Title
ADOPTION OF AN ORDINANCE AUTHORIZING THE ISSUANCE OF GENERAL OBLIGATION BONDS (ALTERNATE REVENUE SOURCE) FOR THE PURPOSE OF FINANCING HARBOR AND MARINA IMPROVEMENTS
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 of $4,000,000 for the purpose of financing the improvement of the Park District's recreational harbor system to meet the estimated cost of the projects: (1) improvement of the Park District's existing 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 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 $4,000,000 for the purpose of undertaking improvements within its recreational harbor system. 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...
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