
ce, t
he p
rope
rty
tax
base
incr
ease
d by
$10
3.0
mill
ion
or 5
.2%
for t
he 2
018
Tax
Year
(col
lect
ed in
201
9) w
hich
is th
e fo
urth
cons
ecut
ive
annu
al in
crea
se fo
llow
ing
five
cons
ecut
ive
year
s of
dec
linin
g pr
oper
ty v
alue
s, a
n in
dica
tion
that
pr
oper
ty v
alue
s co
ntin
ue th
eir
reco
very
tow
ards
the
pre-
rece
ssio
n pe
ak a
ttai
ned
in 2
009.
BB.
Bus
ines
s-Ty
pe A
ctiv
ities
Th
e on
ly b
usin
ess-
type
act
ivity
that
the
Coun
ty h
as is
the
190
skill
ed b
ed s
tate
-of-t
he-a
rt R
ehab
an
d N
ursi
ng C
ente
r. T
otal
net
pos
ition
for
the
Reha
b an
d N
ursi
ng C
ente
r as
of D
ecem
ber
31,
2019
was
$8.
9 m
illio
n w
hich
was
$1.
5 m
illio
n lo
wer
tha
n th
e pr
ior
year
. W
hile
exp
ense
s w
ere
esse
ntia
lly fl
at fo
r th
e ye
ar, r
even
ues
decr
ease
d by
abo
ut $
2.0
mill
ion
prim
arily
due
to a
lack
of
acce
ptin
g w
eeke
nd a
dmis
sion
s fo
r a
peri
od o
f tim
e du
ring
a t
rans
ition
in
Nur
sing
Hom
e m
anag
emen
t. W
ith n
ew m
anag
emen
t on
boa
rd p
rior
to
the
end
of 2
019,
wee
kend
adm
issi
ons
wer
e on
ce a
gain
bei
ng a
ccep
ted
on a
reg
ular
bas
is.
Fisc
al Y
ear
2019
als
o m
arks
the
tw
entie
th
cons
ecut
ive
year
tha
t th
e fa
cilit
y ha
s op
erat
ed w
ithou
t an
y pr
oper
ty t
ax o
r ot
her
subs
idy
from
ot
her
Coun
ty fu
nds.
C
. Lo
ng-T
erm
Deb
t O
n O
ctob
er 1
4, 2
010
DeK
alb
Coun
ty is
sued
$10
,030
,000
Ser
ies
2010
A Bu
ild A
mer
ica
Bond
s an
d $5
,970
,000
Ser
ies
2010
B Re
cove
ry Z
one
Econ
omic
Dev
elop
men
t Bo
nds,
bot
h ge
nera
l obl
igat
ion
alte
rnat
e re
venu
e so
urce
bon
ds, t
o pr
ovid
e fu
nds
for
expa
ndin
g th
e C
ourt
hous
e an
d to
beg
in th
e de
sign
of
a C
ount
y Ja
il E
xpan
sion
. T
hese
bon
ds w
ill b
e re
tired
on
Dec
embe
r 15
, 20
25 a
nd
Dec
embe
r 15
, 202
9 re
spec
tivel
y. A
lso,
on
July
12,
201
7 th
e C
ount
y is
sued
$33
,905
,000
Gen
eral
O
blig
atio
n Al
tern
ate
Reve
nue
Sour
ce S
erie
s 201
7 Bo
nds t
o fin
ance
the
reno
vatio
n an
d ex
pans
ion
of th
e Co
unty
Jai
l. T
hese
bon
ds w
ill b
e re
tired
on
Janu
ary
15, 2
047.
The
Cou
nty’
s cur
rent
cred
it ra
ting
is A
a1.
Not
e 5
cont
ains
add
ition
al in
form
atio
n on
the
long
-ter
m d
ebt o
f the
Cou
nty.
II
. O
verv
iew
of t
he F
inan
cial
Sta
tem
ents
A.
Gov
ernm
ent-
Wid
e Fi
nanc
ial S
tate
men
ts
The
Gov
ernm
ent-W
ide
Fina
ncia
l Sta
tem
ents
are
des
igne
d to
em
ulat
e th
e co
rpor
ate
sect
or in
that
al
l gov
ernm
enta
l and
bus
ines
s-ty
pe a
ctiv
ities
are
con
solid
ated
into
col
umns
tha
t ad
d to
a t
otal
fo
r the
Pri
mar
y G
over
nmen
t. T
he fo
cus o
f the
Sta
tem
ent o
f Net
Pos
ition
is th
e “U
nres
tric
ted
Net
Po
sitio
n” a
nd i
t is
des
igne
d to
be
sim
ilar
to b
otto
m l
ine
resu
lts f
or t
he p
riva
te s
ecto
r.
This
st
atem
ent
then
com
bine
s an
d co
nsol
idat
es g
over
nmen
tal
fund
s’ cu
rren
t sh
ort-
term
spe
ndab
le
finan
cial
res
ourc
es w
ith c
apita
l as
sets
and
lon
g-te
rm o
blig
atio
ns u
sing
the
acc
rual
bas
is o
f ac
coun
ting
and
econ
omic
res
ourc
es m
easu
rem
ent f
ocus
. O
ver
time,
cha
nges
in n
et p
ositi
on m
ay
serv
e as
a u
sefu
l ind
icat
or o
f whe
ther
or n
ot th
e fin
anci
al p
ositi
on o
f the
Cou
nty
is im
prov
ing.
Th
e St
atem
ent o
f Act
iviti
es p
rese
nts i
nfor
mat
ion
show
ing
how
the
Cou
nty’
s ne
t pos
ition
chan
ged
duri
ng th
e mos
t rec
ent f
isca
l yea
r and
is fo
cuse
d on
bot
h th
e gro
ss a
nd n
et co
st of
var
ious
act
iviti
es
(incl
udin
g go
vern
men
tal a
nd b
usin
ess-
type
), w
hich
are
sup
port
ed b
y th
e Co
unty
’s ge
nera
l tax
es
and
othe
r re
sour
ces.
Thi
s is
inte
nded
to
sum
mar
ize
resu
lts a
nd s
impl
ify t
he u
ser’s
ana
lysi
s of
th
e co
st o
f var
ious
gov
ernm
ent s
ervi
ces
and/
or s
ubsi
dies
to v
ario
us b
usin
ess-
type
act
iviti
es.
Bot
h of
the
gov
ernm
ent-
wid
e fin
anci
al s
tate
men
ts d
istin
guis
h fu
nctio
ns o
f the
Cou
nty
that
are
pr
inci
pally
sup
port
ed b
y ta
xes
and
inte
rgov
ernm
enta
l rev
enue
s (g
over
nmen
tal a
ctiv
ities
) fro
m
othe
r fun
ctio
ns th
at a
re in
tend
ed to
reco
ver a
ll or
a si
gnifi
cant
por
tion
of th
eir c
osts
thro
ugh
user
fe
es a
nd c
harg
es (b
usin
ess-
type
act
iviti
es).
The
gov
ernm
enta
l act
iviti
es o
f the
Cou
nty
incl
ude
gene
ral
gove
rnm
ent,
publ
ic s
afet
y, h
ighw
ays
and
stre
ets,
hea
lth a
nd w
elfa
re, a
nd i
nter
est
on
long
-ter
m d
ebt.
The
gove
rnm
ent-w
ide
finan
cial
stat
emen
ts in
clud
e not
onl
y th
e Cou
nty
itsel
f, bu
t als
o the
DeK
alb
Coun
ty P
ublic
Bui
ldin
g Co
mm
issi
on a
s a
blen
ded
com
pone
nt u
nit.
The
DeK
alb
Coun
ty F
ores
t Pr
eser
ve D
istr
ict i
s pr
esen
ted
in a
sep
arat
e co
lum
n as
a d
iscr
etel
y pr
esen
ted
com
pone
nt u
nit i
n ac
cord
ance
with
Gov
ernm
enta
l Acc
ount
ing
Stan
dard
s B
oard
Sta
tem
ent
No.
61.
Th
e fin
anci
al
info
rmat
ion
of b
oth
of t
hese
com
pone
nt u
nits
is
also
rep
orte
d se
para
tely
fro
m t
he f
inan
cial
in
form
atio
n of
the
Cou
nty
in th
eir
own
sepa
rate
ly is
sued
rep
orts
. BB.
Fun
d Fi
nanc
ial S
tate
men
ts
A fu
nd is
a g
roup
ing
of re
late
d ac
coun
ts th
at is
use
d to
mai
ntai
n co
ntro
l ove
r res
ourc
es th
at h
ave
been
seg
rega
ted
for
spec
ific
activ
ities
or
obje
ctiv
es.
The
Cou
nty,
lik
e ot
her
stat
e an
d lo
cal
gove
rnm
ents
, use
s fu
nd a
ccou
ntin
g to
ens
ure
and
dem
onst
rate
com
plia
nce
with
fina
nce-
rela
ted
lega
l re
quir
emen
ts.
All
of t
he f
unds
of
the
Cou
nty
can
be d
ivid
ed i
nto
thre
e ca
tego
ries
: go
vern
men
tal f
unds
, pro
prie
tary
fund
s, a
nd fi
duci
ary
fund
s.
1. G
over
nmen
tal F
unds
G
over
nmen
tal
fund
s ar
e us
ed t
o ac
coun
t fo
r es
sent
ially
the
sam
e fu
nctio
ns r
epor
ted
as
gove
rnm
enta
l ac
tiviti
es i
n th
e go
vern
men
t-wid
e fin
anci
al s
tate
men
ts.
How
ever
, un
like
the
gove
rnm
ent-w
ide
finan
cial
sta
tem
ents
, gov
ernm
enta
l fun
d fin
anci
al s
tate
men
ts fo
cus
on n
ear-
term
inf
low
s an
d ou
tflo
ws
of s
pend
able
res
ourc
es, a
s w
ell
as b
alan
ces
of s
pend
able
res
ourc
es
avai
labl
e at
the
end
of th
e fis
cal y
ear.
Suc
h in
form
atio
n is
use
ful i
n ev
alua
ting
a go
vern
men
t’s
near
-ter
m fi
nanc
ing
requ
irem
ents
. Be
caus
e th
e fo
cus
of g
over
nmen
tal f
unds
is n
arro
wer
than
that
of t
he g
over
nmen
t-w
ide
finan
cial
st
atem
ents
, it i
s use
ful t
o com
pare
the i
nfor
mat
ion
pres
ente
d fo
r gov
ernm
enta
l fun
ds w
ith si
mila
r in
form
atio
n pr
esen
ted
for
gove
rnm
enta
l act
iviti
es in
the
gove
rnm
ent-
wid
e fin
anci
al s
tate
men
ts.
By
doin
g so
, rea
ders
may
bet
ter u
nder
stan
d th
e lo
ng-t
erm
impa
ct o
f the
gov
ernm
ent’s
nea
r-te
rm
finan
cing
dec
isio
ns.
Bot
h th
e go
vern
men
tal f
unds
Bal
ance
She
et a
nd t
he g
over
nmen
tal f
unds
St
atem
ent o
f Rev
enue
s, E
xpen
ditu
res,
and
Cha
nges
in F
und
Bala
nces
pro
vide
a re
conc
iliat
ion
to
faci
litat
e th
is co
mpa
riso
n be
twee
n go
vern
men
tal f
unds
and
gov
ernm
enta
l act
iviti
es.
The
Cou
nty
mai
ntai
ns 5
0 in
divi
dual
gov
ernm
enta
l fun
ds.
Info
rmat
ion
is p
rese
nted
sepa
rate
ly in
th
e G
over
nmen
tal F
unds
Bal
ance
She
et a
nd in
the
Gov
ernm
enta
l Fun
ds S
tate
men
t of R
even
ues,
Ex
pend
iture
s, a
nd C
hang
es in
Fun
d Ba
lanc
es fo
r th
e G
ener
al F
und
whi
ch is
con
side
red
to b
e a
maj
or fu
nd.
Dat
a fr
om th
e ot
her
49 g
over
nmen
tal f
unds
are
com
bine
d in
to a
sin
gle,
agg
rega
ted
pres
enta
tion.
Ind
ivid
ual f
und
data
for e
ach
of th
ese
nonm
ajor
gov
ernm
enta
l fun
ds is
pro
vide
d in
th
e fo
rm o
f com
bini
ng s
tate
men
ts e
lsew
here
in th
is r
epor
t. 2.
Pro
prie
tary
Fun
ds
Prop
riet
ary
fund
fina
ncia
l sta
tem
ents
pro
vide
the
sam
e ty
pe o
f inf
orm
atio
n as
the
gove
rnm
ent-
wid
e st
atem
ents
, onl
y in
mor
e de
tail.
The
Cou
nty
mai
ntai
ns tw
o di
ffere
nt ty
pes
of p
ropr
ieta
ry
fund
s –E
nter
pris
e Fu
nds
and
Inte
rnal
Ser
vice
Fun
ds.
Ente
rpri
se fu
nds
are
used
to
repo
rt t
he s
ame
func
tions
pre
sent
ed in
bus
ines
s-ty
pe a
ctiv
ities
in
the
gove
rnm
ent-w
ide
finan
cial
sta
tem
ents
. T
he N
ursi
ng H
ome
Fund
is
the
Coun
ty’s
only
en
terp
rise
fund
and
it is
con
side
red
a m
ajor
fund
of t
he C
ount
y an
d is
, the
refo
re, p
rese
nted
in a
se
para
te co
lum
n in
the
fund
fina
ncia
l sta
tem
ents
.
Inte
rnal
ser
vice
fund
s ar
e an
acc
ount
ing
devi
ce u
sed
to a
ccum
ulat
e an
d al
loca
te c
osts
inte
rnal
ly
amon
g th
e C
ount
y’s
vari
ous
func
tions
. C
osts
for
med
ical
, den
tal,
and
life
insu
ranc
e, a
s w
ell a
s fo
r lia
bilit
y an
d w
orke
rs co
mpe
nsat
ion
clai
ms
are
accu
mul
ated
in in
tern
al s
ervi
ce fu
nds.
Bot
h of
th
e C
ount
y’s i
nter
nal s
ervi
ce fu
nds p
redo
min
antly
serv
e go
vern
men
tal r
athe
r tha
n bu
sine
ss-t
ype
func
tions
and
hav
e be
en i
nclu
ded
with
in g
over
nmen
tal
activ
ities
in
the
gove
rnm
ent-w
ide
finan
cial
sta
tem
ents
. In
tern
al s
ervi
ce fu
nds
are
com
bine
d in
a s
ingl
e ag
greg
ate
pres
enta
tion
in t
he p
ropr
ieta
ry fu
nd
finan
cial
sta
tem
ents
. In
divi
dual
fund
dat
a fo
r the
inte
rnal
ser
vice
fund
s is
pre
sent
ed e
lsew
here
in
this
repo
rt.
3. F
iduc
iary
Fun
ds
The
fund
fina
ncia
l sta
tem
ents
als
o al
low
the
gov
ernm
ent
to a
ddre
ss it
s fid
ucia
ry fu
nds.
