Title
ORDINANCE AUTHORIZING THE ISSUANCE OF BOND ANTICIPATION NOTES IN AN AMOUNT NOT TO EXCEED $45,000,000 UNDER A LINE OF CREDIT
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 authorizing the District to issue Bond Anticipation Notes (the "BANs") in an amount not to exceed $45,000,000 under a line of credit for the purpose of paying and reimbursing a part of the cost of building, maintaining, and improving parks as part of the District's Park 596 project and the payment of capitalized interest and the costs of issuing the notes.
The portion of the construction of Park 596 to be located at 48th Street and Western Avenue will be funded from the proceeds of BANs includes the following three separate components: 1) an approximately 58,000 square foot multi story administrative headquarters with related site improvements including parking, walkways and site lighting; 2) an approximately 20,000 square foot field house that will share a footprint with the new administrative office building and includes indoor recreational amenities such as a gymnasium, fitness center, bathrooms and locker rooms, multi-purpose rooms, staff offices, a teen center and lobby; and 3) a park for outdoor recreational activities that will include two artificial turf athletic fields, athletic field lighting, grand lawn, walkways, a playground, nature play areas and a splash pad.
The ordinance also authorizes the execution of a line of credit agreement and other documents in connection with the issuance of BANs as well as the general funds of the District as the source of payment and security for the BANs. The General Superintendent and authorized officers of the District are delegated the authority to do, or cause to be done, all things necessary for the execution and establishment of a line of credit program
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