Title
ORDINANCE PROVIDING FOR THE ISSUANCE OF NOT TO EXCEED $160,000,000 GENERAL OBLIGATION LIMITED TAX PARK BONDS OF 2024 IN ONE OR MORE SERIES
Body
To: The Honorable Board of Commissioners of the Chicago Park District
I. Recommendation
It is recommended that the Board of Commissioners (the "Board") of the Chicago Park District (the "District") adopt an ordinance to authorize and provide for the issuance and delivery of bonds in an aggregate amount not to exceed $160,000,000 General Obligation Limited Tax Park Bonds in one or more series collectively, the "Series 2024 Limited Tax Bonds"). The Series 2024 Limited Tax Bonds consist of the following series: (i) $26,000,000 of General Obligation Limited Tax Park Bonds, Series 2024A (the "Series 2024A Capital Project Bonds") to finance the cost of payment of land condemned or purchased for parks, and for building, maintaining and improving parks and (ii) $134,000,000 of General Obligation Limited Tax Refunding Bonds, Series 2024B (the "Series 2024B Refunding Bonds") for the purpose of refunding District's outstanding General Obligation Limited Tax Refunding Bonds, Taxable Series of 2021A by means of a Tender Offer and bondholders' acceptance of such offer (together, the "Tender"). The ordinance also authorizes the execution of one or more bond orders prescribing the details of the Series 2024 Limited Tax Bonds, including the designation of the series of the Series 2024 Limited Tax Bonds, the execution of one or more bond purchase agreements with the underwriters identified below, the execution of a Continuing Disclosure Undertaking to effect compliance with Rule 15c2-12 of the Securities and Exchange Commission, the payment of capitalized interest and costs of issuance on the Series 2024 Limited Tax Bonds, and the collection of direct annual taxes for the payment of the principal of, premium, if any, and interest on the Series 2024 Limited Tax Bonds. The General Superintendent and other officers of the District ...
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