Whi
le
thes
e fu
nds
repr
esen
t tru
st r
espo
nsib
ilitie
s of
the
Coun
ty, t
hese
ass
ets
are
rest
rict
ed in
pur
pose
an
d do
not
repr
esen
t dis
cret
iona
ry a
sset
s of t
he C
ount
y. T
here
fore
, the
se a
sset
s are
not
pre
sent
ed
as p
art o
f the
gov
ernm
ent-
wid
e st
atem
ents
. Th
ese
fiduc
iary
fund
s ar
e: C
ount
y C
olle
ctor
Fun
d,
Spec
ial D
rain
age
Fund
, Tre
asur
er’s
Spec
ial F
und,
Mob
ile H
ome
Tax
Fund
, Tax
Inde
mni
ty F
und,
Ta
x Sa
le in
Err
or F
und,
Cir
cuit
Cler
k Fu
nd, T
owns
hip
Brid
ges
Fund
, Tow
nshi
p M
otor
Fue
l Tax
Fu
nd, N
ursi
ng H
ome
Resi
dent
s’ A
ccou
nts
Fund
, and
Tax
Sal
e R
edem
ptio
n A
ccou
nt F
und.
CC.
Not
es to
the
Fina
ncia
l Sta
tem
ents
Th
e no
tes
prov
ide
addi
tiona
l inf
orm
atio
n th
at is
ess
entia
l to
a fu
ll un
ders
tand
ing
of t
he d
ata
prov
ided
in
the
gove
rnm
ent-
wid
e an
d fu
nd f
inan
cial
sta
tem
ents
. T
he n
otes
to
the
finan
cial
st
atem
ents
can
be fo
und
in th
is re
port
beg
inni
ng o
n pa
ge 1
9.
D.
Oth
er In
form
atio
n In
add
ition
to
the
basi
c fin
anci
al s
tate
men
ts a
nd a
ccom
pany
ing
note
s, t
his
repo
rt a
lso
pres
ents
ce
rtai
n re
quir
ed s
uppl
emen
tary
inf
orm
atio
n in
clud
ing
info
rmat
ion
conc
erni
ng t
he C
ount
y’s
prog
ress
in fu
ndin
g its
obl
igat
ions
to p
rovi
de b
enef
its to
its
empl
oyee
s. R
equi
red
supp
lem
enta
ry
info
rmat
ion
can
be fo
und
on p
ages
59-
65 o
f thi
s re
port
. Th
e co
mbi
ning
sta
tem
ents
ref
erre
d to
ear
lier
in c
onne
ctio
n w
ith n
onm
ajor
gov
ernm
enta
l fun
ds
and
inte
rnal
ser
vice
fun
ds a
re p
rese
nted
im
med
iate
ly f
ollo
win
g th
e re
quir
ed s
uppl
emen
tary
in
form
atio
n.
Com
bini
ng a
nd in
divi
dual
fund
sta
tem
ents
and
sch
edul
es c
an b
e fo
und
on p
ages
66
-211
of t
his
repo
rt.
III.
Fin
anci
al A
naly
sis
of th
e C
ount
y as
a W
hole
Be
yond
pre
sent
ing
curr
ent
year
fin
anci
al i
nfor
mat
ion
in t
he g
over
nmen
t-wid
e an
d m
ajor
in
divi
dual
fund
form
ats,
the
Cou
nty
also
pre
sent
s co
mpa
rativ
e in
form
atio
n fr
om t
he p
rior
yea
r in
thi
s M
anag
emen
t’s D
iscu
ssio
n an
d An
alys
is.
By
doin
g so
, th
e Co
unty
bel
ieve
s th
at i
t is
pr
ovid
ing
the
best
mea
ns o
f an
alyz
ing
its f
inan
cial
con
ditio
n an
d po
sitio
n as
of
Dec
embe
r 31
, 20
19.
GGO
VERN
ME
NT-
WID
E ST
ATEM
EN
TS
A.N
et P
ositi
on
The
follo
win
g ta
ble
refle
cts
the
cond
ense
d St
atem
ent o
f Net
Pos
ition
:
Tabl
e 1
Stat
emen
t of N
et P
ositi
on
Dec
embe
r 31
, 201
9
2019
2018
2019
2018
2019
2018
Asse
ts:
Curr
ent a
nd O
ther
92
,779
,408
91,3
61,2
30
2,
859,
705
9,03
5,99
2
95
,639
,113
100,
397,
222
Capi
tal A
sset
s11
7,80
4,40
0
115,
286,
997
11
,851
,863
5,
405,
912
129,
656,
263
12
0,69
2,90
9
Tota
l Ass
ets
210,
583,
808
20
6,64
8,22
7
14,7
11,5
68
14,4
41,9
04
225,
295,
376
22
1,09
0,13
1
Defe
rred
Out
flow
s of R
esou
rces
Pens
ion
Item
s - IM
RF/S
LEP
15,7
03,2
26
3,
381,
270
3,53
1,37
0
68
7,75
8
19,2
34,5
96
4,
069,
028
Tota
l Ass
ets &
Def
erre
d Ou
tflow
s of
Res
ourc
es22
6,28
7,03
4
210,
029,
497
18
,242
,938
15
,129
,662
24
4,52
9,97
2
225,
159,
159
Liab
ilitie
s:
Long
-Ter
m Li
abili
ties
70,3
79,8
34
52
,235
,714
5,56
6,71
1
1,
068,
118
75,9
46,5
45
53
,303
,832
Othe
r Lia
bilit
ies
7,83
4,44
4
8,
136,
958
3,09
3,09
3
1,
051,
224
10,9
27,5
37
9,
188,
182
Tota
l Lia
bilit
ies
78,2
14,2
78
60
,372
,672
8,65
9,80
4
2,
119,
342
86,8
74,0
82
62
,492
,014
Defe
rred
Inflo
ws o
f Res
ourc
es
Pens
ion
Item
s - IM
RF/S
LEP/
OPEB
2,46
8,81
9
9,
239,
218
691,
846
2,
562,
607
3,16
0,66
5
11
,801
,825
Defe
rred
Pro
pert
y Tax
es23
,656
,000
22,9
15,0
00
-
-
23
,656
,000
22,9
15,0
00
Tota
l Def
erre
d In
flow
s of
Reso
urce
s26
,124
,819
32,1
54,2
18
69
1,84
6
2,56
2,60
7
26
,816
,665
34,7
16,8
25
Tota
l Lia
bilit
ies &
Def
erre
d In
flow
s of R
esou
rces
104,
339,
097
92
,526
,890
9,35
1,65
0
4,
681,
949
113,
690,
747
97
,208
,839
Net P
ositi
on:
Net I
nves
tmen
t in
Capi
tal A
sset
s72
,887
,448
69,6
13,4
50
11
,851
,863
5,
405,
912
84,7
39,3
11
75
,019
,362
Rest
ricte
d29
,947
,714
31,3
43,3
92
-
-
29
,947
,714
31,3
43,3
92
Unre
stric
ted
19,1
12,7
75
16
,545
,765
(2,9
60,5
75)
5,
041,
801
16,1
52,2
00
21
,587
,566
Tota
l Net
Pos
ition
121,
947,
937
11
7,50
2,60
7
8,89
1,28
8
10
,447
,713
13
0,83
9,22
5
127,
950,
320
Gove
rnm
enta
l Act
iviti
esBu
sines
s-Typ
e Ac
tiviti
esTo
tal P
rimar
y Gov
ernm
ent
The
Coun
ty’s
com
bine
d ne
t po
sitio
n in
crea
sed
by $
2.9
mill
ion
- fr
om $
127.
9 m
illio
n to
$13
0.8
mill
ion
duri
ng 2
019.
Thi
s ch
ange
is th
e ne
t res
ult o
f a $
4.4
mill
ion
incr
ease
in th
e ne
t pos
ition
of
Gov
ernm
enta
l A
ctiv
ities
offs
et p
artia
lly b
y a
decr
ease
of
$1.5
mill
ion
in t
he n
et p
ositi
on o
f B
usin
ess-
Type
Act
iviti
es.
Cou
nty-
wid
e, to
tal a
sset
s in
crea
sed
by $
4.2
mill
ion
with
Gov
ernm
enta
l Act
iviti
es a
ccou
ntin
g fo
r $3
.9 m
illio
n of
tha
t am
ount
and
Bus
ines
s-Ty
pe A
ctiv
ities
acc
ount
ing
for
the
rem
aini
ng $
0.3
mill
ion.
G
over
nmen
tal
Act
iviti
es e
xper
ienc
ed a
$1.
4 m
illio
n in
crea
se i
n cu
rren
t an
d ot
her
asse
ts d
ue
mai
nly
to t
he r
ecei
pt o
f air
line
fuel
sal
es t
ax r
even
ue o
f $1.
2 m
illio
n th
at h
ad b
een
com
plet
ely
fact
ored
out
of t
he 2
019
budg
et.
Gov
ernm
enta
l Act
iviti
es c
apita
l ass
ets
also
saw
a s
igni
fican
t inc
reas
e of
$2.
5 m
illio
n du
e to
the
com
plet
ion
of se
vera
l roa
d an
d br
idge
pro
ject
s as w
ell a
s sub
stan
tial c
ompl
etio
n of
a C
ount
y-w
ide
digi
tal r
adio
com
mun
icat
ion
syst
em.
Bus
ines
s-Ty
pe A
ctiv
ities
ass
ets
wer
e fa
irly
flat
whe
n co
mpa
red
to la
st y
ear
in t
otal
with
a n
et
incr
ease
of
$0.3
mill
ion,
how
ever
, the
re w
as a
sig
nific
ant
shift
fro
m c
urre
nt a
nd o
ther
ass
ets
whi
ch d
ecre
ased
by
$6.2
mill
ion
to ca
pita
l ass
ets
whi
ch in
crea
sed
by $
6.5
mill
ion.
Thi
s sh
ift w
as
due
to t
he N
ursi
ng H
ome
Expa
nsio
n Pr
ojec
t cu
rren
tly u
nder
way
whi
ch w
ill i
ncre
ase
the
bed
coun
t fro
m th
e cu
rren
t 190
bed
leve
l to
a ne
w le
vel o
f 208
bed
s. C
onst
ruct
ion
is a
ntic
ipat
ed to
be
com
plet
ed in
late
202
0.
Oth
er l
iabi
litie
s in
the
Bus
ines
s-Ty
pe a
ctiv
ities
inc
reas
ed b
y $2
.0 m
illio
n du
e to
con
stru
ctio
n re
late
d pa
yabl
es in
conn
ectio
n w
ith th
e N
ursi
ng H
ome
Exp
ansi
on P
roje
ct.
Def
erre
d ou
tflow
s of
res
ourc
es, l
ong-
term
liab
ilitie
s, a
nd d
efer
red
inflo
ws
of r
esou
rces
in
both
G
over
nmen
tal A
ctiv
ities
and
Bus
ines
s-Ty
pe A
ctiv
ities
show
ed v
olat
ile ch
ange
s fro
m 2
018
to 2
019
due
to th
e im
pact
of p
ensi
on a
nd o
ther
pos
t-em
ploy
men
t ben
efit
rela
ted
resu
lts.
For
mor
e de
taile
d in
form
atio
n, s
ee t
he S
tate
men
t of
Net
Pos
ition
on
page
s 4-
5 of
the
Co
mpr
ehen
sive
Ann
ual F
inan
cial
Rep
ort.
BB.Ac
tiviti
es
1.Ch
ange
in N
et P
ositi
on
Th
e fo
llow
ing
tabl
e re
flect
s th
e co
nden
sed
Stat
emen
t of A
ctiv
ities
:
Tab
le 2
Ch
ange
in N
et P
ositi
on
For
the
Fisc
al Y
ears
End
ed D
ecem
ber 3
1, 2
019
and
2018
Reve
nues
2019
2018
2019
2018
2019
2018
Prog
ram
Rev
enue
s:
Ch
arge
s for
Serv
ices
11,6
58,7
77
12
,289
,531
13,9
59,8
69
15,9
89,4
96
25,6
18,6
46
28
,279
,027
Op
erat
ing G
rant
s and
Con
trib
utio
ns5,
807,
062
5,42
2,39
7
-
-
5,
807,
062
5,42
2,39
7
Ca
pita
l Gra
nts a
nd C
ontr
ibut
ions
4,72
9,27
6
77
7,51
1
-
-
4,72
9,27
6
77
7,51
1
Gene
ral R
even
ues:
Pr
oper
ty Ta
xes
22,7
72,7
46
22
,158
,337
-
-
22,7
72,7
46
22
,158
,337
Ot
her T
axes
5,24
5,31
6
5,
279,
561
-
-
5,24
5,31
6
5,
279,
561
Ot
her
6,27
5,12
5
4,
750,
111
106,
537
93
,583
6,
381,
662
4,84
3,69
4
T
otal
Rev
enue
s56
,488
,302
50,6
77,4
48
14
,066
,406
16
,083
,079
70
,554
,708
66,7
60,5
27
Expe
nses
Gene
ral G
over
nmen
t9,
653,
524
7,59
9,34
1
-
-
9,
653,
524
7,59
9,34
1
Publ
ic Sa
fety
25,0
54,3
93
24
,249
,209
-
-
25,0
54,3
93
24
,249
,209
High
way
s and
Stre
ets
7,00
9,25
0
6,
984,
029
-
-
7,00
9,25
0
6,
984,
029
Heal
th a
nd W
elfa
re8,
658,
987
7,88
1,29
2
15
,567
,403
15
,653
,899
24
,226
,390
23,5
35,1
91
Inte
rest
on
Long
-Ter
m D
ebt
1,72
2,24
6
1,
745,
912
-
-
1,72
2,24
6
1,
745,
912
Tota
l Exp
ense
s52
,098
,400
48,4
59,7
83
15
,567
,403
15
,653
,899
67
,665
,803
64,1
13,6
82
Exce
ss (D
efic
ienc
y) o
f Rev
enue
s O
ver E
xpen
ditu
res
4,38
9,90
2
2,
217,
665
(1,5
00,9
97)
42
9,18
0
2,88
8,90
5
2,
646,
845
Tran
sfers
55,4
28
50
,658
(55,
428)
(5
0,65
8)
-
-
Chan
ge in
Net
Pos
ition
4,44
5,33
0
2,
268,
323
(1,5
56,4
25)
37
8,52
2
2,88
8,90
5
2,
646,
845
Net P
ositi
on, J
anua
ry 1
st11
7,50
2,60
7
116,
460,
868
10
,447
,713
10
,724
,355
12
7,95
0,32
0
127,
185,
223
Chan
ge in
Acc
ount
ing P
rinci
ple
-
(1
,226
,584
)
-
(655
,164
)
-
(1,8
81,7
48)
Net P
ositi
on, J
anua
ry 1
st R
esta
ted
117,
502,
607
11
5,23
4,28
4
10,4
47,7
13
10,0
69,1
91
127,
950,
320
12
5,30
3,47
5
-
-
Net P
ositi
on, D
ecem
ber 3
1st
121,
947,
937
11
7,50
2,60
7
8,89
1,28
8
10
,447
,713
13
0,83
9,22
5
127,
950,
320
Gove
rnm
enta
l
Activ
ities
Busi
ness
-Typ
e
Activ
ities
Tota
l Prim
ary
Gove
rnm
ent
The
prev
ious
tab
le s
umm
ariz
es t
he r
even
ues
and
expe
nses
of
the
Coun
ty’s
activ
ities
and
the
ch
ange
in n
et p
ositi
on fo
r th
e pa
st tw
o fis
cal y
ears
. To
tal
reve
nues
inc
reas
ed b
y a
net
$3.8
mill
ion
com
pris
ed o
f a
$5.8
mill
ion
incr
ease
in
Gov
ernm
enta
l A
ctiv
ities
rev
enue
par
tially
offs
et b
y a
$2.0
mill
ion
decr
ease
in
Bus
ines
s-Ty
pe
Activ
ities
rev
enue
s.
