TITLE

Mayors, Illinois County Near Water Commission Compromise

AUTHOR(S)
Shields, Yvette
PUB. DATE
May 2003
SOURCE
Bond Buyer;5/16/2003, Vol. 344 Issue 31637, p3
SOURCE TYPE
Trade Publication
DOC. TYPE
Article
ABSTRACT
The article reports on the likely compromise between Illinois state representatives and suburban mayors over abolishment of the DuPage County Water Commission. The mayors support the preservation of the commission, which manages the delivery of Lake Michigan water to the affluent, Republican-dominated county. The commission, whose board is made up of mayoral appointees and county appointees, has $84 million of general obligation debt outstanding and $150 million of revenue bonds. Roughly $50 million of the $190 million of reserves is restricted by bond covenants. County officials said the pending legislation would leave the bond repayment stream intact and protect the debt's value because the sales tax does not secure the debt.
ACCESSION #
9893101

 

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