Susan provides the following information about what the McHenry County Conservation District has borrowed:
(MCCD) Legal Debt Margin Calculation as of March 31, 2014
Assessed valuation as of December 31, 2013: $7,189,697,681
Debt Limitation (1.725% of assessed valuation): $124,022,285
Less debt outstanding applicable to limit General Obligation Bonds: ($127,550, 000)
(Installment Contracts): ($4,800,000)
Legal Debt Margin as of March 31 2013: ($8,327,715)*
(that means MCCD has incurred debt, using all homeowners’ homes in the county as collateral, of $8,327,715 OVER the statutory legal limit of debt they are allowed to incur.)
HAS MCCD STOPPED BUYING LAND AFTER MARCH 31 2013, KNOWING THEY ARE IN EXCESS OF STATUTORY 1.725% of ASSESSED VALUE OF HOMES THEY ARE USING AS COLLATERAL?
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If you want to express your opinion to Govenror Pat Quinn on whether he should sign or veto Senate Bill 3341 sponsored by State Senators Pam Althoff and Karen McConnaughay and State Rep. Mike Tryo, the link is below. This is the bill that would allow the McHenry County Conservation District to borrow more money without referendum approval.
Or call 1-312-814-2121.
If Quinn does not sign or veto the bill, it will automatically become law sixty days after passage.