Public Safety Improvement Bond Summary

The County Board authorized the issuance of not to exceed $8,000,000.00 General Obligation Bonds (Sales Tax Alternate Revenue Source), Series 2003, for the purpose of advance refunding Series 1999 (refunded bonds).  The refunded bonds were issued for the purposes of financing costs of the construction of the Knox County Law Enforcement Center, 152 S. Kellogg St., Galesburg, Ill., an adult correctional facility, including land acquisition and improvements.  The County, by referendum, is authorized to impose a public safety tax at the rate of ¼ of 1% upon all persons engaged in the business of selling tangible personal property at retail in the County on gross receipts from the sales made in the course of their business to be used for crime prevention, detention, and other public safety purposes.

Projected beginning fund balance for 2003-2004	$ 700,000.00
Projected Revenue (+)	810,000.00
Projected Expenses (–)	570,712.50
Projected Ending Fund Balance	919,287.50