speerfinancial.comspeerfinancial.com/pdf/DEKALB - 2020 NOC.pdf · NOTICE OF CORRECTION for $13,000,000* THE COUNTY OF DEKALB, ILLINOIS General Obligation Bonds (Alternate Revenue

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.


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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”).


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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.


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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.


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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.


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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.


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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.


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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.


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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.


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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.


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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.


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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.


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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.


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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%



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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%


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%



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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.


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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


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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.


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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.


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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.


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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.


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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.


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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.


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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.


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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.

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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


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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


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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.


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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.


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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.


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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;


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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.


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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.


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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.


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

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ng b

urde

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In 2

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the

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0, m

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pro

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m $

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and

unfu

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ant

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ct t

o Co

unty

fin

ance

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bina

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of t

actic

s to

m

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pan

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20, t

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ome

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plet

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ound

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use

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build

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thi

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ond

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rall,

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chal

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st s

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best

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ff, a

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eepi

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venu

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cont

inue

s to

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the

goal

of

the

Cou

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Boa

rd a

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inan

cial

m

anag

emen

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m o

f the

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IIX.

Req

uest

for I

nfor

mat

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This

fina

ncia

l rep

ort i

s de

sign

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cus

tom

ers,

inve

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rs w

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a ge

nera

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rvie

w o

f the

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s fin

ance

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nd to

dem

onst

rate

the

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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

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Exp

ense

and

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erre

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ssum

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isco

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ate

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ivit

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.

.

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nles

s ot

herw

ise

note

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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


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.


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 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


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 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 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.

Documents

speerfinancial.comspeerfinancial.com/pdf/DEKALB - 2020 NOC.pdf · NOTICE OF CORRECTION for $13,000,000* THE COUNTY OF DEKALB, ILLINOIS General Obligation Bonds (Alternate Revenue