Char
ges
for
serv
ices
rev
enue
s sa
w s
igni
fican
t de
crea
ses
of $
0.6
mill
ion
in G
over
nmen
tal
Activ
ities
and
$2.
0 m
illio
n in
Bus
ines
s-Ty
pe A
ctiv
ities
. Ca
pita
l gra
nts
and
cont
ribu
tions
incr
ease
d by
$4.
0 m
illio
n as
sev
eral
roa
d an
d br
idge
pro
ject
s fu
nded
by
vari
ous
Stat
e an
d Fe
dera
l gra
nts
wer
e co
mpl
eted
in 2
019.
O
ther
reve
nues
in th
e G
over
nmen
tal A
ctiv
ities
cate
gory
incr
ease
by
$1.5
mill
ion
due
mai
nly
to a
on
e-tim
e $0
.5 m
illio
n su
rplu
s di
stri
butio
n fr
om th
e ea
rly
term
inat
ion
of th
e C
ity o
f DeK
alb’
s Ta
x In
crem
ent F
inan
cing
Dis
tric
t 2, a
one
-tim
e $0
.4 m
illio
n “5
th Q
uart
er” d
istr
ibut
ion
from
the
City
of
DeK
alb
of sa
les t
ax sh
arin
g re
venu
e du
e to
acc
eler
ated
tim
ing
in re
port
ing
met
hods
, and
a $
0.4
mill
ion
unbu
dget
ed r
ecei
pt o
f fiv
e m
onth
s of
add
ition
al m
otor
fuel
tax
rev
enue
tha
t w
ill b
e an
on
goin
g so
urce
of
reve
nue
for
road
pro
ject
s es
timat
ed t
o be
alm
ost
$0.9
mill
ion
on a
n an
nual
ba
sis.
Pr
oper
ty t
ax r
even
ues
incr
ease
d by
$0.
6 m
illio
n or
2.8
% a
s al
low
ed u
nder
the
Pro
pert
y Ta
x Ex
tens
ion
Lim
itatio
n La
w.
Tota
l exp
ense
s fo
r 20
19 in
crea
sed
by $
3.6
mill
ion
due
entir
ely
to a
n in
crea
se in
Gov
ernm
enta
l Ac
tiviti
es e
xpen
ses
for
Gen
eral
Gov
ernm
ent,
Publ
ic S
afet
y, a
nd H
ealth
and
Wel
fare
exp
ense
s w
ith b
oth
Hig
hway
s an
d St
reet
s an
d In
tere
st o
n Lo
ng-T
erm
Deb
t exp
ense
s re
mai
ning
rel
ativ
ely
flat
com
pare
d to
201
8 le
vels
. B
usin
ess-
Type
Act
iviti
es e
xpen
ses
actu
ally
exp
erie
nced
a s
light
re
duct
ion
from
201
8 to
201
9.
Addi
tiona
l det
ail o
n re
venu
es a
nd e
xpen
ses
incl
udin
g di
scus
sion
s on
the
reas
ons
for t
he ch
ange
s in
net
pos
ition
follo
ws
in th
e ne
xt tw
o ch
arts
and
nar
rativ
es.
22.To
tal C
ount
y R
even
ues
Th
e fo
llow
ing
char
t sum
mar
izes
tota
l DeK
alb
Coun
ty r
even
ues
for 2
019:
Fo
r th
e fis
cal y
ear e
nded
Dec
embe
r 31,
201
9, r
even
ues
tota
led
$70.
6 m
illio
n. T
his
is a
n in
crea
se
of $
3.8
mill
ion
or 5
.7%
from
201
8.
Capi
tal g
rant
s an
d co
ntri
butio
ns e
xper
ienc
ed a
n in
crea
se o
f $4.
0 m
illio
n, t
he m
ajor
ity o
f whi
ch
was
due
to th
e co
mpl
etio
n of
seve
ral r
oad
and
brid
ge p
roje
cts i
n 20
19 th
at w
ere
fund
ed b
y Fe
dera
l an
d St
ate
gran
ts.
Th
ese
proj
ects
inc
lude
d Ba
rber
Gre
ene
Road
and
saf
ety
shou
lder
s,
Som
onau
k/G
urle
r Ro
ad a
nd s
idew
alks
, Pea
ce R
oad
turn
lane
s, a
nd J
ohns
on R
oad
Brid
ge.
In co
ntra
st, o
pera
ting
gran
ts a
nd c
ontr
ibut
ions
wer
e fa
irly
sim
ilar
to th
eir
2018
leve
ls.
36
%
32
%
9%8%
8%7
%
2019
RE
VE
NU
ES
-$7
0,55
4,70
8
Cha
rges
for
Ser
vice
s $
25,6
18,6
46
Pro
pert
y T
axes
$22
,772
,746
Oth
er $
6,38
1,66
2
Oth
er T
axes
$5,
245,
316
Ope
ratin
g G
rant
s an
d C
ontr
ibut
ions
$5,
807,
062
Cap
ital G
rant
s an
d C
ontr
ibut
ions
$4,
729,
276
The
decr
ease
of $
0.6
mill
ion
in G
over
nmen
tal A
ctiv
ities
cha
rges
for
serv
ices
rev
enue
was
due
in
larg
e pa
rt to
the
cont
inue
d de
clin
e of
cour
t-re
late
d fe
es a
nd fi
nes,
whi
le th
e $2
.0 m
illio
n de
crea
se
in B
usin
ess-
Type
Act
iviti
es ch
arge
s for
serv
ices
reve
nue w
as p
rim
arily
due
to a
tem
pora
ry d
eclin
e in
acc
eptin
g w
eeke
nd a
dmis
sion
s. H
owev
er, w
ith n
ew m
anag
emen
t on
boar
d pr
ior
to th
e en
d of
20
19, w
eeke
nd a
dmis
sion
s w
ere
once
aga
in b
eing
acc
epte
d on
a r
egul
ar b
asis
. Pr
oper
ty ta
x co
llect
ions
incr
ease
d by
$0.
6 m
illio
n in
201
9 w
hich
was
com
pris
ed o
f the
allo
wab
le
2.1%
incr
ease
from
the
Con
sum
er P
rice
Ind
ex p
lus
anot
her
0.7%
for
new
con
stru
ctio
n ac
tivity
. Pr
oper
ty ta
xes
supp
ort g
over
nmen
tal a
ctiv
ities
incl
udin
g em
ploy
ee p
ensi
on fu
nd c
ontr
ibut
ions
. Th
e ot
her
taxe
s cl
assi
ficat
ion
incl
udes
a n
umbe
r of
diff
eren
t rev
enue
sou
rces
suc
h as
sal
es t
ax,
repl
acem
ent t
ax, a
nd lo
cal u
se ta
x. T
he C
ount
y no
long
er re
ceiv
es a
ny S
tate
inhe
rita
nce
tax.
Th
e m
ajor
type
of s
ales
tax
is th
e re
taile
r’s o
ccup
atio
n ta
x (R
OT)
. Th
is s
ales
tax
is c
olle
cted
by
the
Stat
e of
Illi
nois
. A
port
ion
of th
e RO
T is
sha
red
by th
e St
ate
with
the
Coun
ty b
ased
on
the
poin
t of s
ale.
The
rat
e of
sal
es ta
x th
at th
e C
ount
y re
ceiv
es if
the
busi
ness
is lo
cate
d ou
tsid
e of
an
inco
rpor
ated
are
a is
1.2
5 pe
rcen
t. If
the
busi
ness
is lo
cate
d w
ithin
an
inco
rpor
ated
are
a, th
e pe
rcen
tage
is 0
.25
perc
ent.
Sta
te-s
hare
d sa
les
tax
reve
nues
in 2
019
tota
led
$4.0
mill
ion
whi
ch
repr
esen
ts a
$0.
3 m
illio
n de
crea
se fr
om 2
018.
The
rea
son
for
the
decr
ease
was
the
phas
e ou
t of
the
sale
s ta
x re
venu
e th
e Co
unty
rec
eive
d on
the
sale
of a
irlin
e fu
el.
The
Coun
ty r
ecei
ved
only
el
even
mon
ths o
f thi
s rev
enue
sour
ce in
201
9 co
mpa
red
to a
full
twel
ve m
onth
s in
2018
. Ef
fect
ive
Dec
embe
r 20
19, t
he C
ount
y no
lon
ger
rece
ives
any
of
this
rev
enue
as
the
Stat
e ch
ange
d th
e di
stri
butio
n m
etho
d fo
r fut
ure
dist
ribu
tions
. To
hed
ge a
gain
st th
is r
educ
tion
of w
hat w
as a
$1.
5 m
illio
n re
venu
e so
urce
in 2
018,
the
Cou
nty
bala
nced
its
2019
bud
get w
ith n
o re
lianc
e at
all
on
airl
ine
fuel
sal
es t
ax r
even
ue a
nd t
hus
expe
rien
ced
a on
e-tim
e w
indf
all o
f $1
.2 m
illio
n on
the
el
even
mon
ths
of th
is r
even
ue it
did
rec
eive
in 2
019.
D
eKal
b Co
unty
als
o re
ceiv
es s
ales
tax
dolla
rs th
roug
h an
inte
rgov
ernm
enta
l agr
eem
ent w
ith th
e Ci
ty o
f D
eKal
b in
volv
ing
two
deve
lopm
ents
tha
t ar
e lo
cate
d on
the
for
mer
Cou
nty
Farm
and
C
ount
y H
ome
site
s lo
cate
d w
ithin
the
City
of D
eKal
b. A
por
tion
of th
e C
ount
y Fa
rm s
ite s
ales
ta
x re
venu
es o
f 1.2
5 ce
nts
per d
olla
r of s
ales
are
rece
ived
and
dis
trib
uted
at t
he ra
te o
f 0.7
5 ce
nts
into
two o
f the
Cou
nty’
s Deb
t Ser
vice
Fun
ds, t
he 2
010A
Bui
ld A
mer
ica
Bon
ds F
und
and
the 2
010B
Re
cove
ry Z
one
Econ
omic
Dev
elop
men
t Bon
ds F
und,
to fu
nd th
e re
quir
ed d
ebt s
ervi
ce p
aym
ents
. Th
e re
mai
ning
sal
es t
ax r
even
ues
from
eac
h si
te a
re d
epos
ited
into
the
Gen
eral
Fun
d an
d th
e PB
C L
ease
Fun
d in
var
ying
am
ount
s.
This
rev
enue
sou
rce
gene
rate
d $2
.0 m
illio
n in
201
9,
incl
udin
g th
e pr
evio
usly
m
entio
ned
“5th
Q
uart
er”
dist
ribu
tion,
an
d is
cl
assi
fied
as
inte
rgov
ernm
enta
l rev
enue
. Fi
nally
, inc
ome
taxe
s ar
e al
so s
hare
d by
the
Sta
te b
ut o
n a
per-
capi
ta b
asis
and
are
the
refo
re
clas
sifie
d as
inte
rgov
ernm
enta
l rev
enue
as
wel
l. I
ncom
e ta
x re
venu
e in
201
9 am
ount
ed to
$1.
7 m
illio
n w
hich
was
an
11.1
% in
crea
se fr
om 2
018.
33.To
tal C
ount
y Ex
pens
es
Th
e fo
llow
ing
char
t sum
mar
izes
tota
l DeK
alb
Coun
ty e
xpen
ses
for
2019
:
D
eKal
b C
ount
y’s
expe
nses
tota
led
$67.
7 m
illio
n in
201
9 in
crea
sing
by
$3.6
mill
ion
or 5
.5%
from
20
18.
Publ
ic S
afet
y ex
pens
es r
emai
n th
e la
rges
t ex
pens
e gr
oup
for
the
Coun
ty a
t 37
% o
f tot
al
expe
nses
as
they
sur
pass
ed H
ealth
and
Wel
fare
exp
ense
s in
201
4. P
ublic
Saf
ety
expe
nses
rel
ate
to
the
oper
atio
ns
of
the
Sher
iff’s
Dep
artm
ent,
whi
ch
incl
udes
Pa
trol
, Co
mm
unic
atio
ns,
Corr
ectio
ns, a
nd C
ourt
Sec
urity
, as
wel
l as
the
Emer
genc
y Se
rvic
es &
Dis
aste
r Ag
ency
, and
the
expe
nses
rela
ted
to th
e co
urt s
yste
m, w
hich
incl
udes
the
Cir
cuit
Cle
rk, J
udic
iary
, Cou
rt S
ervi
ces,
St
ate’s
Att
orne
y, a
nd P
ublic
Def
ende
r offi
ces.
Pu
blic
Saf
ety
expe
nses
incr
ease
d by
$0.
8 m
illio
n or
3.3
% in
201
9. T
his
incr
ease
was
due
to th
e su
bsta
ntia
l com
plet
ion
of a
Cou
nty-
wid
e di
gita
l rad
io c
omm
unic
atio
n sy
stem
in 2
019
for
whi
ch
$1.9
mill
ion
was
exp
ende
d on
this
capi
tal i
mpr
ovem
ent p
roje
ct d
urin
g th
e fis
cal y
ear.
H
ealth
and
Wel
fare
exp
ense
s in
clud
e th
e D
epar
tmen
ts o
f Pu
blic
Hea
lth,
Com
mun
ity A
ctio
n,
Fina
ncia
l Aid
, Sen
ior S
ervi
ces,
Vet
eran
’s As
sist
ance
, Com
mun
ity M
enta
l Hea
lth, a
nd th
e DeK
alb
Coun
ty R
ehab
and
Nur
sing
Cen
ter.
Tot
al H
ealth
and
Wel
fare
exp
ense
s fo
r th
e C
ount
y in
201
9 in
crea
sed
by $
0.7
mill
ion
or 2
.9%
due
to s
tand
ard
infla
tiona
ry in
crea
ses
to o
pera
ting
cost
s.
37%
36%
14%
10%
3%
2019
EX
PE
NS
ES
-$6
7,66
5,80
3
Pub
lic S
afet
y $
25,0
54,3
93H
ealth
and
Wel
fare
$24
,226
,390
Gen
eral
Gov
ernm
ent
$9,6
53,5
24H
ighw
ays
and
Str
eet
s $
7,0
09,
250
Inte
rest
on
Long
-Ter
m D
ebt
$1,7
22,2
46
Gen
eral
Gov
ernm
ent e
xpen
ses
incr
ease
d by
$2.
1 m
illio
n fr
om 2
018
to 2
019
due
prim
arily
to a
) a
$0.4
mill
ion
incr
ease
in p
ublic
bui
ldin
g m
aint
enan
ce c
osts
as
seve
ral r
ooft
op H
VA
C u
nits
wer
e re
plac
ed, b
) a
$0.3
mill
ion
inve
stm
ent
in i
nfor
mat
ion
tech
nolo
gy i
nfra
stru
ctur
e an
d en
d us
er
equi
pmen
t, c)
a $
0.2
mill
ion
incr
ease
in th
e Tr
ansp
orta
tion
Gra
nt F
und
for
incr
ease
d us
e of
the
Co
unty
’s gr
ant-s
ubsi
dize
d ru
ral
tran
spor
tatio
n sy
stem
, d)
$0.
1 m
illio
n in
cos
ts t
o re
surf
ace
seve
ral C
ount
y pa
rkin
g lo
ts, a
nd e
) a $
0.1
mill
ion
incr
ease
in t
he D
ATA
Fibe
r O
ptic
Net
wor
k Fu
nd fo
r ca
ble
relo
catio
n co
sts
and
pow
er p
rote
ctio
n up
grad
es.
