Title
ADOPTION OF AN ORDINANCE AUTHORIZING THE ISSUANCE OF GENERAL OBLIGATION BONDS (ALTERNATE REVENUE SOURCE) FOR THE PURPOSE OF FINANCING THE CAPITAL IMPROVEMENT PLAN
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 "Park District") adopt an ordinance authorizing the issuance of General Obligation Alternate Bonds in an aggregate maximum amount not to exceed $28,000,000 for the purpose of payment for land condemned or purchased for parks or boulevards, and for the building, maintain, improving and protecting of same, all as authorized by and enumerated in Section 20 of the Chicago Park District Act, 70 ILCS 1501/0.01 et seq., as amended (the "Park District Act") and (2) costs associated with issuing the bonds including capitalized interest.
II. Explanation
The ordinance authorizes the Park District to issue alternate revenue bonds in an amount not to exceed $28,000,000 for the purpose of payment for land condemned or purchased for parks or boulevards, and for the building, maintain, improving and protecting of same . The bonds shall be direct and general obligations of the Park District and the Park District shall be obligated to levy ad valorem taxes upon all taxable property in the Park District for the payment of the bonds and the interest thereon, without limitation as to rate or amount. The bonds shall be payable from revenues from the Personal Property Replacement Tax Fund paid to the Park District pursuant to Section 12 of the State Revenue Sharing Act, 30 ILCS 115/0.1 et seq., as amended and will be issued pursuant to the Park District Act and the Local Government Debt Reform Act, 30 ILCS 350/1 et seq., as amended.
The Park District is authorized to issue alternate revenue source bonds pursuant to Section 15 of the Local Government Debt Reform Act. Upon adoption of the ordinance by the Board, an Executive O...
Click here for full text