August 2010

 

Featured Article

 

IL Business District Law Changes


Signing into Law
by 
Nancy Hill  

nhill@ehlers-inc.com

 

On Friday, July 29, 2010, Governor Pat Quinn  signed into law significant amendments to the Business District Development and Redevelopment Act. Municipalities with existing Business District and those considering complementing their economic development efforts with this tool should be aware of this change.  

  

Public Act 96-1394 improves the ability for municipalities to issue Business District obligations, outlines a more specific adoption process, including notice requirements and an opportunity for public input, and further defines eligible project costs.  Eligible Business District Project Costs are now more similar to, but still different than, Tax Increment Financing (TIF) Redevelopment Project Costs.  New construction is still an eligible Business District Project Cost.

 

For municipalities with Business Districts already in place, the law provides that opportunity to apply the changes of P.A. 96-1394 into its Business District by ordinance - no public hearing is required.

 

Copies of P.A. 96-1394 are available at www.ilga.gov.

  

 

Please contact an Ehlers Financial Advisor to learn how you may be able to take advantage of the changes to the Business District Act.

 

 

Look for information on the up-coming Ehlers 2011 IL Seminar in a future issue of The Advisor and on the Ehlers website.

 

Good Government in the Village of Glencoe 

 

On May 21, 2009, the Village of Glencoe's Board adopted a resolution which formalized the adoption of a standard set of procedures and established responsibility for complying with legal requirements set forth in IRS regulations. 

 

Glencoe, IL is a AAA-rated client in the northern suburbs of Chicago.  The Village's Finance Director, Dave Clark, has sought out the post-issuance compliance area by having his Board adopt a resolution that requires an annual reporting from the Compliance Officer about record-keeping and arbitrage.

 

Read more about the Village of Glencoe and contact Ehlers to learn more about arbitrage services and post issuance compliance.

 

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Phone: 630-271-3330

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Welcome to new digital version of The Advisor! Ehlers is striving to get information to our clients faster, while reducing waste at the same time.

 

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From a popular public finance seminar to some important law changes that could affect you, the topics in The Advisor include:

If you have feedback about what you'd like to see in future issues, please let us know. And remember to check out our Ehlers's Bi-Weekly Commentary located on our website in between newsletters.

 

I hope you enjoy this issue!

Regards,

Brad Townsend         

 

President

Ehlers 

 

Financial Opportunities in Tough Economic Times 

by Brad Townsend, Financial Advisor

(630) 271-3335

btownsend@ehlers-inc.com

 

Brad TownsendLocal governments face a host of difficult financial challenges today, including a nationwide credit crunch, decreased property and sales tax revenues, stifled development and tight cash flow.

 

But at the same time, government incentives combined with some good fiscal strategies are bearing financial fruit for many Illinois local governments.

 

The Ehlers seminar highlighted many of those opportunities, and provided tools, resources, and examples of Illinois local governments successes.

 

Click here to continue reading.

 

Are Build America Bonds Right for Your Project? 

by Steve Larson, Senior Financial Advisor

(630) 271-3331

 

Steve LarsonBuild America Bonds have become a popular option for financing municipal projects. But are they the right financing tool for you?

 

Click here to continue reading.

 

Fund Balance Policies - Protecting Your Credit Rating 

by Maureen Barry, Financial Advisor

(630) 271-3341

 

 

Maureen BarryThe health of your fund balance is critical to municipal fiscal health and protection of your credit rating.

 

Click here to continue reading.

 

Moody's "Recalibration" Could Impact Your Credit Rating

by Jon North, Financial Advisor

 

jon northFor the past two years, Standard & Poor's and Moody's Investors Service have had increasingly divergent opinions on municipal bond credit. However, beginning in April 2010, Moody's announced it will "recalibrate" its municipal ratings to the global rating scale which could increase some municipal credit ratings.

 

Click here to continue reading.

 

 

IL Municipal League

 

 

 

 

IL Municipal League 97th Annual Conference

As in past years, the Illinois Municipal League is hosting it's annual conference September 23-25, 2010. With topics ranging from Compliance for Small to Mid-Size Municipalities to Social Networking Issues, this 97th Annual Conference proves to have something for everyone.

 

Be sure to stop by the Ehlers' booth in the Exhibit Hall so we can say hello to you, and don't forget to reserve your room if you haven't done so already!

 

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