The
rem
aind
er o
f the
incr
ease
w
as d
ue t
o st
anda
rd in
flatio
nary
incr
ease
s to
ope
ratin
g co
sts.
Hig
hway
s an
d St
reet
s ex
pens
es
and
Inte
rest
on
Long
-Ter
m D
ebt w
ere
esse
ntia
lly fl
at in
201
9.
IIV.
Fina
ncia
l Ana
lysi
s of
the
Cou
nty’
s Fu
nds
As
of D
ecem
ber
31, 2
019,
the
gov
ernm
enta
l fun
ds h
ad a
com
bine
d fu
nd b
alan
ce t
otal
of
$52.
9 m
illio
n in
clud
ing
a $1
0.8
mill
ion
Gen
eral
Fun
d po
rtio
n cl
assi
fied
as u
nass
igne
d. T
here
is a
lso
$13.
3 m
illio
n th
at is
ass
igne
d fo
r ca
pita
l pur
pose
s. T
otal
gov
ernm
enta
l fun
ds u
nres
tric
ted
fund
ba
lanc
es a
s of
Dec
embe
r 31
, 201
9 am
ount
to
$22.
3 m
illio
n.
This
ref
lect
s an
inc
reas
e of
$3.
6 m
illio
n fr
om t
he p
rior
yea
r du
e m
ainl
y to
favo
rabl
e G
ener
al F
und
resu
lts ($
2.4
mill
ion)
and
an
incr
ease
in th
e un
rest
rict
ed a
mou
nt fo
r cap
ital p
urpo
ses
($1.
2 m
illio
n).
The
unas
sign
ed G
ener
al F
und
fund
bal
ance
of $
10.8
mill
ion
is 4
0.1%
of t
otal
201
9 G
ener
al F
und
expe
nditu
res
of $
26.8
mill
ion
or m
ore
than
146
day
s of
ope
ratin
g fu
nds.
The
Gen
eral
Fun
d fu
nd
bala
nce
incr
ease
of $
2.4
mill
ion
was
pri
mar
ily d
ue t
o th
e co
ntin
ued
rece
ipt
of a
irlin
e fu
el s
ales
ta
x re
venu
e in
201
9 of
app
roxi
mat
ely
$1.2
mill
ion
that
had
bee
n co
nser
vativ
ely
fact
ored
out
of
the
budg
et f
or t
he e
ntir
e 20
19 f
isca
l ye
ar b
ut w
as a
ctua
lly r
ecei
ved
thro
ugh
fuel
sal
es m
ade
thro
ugh
the
mon
th o
f Nov
embe
r 201
9.
Non
maj
or g
over
nmen
tal f
unds
hav
e co
mbi
ned
fund
bal
ance
s of $
41.7
mill
ion
whi
ch is
eith
er n
on-
spen
dabl
e fo
r pr
epai
d ite
ms
($0.
1 m
illio
n),
rest
rict
ed f
or v
ario
us p
urpo
ses
($30
.1 m
illio
n),
or
unre
stri
cted
($11
.5 m
illio
n).
The
Coun
ty’s
prop
riet
ary
fund
s ha
d co
mbi
ned
net p
ositi
ons
of $
19.0
mill
ion
as o
f Dec
embe
r 31
, 20
19 w
hich
is $
1.5
mill
ion
less
than
the
2018
yea
r-en
d ba
lanc
es.
Of t
his
amou
nt $
11.9
mill
ion
is
the
net i
nves
tmen
t in
capi
tal a
sset
s, $
0.3
mill
ion
is r
estr
icte
d fo
r tor
t and
liab
ility
pur
pose
s, a
nd
$6.8
mill
ion
is u
nres
tric
ted.
Th
e N
ursi
ng H
ome
has
an u
nres
tric
ted
net
posi
tion
defic
it of
$3
mill
ion
due
to th
e us
e of
inte
rfun
d ad
vanc
es in
201
9. I
n 20
20, a
long
-term
deb
t iss
ue is
pla
nned
th
at w
ill m
odify
the
net i
nves
tmen
t in
capi
tal a
sset
cal
cula
tion.
Th
e Co
unty
Tre
asur
er i
s an
ele
cted
offi
cial
cha
rged
with
the
res
pons
ibili
ty a
nd a
utho
rity
to
hand
le t
he i
nves
tmen
ts f
or t
he C
ount
y.
The
Trea
sure
r's i
nves
tmen
t po
licy
aim
s to
min
imiz
e cr
edit
and
mar
ket
risk
s w
hile
mai
ntai
ning
a c
ompe
titiv
e yi
eld
on t
he C
ount
y’s
port
folio
. Al
l of
the
Coun
ty’s
depo
sits
wer
e co
vere
d by
eith
er F
DIC
insu
ranc
e or
col
late
ral a
t Dec
embe
r 31,
201
9.
Cash
tem
pora
rily
idle
dur
ing
the
year
was
inve
sted
in a
ccor
danc
e w
ith t
he in
vest
men
t po
licy.
Th
e Co
unty
Tre
asur
er u
tiliz
es a
com
petit
ive
bidd
ing
syst
em w
ith lo
cal f
inan
cial
inst
itutio
ns t
o as
sure
tha
t th
e hi
ghes
t re
turn
pos
sibl
e is
mad
e on
inv
este
d fu
nds.
D
eKal
b Co
unty
ear
ned
inve
stm
ent
inco
me
of $
1,37
2,70
1 on
all
fund
s fo
r th
e ye
ar e
nded
Dec
embe
r 31
, 201
9 co
mpa
red
with
$1,
052,
895
for
the
year
end
ed D
ecem
ber
31, 2
018.
Thi
s re
flect
s an
incr
ease
of $
319,
806
or
30.4
%.
Thi
s in
crea
se i
n in
vest
men
t in
com
e is
the
res
ult
of a
gen
eral
ly h
ighe
r in
tere
st r
ate
envi
ronm
ent f
or in
vest
men
ts in
201
9.
VV.
Gen
eral
Fun
d B
udge
tary
Hig
hlig
hts
The
follo
win
g ta
ble
sum
mar
izes
the
Cou
nty’
s G
ener
al F
und
budg
et fo
r 20
19 in
clud
ing
the
orig
inal
bud
get,
the
final
bud
get,
and
actu
al r
esul
ts:
Ta
ble
3 G
ener
al F
und
Budg
etar
y H
ighl
ight
s Ja
nuar
y 1,
201
9 th
roug
h D
ecem
ber 3
1, 2
019
As
can
be
seen
abo
ve, G
ener
al F
und
reve
nues
in 2
019
wer
e $1
.9 m
illio
n or
7.0
% h
ighe
r th
an
budg
eted
am
ount
s. T
he m
ajor
con
trib
utin
g fa
ctor
s to
thi
s w
ere
the
cont
inue
d re
ceip
t of
air
line
fuel
sal
es t
ax r
even
ue t
hat
had
been
fact
ored
out
of t
he b
udge
t ($
1.2
mill
ion)
, and
hig
her
than
an
ticip
ated
rece
ipts
of in
com
e ta
x ($
0.2
mill
ion)
, per
sona
l pro
pert
y re
plac
emen
t tax
($0.
2 m
illio
n),
and
crim
inal
fin
es (
$0.2
mill
ion)
. Th
ere
wer
e al
so n
umer
ous
sola
r fa
rm p
ublic
hea
ring
s he
ld
duri
ng t
he y
ear
that
res
ulte
d in
bui
ldin
g pe
rmits
and
zon
ing
hear
ing
fees
exc
eedi
ng t
heir
co
mbi
ned
budg
et a
mou
nts
($0.
1 m
illio
n).
Gen
eral
Fun
d ex
pend
iture
s an
d tr
ansf
ers
in 2
019
wer
e $0
.8 m
illio
n or
2.8
% le
ss t
han
the
final
bu
dget
ed a
mou
nts
as a
ll de
part
men
ts e
nded
the
fisca
l yea
r und
er th
eir f
inal
bud
get a
mou
nts.
Orig
inal
Fina
lBu
dget
Budg
etAc
tual
Taxe
s19
,433
,000
19
,433
,000
20
,739
,435
11
6,10
0
11
6,10
0
22
7,49
6
3,
062,
500
3,
062,
500
3,
443,
373
4,
008,
600
4,
008,
600
3,
881,
800
51
8,50
0
51
8,50
0
68
8,34
8
22
8,00
0
22
8,00
0
23
9,68
9
M
isce
llane
ous
245,
800
245,
800
338,
499
27,6
12,5
00
27,6
12,5
00
29,5
58,6
40
Gene
ral G
over
nmen
t6,
425,
300
6,
201,
900
5,
758,
010
21
,027
,400
21
,453
,800
20
,894
,160
16
8,00
0
16
8,00
0
15
6,23
9
Tot
al E
xpen
ditu
res
27,6
20,7
00
27,8
23,7
00
26,8
08,4
09
(8,2
00)
(2
11,2
00)
2,75
0,23
1
1,43
4,30
0
1,43
4,30
0
1,19
1,20
0
(1,4
26,1
00)
(1
,491
,100
)
(1,4
96,0
41)
8,
200
(5
6,80
0)
(3
04,8
41)
-
(2
68,0
00)
2,44
5,39
0
Tran
sfer
s In
Net
Cha
nge
in F
und
Bala
nce
T
otal
Rev
enue
s
EXPE
NDI
TURE
S
Publ
ic S
afet
yHe
alth
and
Wel
fare
Tran
sfer
s Out
TRAN
SFER
S
Exce
ss (D
efic
ienc
y) o
f Rev
enue
s O
ver E
xpen
ditu
res
N
et T
rans
fers
Inve
stm
ent I
ncom
e
REVE
NU
ES
Lice
nses
& P
erm
itsIn
terg
over
nmen
tal
Char
ges f
or S
ervi
ces
Fine
s and
For
feits
VVI.
Cap
ital A
sset
s Th
e fo
llow
ing
sche
dule
refle
cts
the
Coun
ty’s
capi
tal a
sset
bal
ance
s as
of D
ecem
ber 3
1, 2
019:
Tabl
e 4
Cap
ital A
sset
s
Dec
embe
r 31
, 201
9
At y
ear-
end,
the C
ount
y’s n
et in
vest
men
t in
capi
tal a
sset
s for
bot
h its
gov
ernm
enta
l and
bus
ines
s-ty
pe a
ctiv
ities
was
$12
9.7
mill
ion
dolla
rs (n
et o
f acc
umul
ated
dep
reci
atio
n).
This
rep
rese
nts
an
incr
ease
of
$8.9
mill
ion
or 7
.4%
fro
m t
he D
ecem
ber
31, 2
018
amou
nt o
f $1
20.7
mill
ion.
Th
e bu
sine
ss-ty
pe a
ctiv
ities
net
cap
ital a
sset
s in
crea
sed
by $
6.4
mill
ion
sinc
e th
e ca
pita
lizat
ion
of
cons
truc
tion
cost
s fo
r th
e ne
w N
ursi
ng H
ome
exce
eded
dep
reci
atio
n ex
pens
e fo
r th
e ye
ar.
The
$2.5
mill
ion
incr
ease
in g
over
nmen
tal a
ctiv
ities
net
cap
ital a
sset
s is
the
resu
lt of
inve
stm
ents
in
new
cap
ital
asse
ts s
uch
as r
oads
, br
idge
s, t
he d
igita
l ra
dio
com
mun
icat
ion
syst
em,
and
the
Cou
nty
Jail
Exp
ansi
on, t
he c
ombi
ned
tota
l of w
hich
out
pace
d th
e am
ount
of d
epre
ciat
ion
cost
s fo
r go
vern
men
tal a
ctiv
ities
type
cap
ital a
sset
s.
Addi
tiona
l inf
orm
atio
n on
the
Coun
ty’s
capi
tal a
sset
s ca
n be
foun
d in
Not
e 4.
2019
2018
2019
2018
2019
2018
Capi
tal A
sset
Cla
ssifi
catio
n
Land
and
Land
Rig
ht o
f Way
8,20
8,50
9
8,
031,
378
-
-
8,20
8,50
9
8,
031,
378
Build
ings
76,6
36,8
58
76
,102
,261
12,2
56,1
42
12,2
56,1
42
88,8
93,0
00
88
,358
,403
Land
Impr
ovem
ents
14,9
76,7
15
14
,976
,715
1,20
5,82
9
1,
170,
211
16,1
82,5
44
16
,146
,926
Vehi
cles
5,32
6,37
5
5,
227,
936
-
-
5,32
6,37
5
5,
227,
936
Furn
iture
and
Fixt
ures
-
-
910,
440
89
4,42
4
910,
440
89
4,42
4
Equi
pmen
t5,
495,
897
5,42
6,62
3
1,
075,
592
1,02
2,90
3
6,
571,
489
6,44
9,52
6
Infra
stru
ctur
e67
,976
,344
67,2
48,9
54
-
-
67
,976
,344
67,2
48,9
54
Inta
ngib
les
179,
773
17
9,77
3
-
-
179,
773
17
9,77
3
Cons
truc
tion
in P
rogr
ess
8,10
4,58
6
2,
266,
582
8,23
5,98
4
1,
325,
281
16,3
40,5
70
3,
591,
863
Su
b-To
tal
186,
905,
057
17
9,46
0,22
2
23,6
83,9
87
16,6
68,9
61
210,
589,
044
19
6,12
9,18
3
Less
:
Accu
mul
ated
Dep
reci
atio
n(6
9,10
0,65
7)
(64,
173,
225)
(1
1,83
2,12
4)
(11,
263,
049)
(8
0,93
2,78
1)
(75,
436,
274)
Ne
t Cap
ital A
sset
s11
7,80
4,40
0
115,
286,
997
11
,851
,863
5,
405,
912
129,
656,
263
12
0,69
2,90
9
Gove
rnm
enta
lBu
sines
s-Typ
eTo
tal P
rimar
yAc
tiviti
esAc
tiviti
esAc
tiviti
es
VVII
. Lo
ng-T
erm
Deb
t Th
e fo
llow
ing
tabl
e su
mm
ariz
es th
e C
ount
y’s
long
-ter
m d
ebt a
s of
Dec
embe
r 31,
201
9:
Tab
le 5
Lo
ng-T
erm
Deb
t D
ecem
ber
31, 2
019
As o
f Dec
embe
r 31
, 201
9, th
e Co
unty
had
a to
tal o
f $77
.2 m
illio
n in
out
stan
ding
long
-ter
m d
ebt.
Co
mpe
nsat
ed a
bsen
ces
incr
ease
d sl
ight
ly b
y $0
.1 m
illio
n as
of
the
end
of 2
019.
O
ther
po
stem
ploy
men
t be
nefit
s in
crea
sed
by $
0.6
mill
ion
as t
he C
ount
y is
not
pre
fund
ing
any
of t
he
impl
icit
rate
sub
sidi
es f
or r
etir
ee h
ealth
ins
uran
ce.
Tot
al b
onde
d in
debt
edne
ss (
incl
udin
g pr
emiu
m o
n bo
nds)
dec
reas
ed b
y $0
.8 m
illio
n as
the
sch
edul
ed p
rinc
ipal
pay
men
t an
d bo
nd
prem
ium
am
ortiz
atio
n w
as m
ade
on th
e 20
10A
Build
Am
eric
a Bo
nds
Gen
eral
Obl
igat
ion
Seri
es.
