Title
ORDINANCE AUTHORIZING THE ISSUANCE OF GENERAL OBLIGATION BONDS
IN AN AGGREGATE PRINCIPAL AMOUNT NOT TO EXCEED $95,000,000 OF 2018 IN ONE OR MORE SERIES
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 to authorize and provide for the issuance and delivery of bonds in an aggregate amount not to exceed $95,000,000 and allocated among the series of bonds as follows (collectively, the "Bonds"): (i) $30,000,000 General Obligation Limited Tax Park Bonds, Series 2018A 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 a portion or all of draws on the existing bond anticipation notes (the "BANs"), which may be outstanding in a maximum principal amount of $50,000,000, which were issued to fund a portion of the District's Capital Improvement Plan; (ii) $15,000,000 General Obligation Limited Tax Refunding Bonds, Series 2018B, for the purpose of refunding certain outstanding debt obligations of the District; (iii) not-to-exceed $15,000,000 General Obligation Limited Tax Refunding Bonds, Taxable Series 2018C, for the purpose of refunding certain outstanding debt obligations of the District; (iv) $30,000,000 General Obligation Unlimited Tax Park Bonds, Series 2018D (Personal Replacement Property Tax Alternate Revenue Source); and (iv) $5,000,000 General Obligation Unlimited Tax Refunding Bonds, Series 2018E (Special Recreation Activity Alternate Revenue Source), 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 ...
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