Wednesday, August 12, 2009

Northwest Herald | Cary road bonds move 
forward

Here is a stimulus program which officials in Boone County know nothing about.  I previously report this on June 10, 2009 at:  http://boonecountywatchdog.blogspot.com/2009/06/northwest-herald-recovery-bonds-clear.html  I talked to numerous Boone County board members and still no one knows the details.  Well maybe taxpayers in McHenry County get something for their high taxes—elected officials with knowledge of the stimulus plan.

– The village of Cary is set to receive $5 million of McHenry County Board economic stimulus bonding power to repave and repair its roads.

The federal government has given the County Board up to $45.8 million in bonding authority to jump-start “shovel-ready” government and private projects.

The federally-backed bonds do not count against the county’s debt limit or leave the county liable if a borrower defaults.

Investors who buy the bonds are entitled to receive a 45 percent refund of the federal taxes payable on them

Illinois received $1.67 billion in bonding authority under the Act, which was divided among all 102 counties and six cities. McHenry County received the sixth largest piece, behind Chicago and Cook, DuPage, Lake and Will counties.

Click on the following for more details:  Northwest Herald | Cary road bonds move forward

Will Naperville get video poker? Bloggers place their bets :: Naperville Sun :: Lifestyles

 

Unless a county or other local form of government votes to ban them, the machines may be added to locations such as bars and fraternal organizations.

Many towns disapprove of legalized gambling in their communities and are considering such a ban, with Naperville being no exception. Once the chamber of commerce had discussed it, the city was set to consider whether to impose a ban.

The Sun asked users of our Potluck Blog if the machines should be banned in Naperville. The responses generally ranged from "it's none of the government's business" to "I don't want those here,"

Will Naperville get video poker? Bloggers place their bets :: Naperville Sun :: Lifestyles

Greg Hinz Blog | Crain's Chicago Business

The State’s Capital Plan may still be in trouble—the major source of funding may not be allowed by local governments.

revolt against Illinois' new video-poker law is beginning to pick up a remarkable amount of support -- so much support that one key source says it could endanger the revenue stream needed to pay off billions in state infrastructure bonds.

The revolt, which so far has received remarkably little press attention, is led by big counties, which can ban gaming only in [un]incorporated areas. But the pitchforks are starting to come out in municipalities, too. …

First up is the DuPage County Board….in Will County…The board is to hold a committee-of-the-whole hearing on Thursday to begin deliberations.  A similar ban in unincorporated Cook County will be submitted next month….Other sources expect action soon in Lake County….Rosemont, of Emerald Casino fame, last week became the first suburban Chicago municipality to outlaw video gambling….

Revenue from video poker will comprise about 40% of the funds needed to retire billions in state bonds for infrastructure that were authorized by the General Assembly earlier this year

Read the rest of the story by clicking on the following:  Greg Hinz Blog | Crain's Chicago Business