Title
ORDINANCE PROVIDING FOR THE ISSUANCE OF NOT TO EXCEED $60,000,000 GENERAL OBLIGATION LIMITED TAX PARK BONDS, SERIES 2023A
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 $60,000,000 General Obligation Limited Tax Park Bonds, Series 2023A (the "2023A Bonds") for the following purposes:
(i) to pay-off the Bond Anticipation Notes Line of Credit (BANs/LOC) with PNC Bank, National Association (the "PNC Bank") for the construction of Park 596 on or by June 1, 2023; and
(ii) to finance the cost of payment of land condemned or purchased for parks, and for building, maintaining, and improving parks (fund the remainder of the 2021 CIP and a portion of the 2022 CIP).
The ordinance also authorizes the execution of a bond order prescribing the details of the 2023A 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, the payment of capitalized interest and costs of issuance on the 2023A Bonds, and the collection of direct annual taxes for the payment of the principal and interest on the 2023A 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 2023A Bonds.
II. Transaction Team
Bond Counsel: Katten Muchin Roseman LLP
525 West Monroe Street
Chicago, IL 60661
Underwriters' Counsel: Charity & Associates, P.C.*
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