Not
e th
at p
rinc
ipal
pay
men
ts on
the 2
010B
Rec
over
y Zo
ne E
cono
mic
Dev
elop
men
t Bon
ds G
ener
al
Obl
igat
ion
Seri
es is
sue
do n
ot b
egin
unt
il Fi
scal
Yea
r 202
5 w
hen
the
2010
A Bu
ild A
mer
ica
Bond
s G
ener
al O
blig
atio
n Se
ries
issu
e ha
s be
en r
etir
ed in
full.
The
fina
l com
pone
nt o
f lon
g-te
rm d
ebt
outs
tand
ing
is n
et p
ensi
on l
iabi
lity
whi
ch h
ad a
dra
stic
$22
.7 m
illio
n in
crea
se d
ue t
o su
bpar
m
arke
t re
turn
s on
pen
sion
ass
ets
whi
ch s
igni
fican
tly i
ncre
ased
the
ass
ocia
ted
net
pens
ion
liabi
lity
in 2
019.
Ous
tand
ing
Long
-Ter
m D
ebt
2019
2018
2019
2018
2019
2018
Com
pens
ated
Abs
ence
s2,
467,
647
2,
364,
971
42
3,01
1
38
5,65
4
2,
890,
658
2,
750,
625
2010
A Bu
ild
Amer
ica
Bond
sG
ener
al O
blig
atio
n Se
ries
2010
B Re
cove
ry Z
one
Econ
omic
Dev
elop
men
t Bon
ds5,
970,
000
5,
970,
000
-
-
5,
970,
000
5,
970,
000
G
ener
al O
blig
atio
n Se
ries
2017
Gen
eral
Obl
igat
ion
Alte
rnat
e Re
venu
e So
urce
33,9
05,0
00
33,9
05,0
00
-
-
33,9
05,0
00
33,9
05,0
00
Bond
s
Pr
emiu
m o
n Bo
nds
321,
952
333,
547
-
-
321,
952
333,
547
Net
Pen
sion
Lia
bili
ty22
,277
,645
3,
883,
100
4,
540,
290
22
4,53
3
26
,817
,935
4,
107,
633
Oth
er P
oste
mpl
oym
ent B
enef
its
1,81
5,13
5
1,33
4,64
6
711,
648
551,
799
2,52
6,78
3
1,88
6,44
5
TOTA
L71
,477
,379
53
,256
,264
5,
674,
949
1,
161,
986
77
,152
,328
54
,418
,250
5,46
5,00
0
Activ
ities
Activ
ities
Tota
ls
Gov
ernm
enta
l Bu
sine
ss-T
ype
4,72
0,00
0
5,46
5,00
0
-
-
4,72
0,00
0
Und
er c
urre
nt S
tate
sta
tute
s, D
eKal
b Co
unty
’s ge
nera
l ob
ligat
ion
bond
ed d
ebt
issu
ance
s ar
e su
bjec
t to
a le
gal l
imita
tion
base
d on
2.8
75%
of t
otal
ass
esse
d va
lue
of re
al a
nd p
erso
nal p
rope
rty.
Th
at w
ould
allo
w t
he C
ount
y to
cur
rent
ly i
ncur
deb
t up
to
$59.
5 m
illio
n, h
owev
er, a
ltern
ate
reve
nue
bond
s ar
e ex
clud
ed fr
om th
is li
mita
tion.
Acc
ordi
ngly
, as
of D
ecem
ber
31, 2
019,
DeK
alb
Cou
nty’
s ne
t ge
nera
l ob
ligat
ion
bond
ed d
ebt
that
is
subj
ect
to t
he d
ebt
limit
was
$0
beca
use
alte
rnat
e re
venu
e so
urce
bon
ds g
ener
ally
do
not c
ount
aga
inst
the
lega
l deb
t lim
it.
Addi
tiona
l inf
orm
atio
n on
the
Coun
ty’s
long
-ter
m d
ebt c
an b
e fo
und
in N
ote
5.
V VIII
. E
cono
mic
Fac
tors
and
Nex
t Yea
r’s B
udge
t Iss
ues
The
taxa
ble
asse
ssed
val
uatio
n fo
r th
e Co
unty
incr
ease
d by
$10
3.0
mill
ion
dolla
rs o
r 5.
2% fr
om
the
prev
ious
yea
r fo
r a
new
tot
al o
f $2
,069
,414
,975
. Th
is f
ourt
h co
nsec
utiv
e an
nual
inc
reas
e fo
llow
s fiv
e co
nsec
utiv
e ye
ars
of d
eclin
ing
prop
erty
val
ues,
an
indi
catio
n th
at p
rope
rty
valu
es a
re
cont
inui
ng th
eir r
ecov
ery
tow
ards
the p
re-r
eces
sion
pea
k at
tain
ed in
200
9. T
here
is so
me
conc
ern
that
the
com
mer
cial
and
indu
stri
al v
alue
onl
y m
akes
up
abou
t 22
.3%
of t
he p
rope
rty
tax
base
pu
ttin
g a
lot o
f bur
den
on r
esid
entia
l pro
pert
y ta
xpay
ers
who
mak
e up
abo
ut 6
1.9%
of t
he b
ase.
Th
e re
mai
ning
15.
8% o
f the
tax
base
is c
ompr
ised
of f
arm
land
, win
d to
wer
s, a
nd r
ailr
oads
. W
ith th
e pr
olon
ged
reco
very
from
the
rece
ssio
n an
d th
e sl
ower
pac
e in
the
cons
truc
tion
indu
stry
, de
velo
pmen
t rev
enue
will
be
limite
d an
d fu
ture
pro
pert
y ta
x in
crea
ses
will
nee
d to
be
care
fully
co
nsid
ered
. I
n ea
rly
1999
, th
e vo
ters
app
rove
d a
refe
rend
um w
hich
wou
ld l
imit
any
futu
re
prop
erty
tax
inc
reas
es t
o (a
) th
e co
st o
f liv
ing
or 5
%, w
hich
ever
is
less
, plu
s (b
) th
e am
ount
ge
nera
ted
by n
ew co
nstr
uctio
n fo
r the
pre
viou
s yea
r. T
his l
imita
tion
beca
me
effe
ctiv
e Ja
nuar
y 1,
20
00 a
nd i
t fir
st a
ffect
ed t
he F
Y 20
01 b
udge
t w
hich
was
app
rove
d by
the
Cou
nty
Boar
d in
N
ovem
ber,
2000
. Th
is l
imiti
ng r
efer
endu
m c
ontin
ues
to p
rese
nt s
igni
fican
t ch
alle
nges
to
the
Cou
nty
Boa
rd t
o pr
ovid
e fo
r se
rvic
es a
s th
e de
man
d an
d ne
ed f
or s
ervi
ces
exce
eds
the
annu
al
allo
wab
le in
crem
ent i
n pr
oper
ty ta
xes.
The
Cou
nty
cont
inue
s to
fully
com
ply
with
the
Prop
erty
Ta
x E
xten
sion
Lim
itatio
n La
w (P
-TE
LL) t
hat w
as a
ppro
ved
by th
e vo
ters
in A
pril,
199
9. A
s suc
h,
the
CPI
for t
he 2
020
budg
et a
s it
appl
ies
to P
-TEL
L is
a m
odes
t 1.9
%.
Ong
oing
effo
rts a
re in
pla
ce to
bri
ng in
crea
sed
econ
omic
dev
elop
men
t to
the
Coun
ty th
at w
ill h
elp
dive
rsify
the
tax
bas
e.
One
of t
he e
ffort
s of
the
Cou
nty
is p
artic
ipat
ion
in t
he D
eKal
b Co
unty
E
cono
mic
Dev
elop
men
t Cor
pora
tion
(DC
ED
C).
This
par
tner
ship
of p
riva
te a
nd p
ublic
inte
rest
s w
orks
toge
ther
to fa
cilit
ate
econ
omic
dev
elop
men
t with
in th
e Co
unty
. In
202
0, D
CED
C’s
goal
s in
clud
e Co
mpr
ehen
sive
Eco
nom
ic D
evel
opm
ent
Stra
tegy
(CE
DS)
im
plem
enta
tion;
str
ateg
ic b
usin
ess
attr
actio
n an
d de
velo
pmen
t; bu
sine
ss r
eten
tion,
exp
ansi
on,
and
wor
kfor
ce d
evel
opm
ent;
busi
ness
clim
ate
enha
ncem
ent;
mar
ketin
g; a
nd s
tren
gthe
ning
pu
blic
/pri
vate
par
tner
ship
. Th
is p
artn
ersh
ip h
as b
een
succ
essf
ul o
ver
the
year
s as
the
Cou
nty
reco
gniz
es t
hat
econ
omic
gr
owth
can
be
cont
agio
us a
nd th
at r
egio
nal e
ffort
s ar
e im
port
ant,
as m
any
issu
es s
impl
y ca
nnot
be
cons
trai
ned
by m
unic
ipal
bou
ndar
ies,
and
that
var
ious
com
mun
ities
can,
and
do,
ben
efit
from
gr
owth
in a
nea
rby
com
mun
ity.
Alo
ng th
ose
lines
, as
part
of t
he e
ffort
s to
att
ract
new
bus
ines
s an
d in
dust
ry t
o th
e C
ount
y, D
CE
DC
wor
ked
clos
ely
with
the
Cou
nty
and
six
mun
icip
aliti
es t
o su
bmit
an e
nter
pris
e zo
ne a
pplic
atio
n to
the
Stat
e of
Illin
ois
in 2
014
with
the
goal
of d
iver
sify
ing
the
Cou
nty’
s ta
x ba
se b
y at
trac
ting
mor
e in
dust
ry a
nd c
omm
erci
al in
tere
sts
to th
e C
ount
y.
Ente
rpri
se z
ones
pro
vide
tax
bre
aks
and
othe
r in
cent
ives
to
enco
urag
e bu
sine
sses
to
mov
e or
ex
pand
with
in t
he z
one.
B
usin
esse
s m
ay b
e el
igib
le f
or e
xem
ptio
n on
the
sal
es t
ax p
aid
on
build
ing
mat
eria
ls a
nd to
rece
ive
inve
stm
ent t
ax cr
edits
on
qual
ified
pro
pert
y. I
n ad
ditio
n to
the
Stat
e in
cent
ives
, ea
ch z
one
tend
s to
offe
r lo
cal
ince
ntiv
es a
s w
ell,
such
as
prop
erty
tax
ab
atem
ents
, to
enha
nce
busi
ness
dev
elop
men
t. Th
e si
x m
unic
ipal
ities
tha
t pa
rtne
red
with
the
Cou
nty
and
DCE
DC
on t
his
initi
ativ
e w
ere
the
Tow
n of
Cor
tland
, th
e Ci
ty o
f D
eKal
b, t
he C
ity o
f G
enoa
, th
e Ci
ty o
f Sa
ndw
ich,
the
City
of
Syca
mor
e, a
nd th
e Vi
llage
of W
ater
man
. Th
e re
sults
of t
he co
mpe
titiv
e ap
plic
atio
n pr
oces
s w
ere
anno
unce
d in
201
5 an
d, o
n D
ecem
ber 1
7, 2
015,
the
Illin
ois D
epar
tmen
t of C
omm
erce
& E
cono
mic
O
ppor
tuni
ty, c
ertif
ied
the
DeK
alb
Cou
nty
Ent
erpr
ise
Zone
. Th
is d
esig
natio
n is
ant
icip
ated
to
cont
inue
bei
ng a
ver
y po
wer
ful
econ
omic
dev
elop
men
t to
ol i
n at
trac
ting
com
mer
cial
and
in
dust
rial
dev
elop
men
t pro
ject
s to
DeK
alb
Cou
nty
in 2
020
and
for m
any
year
s to
com
e.
As
of th
is w
ritin
g, th
e 20
20 fi
nanc
ial y
ear i
s wel
l und
erw
ay.
Afte
r sev
eral
pos
t-re
cess
ion
year
s of
plan
ned
and
sust
aina
ble
draw
dow
ns o
f Gen
eral
Fun
d re
serv
es d
ue to
pru
dent
fina
ncia
l pla
nnin
g in
the
past
, a b
alan
ced
budg
et fo
r 20
20 w
as p
asse
d by
the
Cou
nty
Boa
rd, t
he fo
urth
con
secu
tive
year
that
a b
alan
ced
budg
et w
as p
asse
d. T
he n
ext b
udge
t to
be d
evel
oped
will
be
the
2021
bud
get.
It
will
be
disc
usse
d in
the
earl
y fa
ll of
202
0 fo
r th
e fis
cal y
ear
begi
nnin
g Ja
nuar
y 1,
202
1. T
he
prob
lem
s th
at w
ere
face
d w
ith th
e 20
20 b
udge
t are
ant
icip
ated
to b
e at
the
fore
fron
t of t
he 2
021
budg
et a
s w
ell.
Hea
lth in
sura
nce
cost
s an
d pe
nsio
n co
sts
for
all e
mpl
oyee
s w
ill c
ontin
ue t
o be
m
ajor
bud
get c
once
rns,
as
will
the
incr
easi
ng b
urde
n of
pub
lic s
afet
y ex
pend
iture
s.
In 2
019,
the
Coun
ty jo
ined
the
Inte
rgov
ernm
enta
l Per
sonn
el B
enef
it Co
oper
ativ
e to
hel
p st
abili
ze
and
cont
rol h
ealth
car
e co
sts.
Th
ere
was
a 7
% p
rem
ium
dec
reas
e ef
fect
ive
Janu
ary,
201
9 an
d th
ose
rate
s w
ere
guar
ante
ed t
o th
e C
ount
y th
roug
h Ju
ne, 2
020.
Ef
fect
ive
July
, 202
0, m
edic
al
insu
ranc
e rat
es w
ill in
crea
se b
y 7.
2%.
Addi
tiona
lly, p
ensi
on co
ntri
butio
n ra
tes f
or 2
020
incr
ease
d by
19.
6% f
or n
on-s
wor
n pe
rson
nel
and
26.1
% f
or s
wor
n pe
rson
nel
per
the
Illin
ois
Mun
icip
al
Retir
emen
t Fun
d.
How
ever
, as s
igni
fican
t as
the
incr
easi
ng co
sts
of h
ealth
care
and
pen
sion
cont
ribu
tions
are
, the
y w
ill u
ndou
bted
ly p
ale i
n co
mpa
riso
n to
the i
mpa
ct of
the C
OVI
D-1
9 pa
ndem
ic on
Cou
nty
finan
ces.
Re
venu
e sho
rtfa
lls ca
used
by
the p
ande
mic
are
pro
ject
ed to
rang
e fro
m $
2.5
mill
ion
to $
4.5
mill
ion
and
unfu
nded
exp
endi
ture
s no
t cov
ered
by
gran
ts a
re e
xpec
ted
to ra
nge
from
$0.
5 m
illio
n to
$1.
0 m
illio
n.
This
sig
nific
ant
impa
ct t
o Co
unty
fin
ance
s w
ill r
equi
re a
com
bina
tion
of t
actic
s to
m
itiga
te t
he e
ffect
s of
the
pan
dem
ic i
nclu
ding
add
ition
al p
lann
ed d
raw
dow
ns o
f re
serv
es, t
he
virt
ual e
limin
atio
n of
dis
cret
iona
ry s
pend
ing,
and
sou
nd fi
scal
man
agem
ent t
o co
ntro
l all
cost
s.
