Title
ORDINANCE AUTHORIZING THE ISSUANCE OF GENERAL OBLIGATION UNLIMITED TAX BONDS (HARBOR FACILITIES REVENUES ALTERNATE REVENUE SOURCE)
IN AN AGGREGATE PRINCIPAL AMOUNT NOT TO EXCEED $130,000,000 OF SERIES 2020F 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 $130,000,000 and allocated among the series of bonds as follows (collectively, the "2020 Harbor ARS Bonds"): (i) $4,000,000 General Obligation Unlimited Tax Bonds, Series 2020F-1 (Harbor Facilities Revenues Alternate Revenue Source) for the purpose of improving the District's existing harbor facilities including but not limited to the foregoing harbor and marina improvements: breakwaters, seawalls, piers, docks, boat launching, mooring, docking, storing and repairing facilities, and all other costs related to the harbor and marina improvements; and $126,000,000 General Obligation Unlimited Tax Refunding Bonds, Series 2020F-2, for the purpose of refunding certain outstanding debt obligations of the District. The ordinance also authorizes the execution of one or more bond orders prescribing the details of the 2020 Harbor ARS Bonds, including the designation of series of the 2020 Harbor ARS Bonds, the execution of a Bond Purchase Agreement with the underwriters identified below, the execution of a Continuing Disclosure Undertaking to effect compliance with Rule 15c2-12 of the Securities and Exchange Commission, payment of costs of the issuance, and the collection of harbor facilities revenues for the payment of the principal and interest on the 2020 Harbor ARS 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 is...
Click here for full text