Title
ORDINANCE PROVIDING FOR THE ISSUANCE OF
NOT-TO-EXCEED $8,000,000 GENERAL OBLIGATION UNLIMITED
TAX BONDS, SERIES 2018
(HARBOR FACILITIES REVENUES ALTERNATE REVENUE SOURCE)
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 provide for the issuance in an amount not to exceed the $8,000,000 General Obligation Unlimited Tax Bonds (Harbor Facilities Revenues Alternate Revenue Source), Series 2018 (the "Bonds") purpose of financing the improvement and expansion of the recreational harbor facilities of the Chicago Park District (the "District") by the improvement of the District's existing Burnham Harbor and other harbor facilities including the construction of boat slips, floating washrooms and boat storage facilities and the acquisition of tender boats, including for the foregoing harbor and marina improvements: breakwaters, seawalls, piers, docks, boat launching, mooring, docking, storing and repairing facilities, parking facilities for motor vehicles, access roads and walkways, food service facilities, administrative office space, related park improvements, equipment, appurtenances and all other costs related to the harbor and marina improvements including improvements to facilitate the movement and navigation of boats and ships, and costs of the permitting, planning, design and engineering of the foregoing harbor and marina improvements (the "Projects").
The ordinance also authorizes for the payment of capitalized interest, costs of issuance on the Bonds and the execution of a bond order prescribing the details of the Bonds. The General Superintendent and other officers of the District are authorized to do, or cause to be done, all things necessary to accomplish the issuance of the Bonds. The authority to issue the Bonds shall expire on August 31, 2019.
II. Finan...
Click here for full text