Dur
ing
2019
, co
nstr
uctio
n w
as s
ubst
antia
lly c
ompl
eted
on
a ne
w C
ount
y-w
ide
digi
tal
radi
o co
mm
unic
atio
n sy
stem
and
con
stru
ctio
n co
ntin
ued
on a
$15
mill
ion
Nur
sing
Hom
e E
xpan
sion
Pr
ojec
t. I
n 20
20, t
he N
ursi
ng H
ome
Exp
ansi
on P
roje
ct is
exp
ecte
d to
be
com
plet
ed in
the
Fal
l ar
ound
the
sam
e tim
e a
Cou
rtho
use
Exp
ansi
on P
roje
ct w
ill b
egin
to
build
-out
the
thi
rd fl
oor
of
the
Cou
rtho
use.
A b
ond
issu
e is
pla
nned
for
the
Nur
sing
Hom
e E
xpan
sion
Pro
ject
to r
epay
the
inte
rnal
loan
s use
d to
fina
nce t
he ea
rly
stag
es of
the p
roje
ct b
ut th
e Cou
rtho
use E
xpan
sion
Pro
ject
is
pla
nned
to b
e fu
nded
with
cas
h re
serv
es.
Ove
rall,
the
chal
leng
e of
pro
vidi
ng th
e be
st s
ervi
ces
with
the
best
sta
ff, a
nd k
eepi
ng c
osts
in li
ne
with
ava
ilabl
e re
venu
es,
cont
inue
s to
be
the
goal
of
the
Cou
nty
Boa
rd a
nd t
he f
inan
cial
m
anag
emen
t tea
m o
f the
Cou
nty.
IIX.
Req
uest
for I
nfor
mat
ion
This
fina
ncia
l rep
ort i
s de
sign
ed to
pro
vide
our
citiz
ens,
cus
tom
ers,
inve
stor
s, a
nd cr
edito
rs w
ith
a ge
nera
l ove
rvie
w o
f the
Cou
nty’
s fin
ance
s, a
nd to
dem
onst
rate
the
Cou
nty’
s ac
coun
tabi
lity
for
the
fund
s it
rece
ives
. Q
uest
ions
con
cern
ing
this
rep
ort
or r
eque
sts
for
addi
tiona
l fin
anci
al
info
rmat
ion
shou
ld b
e di
rect
ed to
Pet
er J
. Ste
fan,
Fin
ance
Dir
ecto
r, D
eKal
b Co
unty
Gov
ernm
ent,
Fina
nce
Offi
ce, 2
00 N
. Mai
n St
reet
, Sui
te 2
10, S
ycam
ore,
Illin
ois
6017
8.
(Thi
s st
atem
ent i
s co
ntin
ued
on th
e fo
llow
ing
page
.)
,
Pos
tpon
emen
t of
the
E
ffec
tive
Dat
es o
f C
erta
in A
utho
rita
tive
Gui
danc
eF
iduc
iary
Act
ivit
ies
Cer
tain
Ext
erna
l In
vest
men
t P
ools
and
Poo
l P
arti
cipa
nts
Pla
n A
dmin
istr
atio
n
Pla
n M
embe
rshi
p
Ben
efit
s P
rovi
ded
Con
trib
utio
ns
Net
Pen
sion
Lia
bili
ty
Net
Pen
sion
Lia
bili
ty(C
onti
nued
)
Dis
coun
t Rat
e
Cha
nges
in th
e N
et P
ensi
on L
iabi
lity
Pen
sion
Exp
ense
and
Def
erre
d O
utfl
ows
of R
esou
rces
and
Def
erre
d In
flow
s of
R
esou
rces
Dis
coun
t Rat
e Se
nsit
ivit
y
Pla
n A
dmin
istr
atio
n
Pla
n M
embe
rshi
p
Ben
efit
s P
rovi
ded
Con
trib
utio
ns
Act
uari
al A
ssum
ptio
nsD
isco
unt R
ate
Cha
nges
in th
e N
et P
ensi
on L
iabi
lity
Pen
sion
Exp
ense
and
Def
erre
d O
utfl
ows
of R
esou
rces
and
Def
erre
d In
flow
s of
R
esou
rces
Dis
coun
t Rat
e Se
nsit
ivit
y
.
.
Sour
ces:
U
nles
s ot
herw
ise
note
d,
the
info
rmat
ion
in
thes
e sc
hedu
les
is
deri
ved
from
th
e co
mpr
ehen
sive
ann
ual f
inan
cial
rep
orts
for
the
rele
vant
yea
r.
APPENDIX B
DESCRIBING BOOK-ENTRY-ONLY ISSUANCE
The Depository Trust Company, New York, New York (“DTC”), 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.
1. 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 an S&P Global Ratings rating of 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.
2. 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.
3. 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
4. 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 bond registrar and request that copies of notices be provided directly to them.
5. 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.
6. 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 County 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).
7. 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 County 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 County, 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 County 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.
8. 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.
9. DTC may discontinue providing its services as depository with respect to the Securities at any time by giving reasonable notice to the County 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.
10. The County 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.
11. The information in this section concerning DTC and DTC’s book-entry system has been obtained from sources that the County believes to be reliable, but the County takes no responsibility for the accuracy thereof.
B-2
APPENDIX C
PROPOSED FORM OF OPINION OF BOND COUNSEL
___________, 2020
The County Board of The County of DeKalb Sycamore, Illinois
Dear Members:
We have examined a record of proceedings relating to the issuance of $_____,000 principal amount of General Obligation Bonds (Alternate Revenue Source), Series 2020 (the “Bonds”) of The County of DeKalb, a political subdivision of the State of Illinois. The Bonds are authorized and issued pursuant to the provisions of the Counties Code, 55 Illinois Compiled Statutes 5, and Local Government Debt Reform Act, 30 Illinois Compiled Statutes 350, and by virtue of an ordinance adopted by the County Board of the County on June 20, 2018 and entitled: “Ordinance Authorizing the Issuance of $14,000,000 General Obligation Alternate Bonds of The County of DeKalb, Illinois for the Purpose of Financing the Improvement of the DeKalb County Rehab and Nursing Center” as supplemented by an ordinance adopted by said County Board on June 17, 2020 and entitled: “Supplemental Ordinance Providing for the Issuance of General Obligation Bonds (Alternate Revenue Source), Series 2020, of The County of DeKalb, Illinois” (the “Bond Ordinance”). The Bonds are “alternate bonds” under the provisions of Section 15 of the Local Government Debt Reform Act. The Bonds are issuable in the form of fully registered bonds in the denominations of $5,000 or any integral multiple thereof. Bonds delivered on original issuance are dated ____________, 2020 and bear interest from their date payable on ____________ 15, 20__ and semiannually thereafter on June 15 and December 15 in each year. The Bonds mature on December 15 in each of the following years in the respective principal amount set opposite each such year in the following table, and the Bonds maturing in each such year bear interest at the respective rate of interest per annum set forth opposite such year:
Year Principal Amount Interest Rate
20__ $ % 20__ 20__ 20__ 20__ 20__ 20__ 20__ 20__ 20__ 20__ 20__
C-1
The Bonds maturing on or after December 15, 20__ are subject to redemption prior to maturity at the option of the County, in such principal amounts and from such maturities as the County shall determine and by lot within a single maturity, on December 15, 20__ and on any date thereafter, at a redemption price of par. The Bonds maturing in the years 20__, 20__, 20__ and 20__ (the “Term Bonds”) are subject to mandatory redemption, in part and by lot, on December 15 of the years and in the respective principal amounts set forth in the following tables, by the application of sinking fund installments, at a redemption price equal to the principal amount thereof to be redeemed:
20__ Term Bonds 20__ Term Bonds
Year Principal Amount Year Principal Amount
20__ $__________ 20__ $__________
20__ Term Bonds 20__ Term Bonds
Year Principal Amount Year Principal Amount
20__ $__________ 20__ $__________ In our opinion, the Bonds are valid and legally binding general obligations of The County of DeKalb and the County is obligated to levy ad valorem taxes upon all the taxable property within the County for the payment of the Bonds and the interest thereon without limitation as to rate or amount. However, the enforceability of rights or remedies with respect to the Bonds may be limited by bankruptcy, insolvency or other laws affecting creditors’ rights and remedies heretofore or hereafter enacted. We are of the opinion that, under existing law, interest on the Bonds is not includable in the gross income of the owners thereof for Federal income tax purposes. If there is continuing compliance with the applicable requirements of the Internal Revenue Code of 1986 (the “Code”), we are of the opinion that interest on the Bonds will continue to be excluded from the gross income of the owners thereof for Federal income tax purposes. We are further of the opinion that interest on the Bonds is not an item of tax preference for purposes of computing alternative minimum taxable income. The Code contains certain requirements that must be satisfied from and after the date hereof in order to preserve the exclusion from gross income for Federal income tax purposes of interest on the Bonds. These requirements relate to the use and investment of the proceeds of the Bonds, the payment of certain amounts to the United States, the security and source of payment of the Bonds and the use of the property financed with the proceeds of the Bonds. The County has covenanted in the Bond Ordinance to comply with these requirements. Interest on the Bonds is not exempt from Illinois income taxes.
Very truly yours,
C-2
APPENDIX D
THE COUNTY OF DEKALB, ILLINOIS
EXCERPTS OF FISCAL YEAR 2019 AUDITED FINANCIAL STATEMENTS RELATING TO THE COUNTY’S PENSION PLANS
Pla
n A
dmin
istr
atio
n
Pla
n M
embe
rshi
p
D-1
Ben
efit
s P
rovi
ded
Con
trib
utio
ns
Net
Pen
sion
Lia
bili
ty
Net
Pen
sion
Lia
bili
ty(C
onti
nued
)
Dis
coun
t Rat
e
D-2
Cha
nges
in th
e N
et P
ensi
on L
iabi
lity
Pen
sion
Exp
ense
and
Def
erre
d O
utfl
ows
of R
esou
rces
and
Def
erre
d In
flow
s of
R
esou
rces
D-3
Dis
coun
t Rat
e Se
nsit
ivit
y
Pla
n A
dmin
istr
atio
n
Pla
n M
embe
rshi
p
Ben
efit
s P
rovi
ded
Con
trib
utio
ns
D-4
Act
uari
al A
ssum
ptio
nsD
isco
unt R
ate
Cha
nges
in th
e N
et P
ensi
on L
iabi
lity
D-5
Pen
sion
Exp
ense
and
Def
erre
d O
utfl
ows
of R
esou
rces
and
Def
erre
d In
flow
s of
R
esou
rces
Dis
coun
t Rat
e Se
nsit
ivit
y
D-6
.
D-7
.
D-8
APPENDIX E
FEASIBILITY REPORT
Exhibit 1
DEKALB COUNTY, ILLINOISGeneral Obligation Bonds (Alternate Revenue Source)
Series 2020(DeKalb County Rehab & Nursing Center Project)
Estimated Sources and Uses of Funds
Estimated Sources of FundsPar Amount of Bonds 13,000,000.00Original Issue Premium (1) 1,235,466.85Cash Contribution From the Nursing Center (2) 997,133.15Total Sources of Funds 15,232,600.00
Estimated Uses of FundsRenovation of the Existing Facility 15,000,000.00Underwriter's Discount ($10.00/Bond) 130,000.00Allowance for All Other Issuance Costs 102,600.00Total Uses of Funds 15,232,600.00
(1) See Exhibit 2.(2) The Nursing Center will contribute up to $2,000,000 as required in order to offset any reduction in the original issue premium from the final Series 2020 issue.
