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ORDINANCE PROVIDING FOR THE ISSUANCE OF NOT TO EXCEED $170,000,000 GENERAL OBLIGATION LIMITED TAX PARK BONDS OF 2023 IN ONE OR MORE SERIES
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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 $170,000,000 General Obligation Limited Tax Park Bonds in one or more series collectively, the "Series 2023 Limited Tax Bonds"). The Series 2023 Limited Tax Bonds consist of the following series: (i) $40,000,000 of General Obligation Limited Tax Park Bonds, Series 2023B (the "Series 2023B 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) $130,000,000 of General Obligation Limited Tax Refunding Bonds, Series 2023C (the "Series 2023C Refunding Bonds") for the purpose of refunding certain outstanding debt obligations of the District. The ordinance also authorizes the execution of one or more bond orders prescribing the details of the Series 2023 Limited Tax Bonds, including the designation of the series of the Series 2023 Limited Tax Bonds, the execution of a Bond Purchase Agreement 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 2023 Limited Tax Bonds, and the collection of direct annual taxes for the payment of the principal of and interest on the Series 2023 Limited Tax Bonds. The General Superintendent and other officers of the District are authorized to do, or cause to be done, all things necessary to accomplish the issuance of the Series 2023 Limited Tax Bonds.
II. Transaction Team
Bond Counsel:...
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