Title
ORDINANCE AUTHORIZING THE ISSUANCE AND SALE OF NOT-TO-EXCEED $50,000,000 GENERAL OBLIGATION LIMITED TAX PARK BONDS, SERIES 2015, NOT-TO-EXCEED $130,000,000 GENERAL OBLIGATION LIMITED TAX REFUNDING BONDS, SERIES 2015, AND NOT-TO-EXCEED $53,000,000 UNLIMITED TAX REFUNDING BONDS (PERSONAL PROPERTY REPLACEMENT TAX ALTERNATE REVENUE SOURCE), SERIES 2015, EACH 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 amounts not to exceed the following sums (collectively, the "Bonds"): (i) $50,000,000 General Obligation Limited Tax Park Bonds, Series 2015A for the purpose of financing the cost of payment of land condemned or, purchased for parks, and for building, maintaining and improving parks and for the payment of the expenses incident thereto, including the reimbursement of costs already incurred by the District and the repayment of draws on existing bond anticipation notes, which may be outstanding in a maximum principal amount of $40,000,000 issued to fund a portion of the District's Capital Improvement Plan; and (ii) $130,000,000 General Obligation Limited Tax Refunding Bonds, Series 2015, in one more or series for the purpose of refunding certain outstanding debt obligations of the District; and (iii) not-to-exceed $53,000,000 Unlimited Tax Refunding Bonds (Personal Property Replacement Tax Alternate Revenue Source), Series 2015, in one more or series 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 Bonds (including the designation of series of the General Obligation Limited Tax Refunding Bonds and General Obligation Unlimited Tax Refunding Bonds), the exec...
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