Exhibit 2
DEKALB COUNTY, ILLINOISGeneral Obligation Bonds (Alternate Revenue Source)
Series 2020(DeKalb County Rehab & Nursing Center Project)
Bond Production Report
Dated: August 18,2020Delivery: August 18, 2020
First Coupon: June 15, 2021
Maturity Bond Coupon Dollar Priced to GrossDate Type Principal Rate (%) Yield (%) Price Call Production
12/15/2021 Serial 50,000 4.000 1.000 103.937 51,968.5012/15/2022 Serial 230,000 4.000 1.030 106.804 245,649.2012/15/2023 Serial 240,000 5.000 1.100 112.697 270,472.8012/15/2024 Serial 250,000 5.000 1.230 115.830 289,575.0012/15/2025 Serial 260,000 5.000 1.360 118.634 308,448.4012/15/2026 Serial 275,000 5.000 1.520 120.908 332,497.0012/15/2027 Serial 290,000 5.000 1.630 123.177 357,213.3012/15/2028 Serial 305,000 5.000 1.730 125.249 382,009.4512/15/2029 Serial 320,000 5.000 1.850 126.863 405,961.6012/15/2030 Serial 335,000 5.000 1.960 125.790 12/15/29 @ 100% 421,396.5012/15/2031 Serial 350,000 4.000 2.080 116.196 12/15/29 @ 100% 406,686.0012/15/2032 Serial 365,000 4.000 2.190 115.189 12/15/29 @ 100% 420,439.8512/15/2033 Serial 380,000 4.000 2.300 114.192 12/15/29 @ 100% 433,929.6012/15/2034 Serial 395,000 4.000 2.320 114.011 12/15/29 @ 100% 450,343.4512/15/2035 Serial 410,000 4.000 2.930 108.672 12/15/29 @ 100% 445,555.2012/15/2036 Serial 425,000 4.000 2.990 108.163 12/15/29 @ 100% 459,692.7512/15/2037 Serial 445,000 4.000 3.050 107.656 12/15/29 @ 100% 479,069.2012/15/2038 Serial 460,000 4.000 3.100 107.236 12/15/29 @ 100% 493,285.6012/15/2039 Serial 480,000 4.000 3.150 106.818 12/15/29 @ 100% 512,726.4012/15/2040 Term 1 500,000 4.000 3.300 105.575 12/15/29 @ 100% 527,875.0012/15/2041 Term 1 520,000 4.000 3.300 105.575 12/15/29 @ 100% 548,990.0012/15/2042 Term 1 540,000 4.000 3.300 105.575 12/15/29 @ 100% 570,105.0012/15/2043 Term 1 560,000 4.000 3.300 105.575 12/15/29 @ 100% 591,220.0012/15/2044 Term 1 585,000 4.000 3.300 105.575 12/15/29 @ 100% 617,613.7512/15/2045 Term 1 610,000 4.000 3.300 105.575 12/15/29 @ 100% 644,007.5012/15/2046 Term 2 630,000 4.000 3.450 104.349 12/15/29 @ 100% 657,398.7012/15/2047 Term 2 655,000 4.000 3.450 104.349 12/15/29 @ 100% 683,485.9512/15/2048 Term 2 685,000 4.000 3.450 104.349 12/15/29 @ 100% 714,790.6512/15/2049 Term 2 710,000 4.000 3.450 104.349 12/15/29 @ 100% 740,877.9012/15/2050 Term 2 740,000 4.000 3.450 104.349 12/15/29 @ 100% 772,182.60
13,000,000 14,235,466.85
Par Amount 13,000,000.00 100.000000%Plus: Net Original Issue Premium 1,235,466.85 9.503591%Gross Production 14,235,466.85 109.503591%Less: Underwriters Discount 130,000.00 1.000000%Bid Amount 14,105,466.85 108.503591%
Accrued Interest 0.00Net to Issuer 14,105,466.85
Gross Interest Cost 10,070,093.75Less: Net Premium 1,105,466.85Net Interest Cost 8,964,626.90
NIC % 3.61878167%TIC % 3.43973407%Arbitrage Yield 2.89749766%
Bond Years 247,725.000Average Coupon 4.065029Average Life 19.055769Weighted Average Maturity (Form 8038) 18.666779
Prepared by Stanley P. Stone & Associates, Inc., New York, NY
Exhibit 3DEKALB COUNTY, ILLINOIS
General Obligation Bonds (Alternate Revenue Source)Series 2020
(DeKalb County Rehab & Nursing Center Project)
Estimated Debt Service and Pro-Forma Coverage of Debt Service
Total Net Debt Total Cash Pro-FormaCoupon Period Service for Year Available for Coverage of
Date Principal Rate (%) Interest Total Ending Dec. 31 D/S Coverage (1) Debt Service12/15/2020 0.00 0.00 0.00 1,116,791.00 N/A6/15/2021 447,768.75 447,768.75
12/15/2021 50,000.00 4.000 271,375.00 321,375.00 769,143.75 1,240,532.00 1.616/15/2022 270,375.00 270,375.00
12/15/2022 230,000.00 4.000 270,375.00 500,375.00 770,750.00 1,317,486.00 1.716/15/2023 265,775.00 265,775.00
12/15/2023 240,000.00 5.000 265,775.00 505,775.00 771,550.00 1,132,278.00 1.476/15/2024 259,775.00 259,775.00
12/15/2024 250,000.00 5.000 259,775.00 509,775.00 769,550.00 1,103,308.00 1.436/15/2025 253,525.00 253,525.00
12/15/2025 260,000.00 5.000 253,525.00 513,525.00 767,050.00 1,011,099.00 1.326/15/2026 247,025.00 247,025.00
12/15/2026 275,000.00 5.000 247,025.00 522,025.00 769,050.00 1,011,099.00 1.316/15/2027 240,150.00 240,150.00
12/15/2027 290,000.00 5.000 240,150.00 530,150.00 770,300.00 1,011,099.00 1.316/15/2028 232,900.00 232,900.00
12/15/2028 305,000.00 5.000 232,900.00 537,900.00 770,800.00 1,011,099.00 1.316/15/2029 225,275.00 225,275.00
12/15/2029 320,000.00 5.000 225,275.00 545,275.00 770,550.00 1,011,099.00 1.316/15/2030 217,275.00 217,275.00
12/15/2030 335,000.00 5.000 217,275.00 552,275.00 769,550.00 1,011,099.00 1.316/15/2031 208,900.00 208,900.00
12/15/2031 350,000.00 4.000 208,900.00 558,900.00 767,800.00 1,011,099.00 1.326/15/2032 201,900.00 201,900.00
12/15/2032 365,000.00 4.000 201,900.00 566,900.00 768,800.00 1,011,099.00 1.326/15/2033 194,600.00 194,600.00
12/15/2033 380,000.00 4.000 194,600.00 574,600.00 769,200.00 1,011,099.00 1.316/15/2034 187,000.00 187,000.00
12/15/2034 395,000.00 4.000 187,000.00 582,000.00 769,000.00 1,011,099.00 1.316/15/2035 179,100.00 179,100.00
12/15/2035 410,000.00 4.000 179,100.00 589,100.00 768,200.00 1,011,099.00 1.326/15/2036 170,900.00 170,900.00
12/15/2036 425,000.00 4.000 170,900.00 595,900.00 766,800.00 1,011,099.00 1.326/15/2037 162,400.00 162,400.00
12/15/2037 445,000.00 4.000 162,400.00 607,400.00 769,800.00 1,011,099.00 1.316/15/2038 153,500.00 153,500.00
12/15/2038 460,000.00 4.000 153,500.00 613,500.00 767,000.00 1,011,099.00 1.326/15/2039 144,300.00 144,300.00
12/15/2039 480,000.00 4.000 144,300.00 624,300.00 768,600.00 1,011,099.00 1.326/15/2040 134,700.00 134,700.00
12/15/2040 500,000.00 4.000 134,700.00 634,700.00 769,400.00 1,011,099.00 1.316/15/2041 124,700.00 124,700.00
12/15/2041 520,000.00 4.000 124,700.00 644,700.00 769,400.00 1,011,099.00 1.316/15/2042 114,300.00 114,300.00
12/15/2042 540,000.00 4.000 114,300.00 654,300.00 768,600.00 1,011,099.00 1.326/15/2043 103,500.00 103,500.00
12/15/2043 560,000.00 4.000 103,500.00 663,500.00 767,000.00 1,011,099.00 1.326/15/2044 92,300.00 92,300.00
12/15/2044 585,000.00 4.000 92,300.00 677,300.00 769,600.00 1,011,099.00 1.316/15/2045 80,600.00 80,600.00
12/15/2045 610,000.00 4.000 80,600.00 690,600.00 771,200.00 1,011,099.00 1.316/15/2046 68,400.00 68,400.00
12/15/2046 630,000.00 4.000 68,400.00 698,400.00 766,800.00 1,011,099.00 1.326/15/2047 55,800.00 55,800.00
12/15/2047 655,000.00 4.000 55,800.00 710,800.00 766,600.00 1,011,099.00 1.326/15/2048 42,700.00 42,700.00
12/15/2048 685,000.00 4.000 42,700.00 727,700.00 770,400.00 1,011,099.00 1.316/15/2049 29,000.00 29,000.00
12/15/2049 710,000.00 4.000 29,000.00 739,000.00 768,000.00 1,011,099.00 1.326/15/2050 14,800.00 14,800.00
12/15/2050 740,000.00 4.000 14,800.00 754,800.00 769,600.00 1,011,099.00 1.3113,000,000.00 10,070,093.75 23,070,093.75 23,070,093.75
(1) From Exhibit 3. Total Cash Avaiable for the years 2026-2050 are assumed to be identical to the Total Cash Available during 2025.
Prepared by Stanley P. Stone & Associates, Inc., New York, NY
Exhibit 4DEKALB COUNTY REHAB & NURSING CENTER
Forcasted Revenues and Expenses
Construction Updated Facility Actual (1) Estimated Year 1 Year 2 Year 3 Year 4 Year 5 2019 2020 2021 2022 2023 2024 2025
RevenuesPrivate Pay Routine 3,821,132 4,723,840 4,784,352 4,905,376 4,965,888 5,026,644 5,087,156 Other Ancillary 209,209 331,533 334,848 338,196 341,578 344,994 348,444Total Private Pay 4,030,341 5,055,373 5,119,200 5,243,572 5,307,466 5,371,638 5,435,600
Total Medicaid 6,988,921 5,359,478 5,319,569 5,365,313 5,431,577 5,497,653 5,563,917
Medicare Routine Part A 3,054,812 4,961,854 5,419,989 5,905,902 6,068,539 6,234,726 6,404,533 Medicare B 119,110 172,303 176,610 181,025 185,551 190,190 194,944Total Medicare 3,173,922 5,134,157 5,596,599 6,086,927 6,254,090 6,424,916 6,599,477
Total Patient Service Revenues 14,193,184 15,549,008 16,035,368 16,695,812 16,993,133 17,294,207 17,598,994
Miscellaneous Revenues 293,425 287,178 290,050 292,951 295,880 298,839 301,827
Total Revenues 14,486,609 15,836,186 16,325,418 16,988,763 17,289,013 17,593,046 17,900,821
Expenses Salaries 5,892,798 6,519,748 6,755,317 7,012,124 7,213,150 7,411,391 7,577,898 Employee Benefits 1,911,667 2,477,504 2,567,021 2,664,607 2,740,997 2,816,329 2,879,601
Non-Labor Expenses Administrative Expenses 1,510,110 1,578,015 1,625,356 1,674,116 1,724,340 1,776,070 1,829,352 Nursing Expenses 3,643,013 1,644,700 1,556,356 1,637,644 1,707,512 1,774,080 1,827,303 Dietary 577,049 555,097 578,518 609,816 635,290 661,745 681,597 Environmental Services 427,274 408,777 426,438 450,351 469,588 489,575 504,262 Activities 23,569 24,276 25,004 25,754 26,527 27,323 28,143 Rehab Program 635,002 625,570 649,247 678,838 704,412 730,909 741,330 Social Services 5,223 5,380 5,541 5,707 5,879 6,055 6,237 Special Care Unit 6,053 6,235 6,422 6,614 6,813 7,017 7,228 Maintenance 503,974 519,093 534,666 550,706 567,227 584,244 601,771 Transfers 55,428 55,000 55,000 55,000 55,000 55,000 55,000
Total Non-Labor Expenses 7,386,695 5,422,143 5,462,548 5,694,546 5,902,588 6,112,018 6,282,223
Total Expenses (2) 15,191,160 14,419,395 14,784,886 15,371,277 15,856,735 16,339,738 16,739,722
Net Operating Revenues (704,551) 1,416,791 1,540,532 1,617,486 1,432,278 1,253,308 1,161,099
Cash Flow Adjustment 7,565 (300,000) (300,000) (300,000) (300,000) (150,000) (150,000)
Total Cash Available for Debt Service (696,986) 1,116,791 1,240,532 1,317,486 1,132,278 1,103,308 1,011,099
(1) Unaudited.(2) Total Expenses exclude depreciation and payments of bond principal and interest.
Source: Management Performance Associates, Inc., St. Louis, Missouri
Exhibit 5DEKALB COUNTY, ILLINOIS
General Obligation Bonds (Alternate Revenue Source)Series 2020
(DeKalb County Rehab & Nursing Center Project)
Summary of Revenues and Expenses - County Nursing Home Fund
Year Ended Year Ended Year Ended Year Ended Year Ended12/31/2014 12/31/2015 12/31/2016 12/31/2017 12/31/2018
Actual (1) Actual (2) Actual (3) Actual (4) Actual (5)
Operating Revenues Charges for Services Net Patient Service Revenue 14,017,513 14,129,018 15,035,852 15,372,117 15,681,204 Other Revenues 4,798 2,942 35,629 136,458 308292 Total Operating Revenues 14,022,311 14,131,960 15,071,481 15,508,575 15,989,496
Operating Expenses Administration 1,471,789 1,817,058 2,553,593 1,424,144 1,776,712 Operations Rehabilitiation 1,008,071 1,163,922 1,184,429 1,132,133 1,112,950 Social Services 239,926 245,341 244,649 244,900 237,131 Patient Activities 208,401 206,927 191,705 189,462 195,746 Dietary 1,327,431 1,248,090 1,273,791 1,395,728 1,418,226 Nursing 7,400,438 7,525,880 7,619,322 8,055,354 8,696,035 Environmental Services 729,732 695,070 788,215 767,675 736,313 Maintenance 609,354 648,370 665,932 657,362 705,301 Capital Improvements 70,216 116,610 293,052 336,300 1,042,500 Total Operating Expenses (6) 13,065,358 13,667,268 14,814,688 14,203,058 15,920,914
Net Operating Revenues 956,953 464,692 256,793 1,305,517 68,582
(1) Source: DeKalb County Comprehensive Annual Financial Report For the Year Ended Dec. 31, 2014, page 170.(2) Source: DeKalb County Comprehensive Annual Financial Report For the Year Ended Dec. 31, 2015, page 177.(3) Source: DeKalb County Comprehensive Annual Financial Report For the Year Ended Dec. 31, 2016, page 182.(4) Source: DeKalb County Comprehensive Annual Financial Report For the Year Ended Dec. 31, 2017, page 183.(5) Source: DeKalb County Comprehensive Annual Financial Report For the Year Ended Dec. 31, 2018, page 185.(6) Total Operating Expenses Exclude Depareciation.
Compiled by Stanley P. Stone & Associates, Inc., New York, NY
Exhibit 6
DEKALB COUNTY REHAB & NURSING CENTERProjection Asumptions -- Years 2021 Through 2025
2021 2022 2023 2024 2025Number of Beds 208 208 208 208 208Occupancy Rate 76.0% 76.9% 77.9% 78.8% 79.3%Private Pay Mix 34.0% 34.0% 34.0% 34.0% 34.0%Medicaid Mix 49.0% 48.2% 48.2% 48.2% 48.2%Medicare Mix 17.0% 17.8% 17.8% 17.8% 17.8%Private Pay Increase Rate 0.0% 0.0% 0.0% 0.0% 0.0%Other Ancillary Charges - Private Pay 0.5% 0.5% 0.5% 0.5% 0.5%Medicaid Increase Rate 0.0% 0.0% 0.0% 0.0% 0.0%Hospice Increase Rate 0.0% 0.0% 0.0% 0.0% 0.0%Medicare Increase 1.5% 1.5% 1.5% 1.5% 1.5%Medicare B Increase 2.5% 2.5% 2.5% 2.5% 2.5%Miscellanoous Revenue Increase 1.0% 1.0% 1.0% 1.0% 1.0%Labor Expenses Increase 2.0% 2.0% 2.0% 2.0% 2.0%Non-Labor Expense Increase 3.0% 3.0% 3.0% 3.0% 3.0%Benefits as a Percent of Salaries 38.0% 38.0% 38.0% 38.0% 38.0%
Notes:(1) Effects of minimum wage increases are reflected in the labor expense increases thrugh 2025.(2) Significat items of non-labor expenses change with the volume of resident days. The utilization of certain line, items - contractual agency staffing, in particular - is expected to change. Accordingly, the year-to-year increase in Non-Labor Expenses may not equal 3.0%.
Source: DeKalb County Rehab & Nursing Center
APPENDIX F
FORM OF CONTINUING DISCLOSURE UNDERTAKING
Continuing Disclosure. For the benefit of the beneficial owners of the 2020
Bonds, the County covenants and agrees to provide to the Municipal Securities
Rulemaking Board (the “MSRB”) for disclosure on the Electronic Municipal Market Access
(“EMMA”) system, in an electronic format as prescribed by the MSRB, (i) an annual report
containing certain financial information and operating data relating to the County and
(ii) timely notices of the occurrence of certain enumerated events. All documents
provided to the MSRB shall be accompanied by identifying information as prescribed by
the MSRB.
The annual report shall be provided to the MSRB for disclosure on EMMA within
210 days after the close of the County’s fiscal year. The information to be contained in
the annual report shall consist of the annual audited financial statement of the County
and such additional information as noted in the Official Statement under the caption
“Continuing Disclosure.” Each annual audited financial statement will conform to
generally accepted accounting principles applicable to governmental units and will be
prepared in accordance with standards of the Governmental Accounting Standards
Board. If the audited financial statement is not available, then an unaudited financial
statement shall be included in the annual report and the audited financial statement shall
be provided promptly after it becomes available.
