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ORDINANCE AUTHORIZING THE ISSUANCE OF GENERAL OBLIGATION BONDS
OF 2016 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) $75,000,000 General Obligation Limited Tax Park Bonds, Series 2016A 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; (ii) $25,000,000 General Obligation Limited Tax Refunding Bonds, in one or more series, for the purpose of refunding certain outstanding debt obligations of the District; (iii) not-to-exceed $4,000,000 Unlimited Tax Refunding Bonds (Personal Property Replacement Tax Alternate Revenue Source), Series 2015D, for the purpose of refunding certain outstanding debt obligations of the District; and (iv) not-to-exceed $15,000,000 Unlimited Tax Refunding Bonds (Special Recreation Activity), Series 2015E, for the purpose of refunding certain outstanding debt obligations of the District. The ordinance also authorizes the execution of a 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 execution of a Bond Purchase Agreement with the underwriters identified below, the execution of a Continuing Disclosure Undertaking to effect complia...
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