Title
ORDINANCE PROVIDING FOR THE ISSUANCE OF NOT TO EXCEED $120,000,000 GENERAL OBLIGATION LIMITED TAX PARK BONDS
OF 2021 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 $120,000,000 and allocated among the series of bonds as follows (collectively, the "2021 Bonds"): (i) $50,000,000 General Obligation Limited Tax Park Bonds, Series 2021B for the purpose of financing the cost of payment of land condemned or purchased for parks, and for building, maintaining and improving parks and (ii) $70,000,000 General Obligation Limited Tax Refunding Bonds, Series 2021C and General Obligation Limited Tax Refunding Bonds, Series 2021D, 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 2021 Bonds, including the designation of series of the 2021 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 capitalized interest on certain series of the 2021 Bonds, payment of costs of issuance, and the collection of direct annual taxes for the payment of the principal and interest on the 2021 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 2021 Bonds.
II. Transaction Team
Bond Counsel: Chapman and Cutler LLP
111 West Monroe Street
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