March 9, 2016
Title
ADOPTION OF A RESOLUTION AUTHORIZING THE REIMBURSEMENT OF EXPENDITURES RELATED TO THE 2016 CAPITAL IMPROVEMENT PROGRAM
Body
To the Honorable Board of Commissioners of the Chicago Park District
I. Recommendation
It is recommended that the Board of Commissioners adopt a resolution authorizing the reimbursement of expenditures related to the 2016 Capital Improvement Program (the “CIP”).
II. Budget and Financial Information
A. Use of Proceeds
Budget Classification: Capital Funds
Fiscal Year: 2016 Capital Budget
Source of Funds: Bond Proceeds
B. Repayment Information
Budget Classification: Operating Funds
III. Explanation
This resolution authorizes Chicago Park District (the “Park District”) to reimburse itself for capital expenses associated with the 2016 CIP and in accordance with federal tax law. The authorization permits the Park District to recapture funds paid for the costs of the projects and expenses in an amount not to exceed $37.5 million for bonds which are reasonably expected to be issued during the course of 2016 and 2017. It’s important to note that this resolution does not authorize the issuance of bonds, however, when the bonds are issued, they will be secured by ad valorem taxes and issued pursuant to the Chicago Park District Act, 70 ILCS 1505/0.01 et seq., as amended and the Local Debt Reform Act, 30 ILCS 350/15, as amended.