The County, in a timely manner not in excess of ten business days after the
occurrence of the event, shall provide notice to the MSRB for disclosure on EMMA of any
failure of the County to provide any such annual report within the 210 day period and of
the occurrence of any of the following events with respect to the 2020 Bonds: (1) principal
and interest payment delinquencies; (2) non-payment related defaults, if material;
(3) unscheduled draws on debt service reserves reflecting financial difficulties;
(4) unscheduled draws on credit enhancements reflecting financial difficulties;
(5) substitution of credit or liquidity providers, or their failure to perform; (6) adverse tax
opinions, the issuance by the Internal Revenue Service of proposed or final
determinations of taxability, Notices of Proposed Issue (IRS Form 5701-TEB) or other
material notices or determinations with respect to the tax-exempt status of the 2020
Bonds, or other events affecting the tax-exempt status of the 2020 Bonds;
(7) modifications to rights of bondholders, if material; (8) bond calls, if material, and tender
offers; (9) defeasances; (10) release, substitution or sale of property securing repayment
of the 2020 Bonds, if material; (11) rating changes; (12) bankruptcy, insolvency,
receivership or similar event of the County; (13) the consummation of a merger,
consolidation, or acquisition involving the County or the sale of all or substantially all of
the assets of the County, other than in the ordinary course of business, the entry into a
definitive agreement to undertake such an action or the termination of a definitive
agreement relating to any such actions, other than pursuant to its terms, if material;
(14) appointment of a successor or additional trustee or the change of name of a trustee,
if material; (15) incurrence of a financial obligation of the County, if material, or agreement
to covenants, events of default, remedies, priority rights, or other similar terms of a
financial obligation of the County, any of which affect bondholders, if material; and (16)
default, event of acceleration, termination event, modification of terms, or other similar
events under the terms of a financial obligation of the County, any of which reflect financial
difficulties. For the purposes of the event identified in clause (12), the event is considered
to occur when any of the following occur: the appointment of a receiver, fiscal agent or
similar officer for the County in a proceeding under the U.S. Bankruptcy Code or in any
other proceeding under state or federal law in which a court or governmental authority
has assumed jurisdiction over substantially all of the assets or business of the County, or
if such jurisdiction has been assumed by leaving the existing governing body and officials
or officers in possession but subject to the supervision and orders of a court or
governmental authority, or the entry of an order confirming a plan or reorganization,
arrangement or liquidation by a court or governmental authority having supervision or
jurisdiction over substantially all of the assets or business of the County. As used in
clauses (15) and (16), the term financial obligation means a (i) debt obligation; (ii)
derivative instrument entered into in connection with, or pledged as security or a source
of payment for, an existing or planned debt obligation; or (iii) guarantee of (i) or (ii). The
term financial obligation shall not include municipal securities as to which a final official
statement has been provided to the MSRB consistent with Securities and Exchange
Commission Rule 15c2-12 promulgated under the Securities Exchange Act of 1934 (the
“Rule”).
It is found and determined that the County has agreed to the undertakings
contained in this Section in order to assist participating underwriters of the 2020 Bonds
and brokers, dealers and municipal securities dealers in complying with paragraph (b) (5)
of the Rule. The County Administrator is authorized and directed to do and perform, or
cause to be done or performed, for or on behalf of the County, each and every thing
necessary to accomplish the undertakings of the County contained in this Section for so
long as paragraph (b) (5) of the Rule is applicable to the 2020 Bonds and the County
remains an “obligated person” under the Rule with respect to the 2020 Bonds.
The undertakings contained in this Section may be amended by the County upon
a change in circumstances that arises from a change in legal requirements, change in
law, or change in the identity, nature or status of the obligated person, or type of business
conducted, provided that (a) the undertaking, as amended, would have complied with the
requirements of paragraph (b) (5) of the Rule at the time of the primary offering, after
taking into account any amendments or interpretations of the Rule, as well as any change
in circumstances and (b) in the opinion of nationally recognized bond counsel selected by
the County, the amendment does not materially impair the interests of the beneficial
owners of the 2020 Bonds.
OFFICIAL BID FORM The County of DeKalb, Illinois (Open Speer Auction) August 20, 2020 200 North Main Street Speer Financial, Inc. Sycamore, Illinois 60178 County Board Members:
For the $13,000,000* General Obligation Bonds (Alternate Revenue Source), Series 2020, of the County of DeKalb, Illinois, 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 $14,040,000). The Bonds are dated the date of delivery, expected to be on or about September 9, 2020. 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
$125,000 ....................................... 2021 $375,000 ....................................... 2031 $505,000 ....................................... 2041 250,000 ....................................... 2022 390,000 ....................................... 2032 520,000 ....................................... 2042 260,000 ....................................... 2023 400,000 ....................................... 2033 540,000 ....................................... 2043 275,000 ....................................... 2024 410,000 ....................................... 2034 555,000 ....................................... 2044 285,000 ....................................... 2025 425,000 ....................................... 2035 570,000 ....................................... 2045 300,000 ....................................... 2026 440,000 ....................................... 2036 590,000 ....................................... 2046 315,000 ....................................... 2027 450,000 ....................................... 2037 605,000 ....................................... 2047 330,000 ....................................... 2028 465,000 ....................................... 2038 625,000 ....................................... 2048 350,000 ....................................... 2029 480,000 ....................................... 2039 645,000 ....................................... 2049 365,000 ....................................... 2030 495,000 ....................................... 2040 660,000 ....................................... 2050
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 Katten Muchin Rosenman LLP, Chicago, Illinois. The County 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 County’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 County in the amount of the Deposit under the terms provided in the Official Notice of Sale for the Bonds.
Form of Deposit (Check One) Account Manager Information Bidders Option Insurance Prior to Bid Opening: Name Certified/Cashier’s Check [ ] Wire Transfer [ ] Address Within TWO hours of Bidding: By Wire Transfer [ ] City State/Zip Amount: $260,000 Direct Phone ( ) FAX Number ( ) E-Mail Address
The foregoing bid is accepted, and receipt is hereby acknowledged of the good faith Deposit which is being held in accordance with the terms of the annexed Official Notice of Sale THE COUNTY OF DEKALB, ILLINOIS *Subject to change. Chairman
----------------------- 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 %
TOTAL BOND YEARS 238,756.67
AVERAGE LIFE 18.366 Years
We have purchased insurance from:
Name of Insurer (Please fill in)
_______________________
Premium: ______________ Maturities: (Check One)
[__] ______________Years
[__] All
OFFICIAL NOTICE OF SALE
$13,000,000* THE COUNTY OF DEKALB, ILLINOIS
General Obligation Bonds (Alternate Revenue Source), Series 2020
(Open Speer Auction) The County of DeKalb, Illinois (the “County”), will receive electronic bids on the SpeerAuction (“SpeerAuction”) website address “www.SpeerAuction.com” for its $13,000,000* General Obligation Bonds (Alternate Revenue Source), Series 2020 (the “Bonds”), on an all or none basis between 11:15 A.M. and 11:30 A.M., C.D.T., August 20, 2020. To bid, bidders must have: (1) completed the registration form on the SpeerAuction website, and (2) requested and received admission to the County’s sale (as described below). Award will be made or all bids rejected by the County on that date. The County 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 will constitute valid and legally binding general obligations of the County payable as to principal and interest from: (a) the net revenues derived from the operation of the DeKalb County Rehab and Nursing Center (the “Nursing Center”), and (b) ad valorem taxes levied against all taxable property within the County without limitation as to rate or amount. However, the enforceability of rights or remedies with respect to the Bonds may be limited by bankruptcy, insolvency or other laws affecting creditors’ rights and remedies heretofore or hereafter enacted. 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 County 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 (Hold-the-Offering Price Rule May Apply if Competitive Sale Requirements are Not Satisfied)
The winning bidder shall assist the County in establishing the issue price of the Bonds and shall execute and deliver to the County 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 County and Bond Counsel. All actions to be taken by the County under this Official Notice of Sale to establish the issue price of the Bonds may be taken on behalf of the County by the County’s municipal advisor identified herein and any notice or report to be provided to the County may be provided to the County s municipal advisor. *Subject to change.
The County of DeKalb, Illinois $13,000,000* General Obligation Bonds (Alternate Revenue Source), Series 2020 Official Notice of Sale, Page 2 of 6
The County 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 County 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 County 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 County 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 true 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.
In the event that the competitive sale requirements are not satisfied, the County shall so advise the winning bidder. The County 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 and/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 County if any maturity of the Bonds satisfies the 10% test as of the date and time of the award of the Bonds. The County 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. Bids will not be subject to cancellation in the event that the County determines to apply the hold-the-offering-price rule to any maturity of the Bonds. Bidders should prepare their bids on the assumption that some or all of the maturities of the Bonds will be subject to the hold-the-offering-price rule in order to establish the issue price of the Bonds.
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 (5th) 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 shall promptly advise the County when the underwriters have 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, if that occurs prior to the close of the fifth (5th) business day after the sale date.
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 County 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 has occurred, until the 10% test has been satisfied as to the Bonds of that maturity or until all Bonds of that maturity have been sold.
The County acknowledges that, in making the representation set forth above, the winning bidder will rely on (i) the agreement of each underwriter to comply with the hold-the-offering-price rule, 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 hold-the-offering-price rule, as set forth in a selling group agreement and the related pricing wires, and (iii) in the event that an underwriter is a party to a retail 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 hold-the-offering-price rule, as set forth in the retail distribution agreement and the related pricing wires. The County further acknowledges that each underwriter shall be solely liable for its failure to comply with its agreement regarding the hold-the-offering-price rule 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 retail distribution agreement to comply with its corresponding agreement regarding the hold-the-offering-price rule as applicable to the Bonds.
*Subject to change.
The County of DeKalb, Illinois $13,000,000* General Obligation Bonds (Alternate Revenue Source), Series 2020 Official Notice of Sale, Page 3 of 6
By submitting a bid, each bidder confirms that: (i) any agreement among underwriters, any selling group agreement and each retail
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 retail distribution agreement, as applicable, to (A) report the prices at which it sells to the public the unsold Bonds of each maturity allotted to it until it is notified by the winning bidder that either the 10% test has been satisfied as to the Bonds of that maturity or all Bonds of that maturity have been sold to the public and (B) comply with the hold-the-offering-price rule, if applicable, in each case if and for so long as directed by the winning bidder and as set forth in the related pricing wires, and (ii) any agreement among underwriters 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 that is a party to a retail 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 retail distribution agreement to (A) report the prices at which it sells to the public the unsold Bonds of each maturity allotted to it until it is notified by the winning bidder or such underwriter that either the 10% test has been satisfied as to the Bonds of that maturity or all Bonds of that maturity have been sold to the public and (B) comply with the hold-the-offering-price rule, if applicable, in each case if and for so long as directed by the winning bidder or such underwriter and as set forth in the related pricing wires.
Sales of any Bonds to any person that is a related party to an underwriter 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 County (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 retail 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 (i) at least 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), (ii) 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 (iii) 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 County 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 County, as set forth in the related Official Notice of Sale. Winning Bids are not officially awarded to Winning Bidders until formally accepted by the County.
(2) Neither the County, Speer, 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 County 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 County, Speer, 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 County, Speer, 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 County. If, for any reason, the County fails to: (i) award Bonds to the winner reported by SpeerAuction, or (ii) deliver Bonds to winning bidder at settlement, neither the County, Speer, nor the Auction Administrator will be liable for damages.
*Subject to change.
The County of DeKalb, Illinois $13,000,000* General Obligation Bonds (Alternate Revenue Source), Series 2020 Official Notice of Sale, Page 4 of 6
The County 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 County 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, New York, New York (“DTC”), 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 office maintained for the purpose by the Bond Registrar in Chicago, Illinois. Semiannual interest is due June 15 and December 15 of each year commencing June 15, 2021, and is payable by Zions Bancorporation, National Association (the “Bond Registrar”). The Bonds are dated the date of delivery.
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 County will assist in the timely conversion of the Registered Bonds into book-entry bonds with DTC as described herein.
MATURITIES* – DECEMBER 15
$125,000 ....................................... 2021 $375,000 ....................................... 2031 $505,000 ....................................... 2041 250,000 ....................................... 2022 390,000 ....................................... 2032 520,000 ....................................... 2042 260,000 ....................................... 2023 400,000 ....................................... 2033 540,000 ....................................... 2043 275,000 ....................................... 2024 410,000 ....................................... 2034 555,000 ....................................... 2044 285,000 ....................................... 2025 425,000 ....................................... 2035 570,000 ....................................... 2045 300,000 ....................................... 2026 440,000 ....................................... 2036 590,000 ....................................... 2046 315,000 ....................................... 2027 450,000 ....................................... 2037 605,000 ....................................... 2047 330,000 ....................................... 2028 465,000 ....................................... 2038 625,000 ....................................... 2048 350,000 ....................................... 2029 480,000 ....................................... 2039 645,000 ....................................... 2049 365,000 ....................................... 2030 495,000 ....................................... 2040 660,000 ....................................... 2050
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. Bonds due December 15, 2021-2029, inclusive, are not subject to optional redemption. Bonds due December 15, 2030-2050, inclusive, are callable in whole or in part on any date on or after December 15, 2030, 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 County 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 differential between the highest rate bid and the lowest rate bid shall not exceed four percent (4%). No coupon rate shall be in excess of 5.0%. All bids must be for all of the Bonds, must be for not less than $14,040,000 plus accrued interest from the dated date to the date of delivery, expected to be on or about September 9, 2020. 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 County as determined by the County’s Municipal Advisor, which determination shall be conclusive and binding on all bidders; provided, that the County 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. *Subject to change.
The County of DeKalb, Illinois $13,000,000* General Obligation Bonds (Alternate Revenue Source), Series 2020 Official Notice of Sale, Page 5 of 6
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 County’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 County 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 County’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 County. The County reserves the right to award the Bonds to a bidder whose wire transfer is initiated but not received within such two hour time period provided that such bidder’s federal wire reference number has been received. In the event the Deposit is not received as provided above, the County 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 County pending delivery of the Bonds and all others, if received, will be
promptly returned. Should the successful bidder fail to take up and pay for the Bonds when tendered in accordance with this Official Notice of Sale and said bid, said Deposit shall be retained as full and liquidated damages to the County 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 North LaSalle Street 38th Floor
Chicago, IL 60602 ABA # 071003405
Credit To: 3281 Speer Bidding Escrow RE: The County of DeKalb, Illinois bid for
$13,000,000* General Obligation Bonds (Alternate Revenue Source), Series 2020
Contemporaneously with such wire transfer, the winning bidder shall send an email to [email protected] 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 County 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 such bidder; (ii) if the bid is accepted, the Deposit shall be forwarded to the County; (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) no interest on the Deposit will accrue to the winning bidder. The County covenants and agrees to enter into a written agreement or contract, constituting an undertaking (the “Undertaking”) to provide ongoing disclosure about the County 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 County delivering the Undertaking on or before the date of delivery of the Bonds. *Subject to change.
The County of DeKalb, Illinois $13,000,000* General Obligation Bonds (Alternate Revenue Source), Series 2020 Official Notice of Sale, Page 6 of 6
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 available upon request. By submitting a bid, any bidder makes the representation that it understands Bond Counsel represents the County 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 County 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 be on or about September 9, 2020. Should delivery be delayed beyond sixty (60) days from the date of sale for any reason beyond the control of the County except failure of performance by the purchaser, the County 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 County, shall constitute a “Final Official Statement” of the County 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 County 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 50 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 County 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 County 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 County 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 County 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 Katten Muchin Rosenman LLP, Chicago, Illinois, stating that the Bonds are lawful and enforceable obligations of the County in accordance with their terms; (2) the opinion of Bond Counsel 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 County. . The County does not intend to designate the Bonds as “qualified tax-exempt obligations” pursuant to the small issuer exception provided by Section 265(b)(3) of the Internal Revenue Code of 1986, as amended.
The County has authorized the printing and distribution of an Official Statement containing pertinent information relative to the County and the Bonds. Copies of such Official Statement or additional information may be obtained from Mr. Gary Hanson, County Administrator, The County of DeKalb, 200 North Main Street, Sycamore, Illinois 60178 or an electronic copy of this Official Statement is available from the www.speerfinancial.com web site under “Debt Auction Center/Competitive Sales Calendar” from the Municipal Advisor to the County, Speer Financial, Inc., 230 West Monroe Street, Ste. 2630, Chicago, Illinois 60606, telephone (312) 346-3700. /s/ MARK PIETROWSKI JR. /s/ GARY H. HANSON Chairman of the County Board County Administrator THE COUNTY OF DEKALB, ILLINOIS THE COUNTY OF DEKALB, ILLINOIS
*Subject to change.