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PROPOSED ORDINANCE
PROVIDING FOR THE ISSUANCE OF GENERAL OBLIGATION REFUNDING BONDS OR, IN LIEU THEREOF, SALES TAX REVENUE BONDS OF THE COUNTY OF COOK, ILLINOIS.
WHEREAS, Section 6(a) of Article VII of the 1970 Constitution of the State of Illinois provides that “a County which has a Chief Executive Officer elected by the electors of the County ... (is) a Home Rule Unit” and The County of Cook, Illinois (the “County”), has a Chief Executive Officer elected by the electors of the County and is therefore a Home Rule Unit and may, under the power granted by said Section 6(a) of Article VII of the 1970 Constitution of the State of Illinois, as supplemented by the Local Government Debt Reform Act of the State of Illinois, as amended (the “Debt Reform Act”), and the other Omnibus Bond Acts, as amended, exercise any power and perform any function pertaining to its government and affairs, including, but not limited to, the power to tax and to incur debt; and
WHEREAS, the County has the power to incur debt payable from ad valorem property tax receipts or from any other lawful source and maturing within 40 years from the time it is incurred without prior referendum approval; and
WHEREAS, the Board of Commissioners of the County (the “Corporate Authorities”) has not adopted any ordinance, resolution, order or motion or provided any County Code provisions which restrict or limit the exercise of the home rule powers of the County in the issuance of general obligation bonds without referendum for corporate purposes or which provides any special rules or procedures for the exercise of such power; and
WHEREAS, the County has heretofore issued and there are now outstanding General Obligation Refunding Bonds, Series 2010A (the “2010A Bonds”); and
WHEREAS, the 2010A Bonds are now outstanding in the aggregate principal amount of $277,950,000, mature and are subject to optional redemption on the dates and as provided in the ordinance adopted by the Corporate Authorities on the 17th day of September, 2008, and authorizing the issuance of the 2010A Bonds; and
WHEREAS, the County has heretofore issued and there are now outstanding General Obligation Refunding Bonds, Series 2010G (the “2010G Bonds” and, together with the 2010A Bonds, the “Prior Bonds”); and
WHEREAS, the 2010G Bonds are now outstanding in the aggregate principal amount of $119,855,000, mature and are subject to optional redemption on the dates and as provided in the ordinance adopted by the Corporate Authorities on the 17th day of September, 2008, and authorizing the issuance of the 2010G Bonds; and
WHEREAS, it is in the best interests of the County and its citizens and is necessary for the government and affairs of the County to authorize the refunding (the “Refunding”) from time to time of all or a portion of the Prior Bonds, or of all or any portion of any installment of interest coming due thereon, all as may be advisable from time to time in order to achieve debt service savings for the County or to restructure the debt service burden on the County; and
WHEREAS, the aggregate costs of the Refunding, including consulting, financial advisory, legal services, underwriters’ discount, trustee and other financial fees as shall be necessary, are less than the anticipated savings to be generated from the Refunding; and
WHEREAS, the Corporate Authorities accordingly do hereby determine that it is advisable and in the best interests of the County to borrow from time to time for the purpose of the Refunding, and to pay costs of issuance, and, in evidence of such borrowing, to issue one or more series of full faith and credit bonds of the County, as hereinafter authorized, or, in lieu thereof, Sales Tax Revenue Bonds, as hereinafter defined and authorized:
NOW THEREFORE BE IT ORDAINED by the Board of Commissioners of The County of Cook, Illinois, as follows
Table of Contents
Sec. 1. Definitions
Sec. 2. Findings
Sec. 3. Bond Details
Sec. 4. Book-Entry Provisions
Sec. 5. Redemption
Sec. 6. Registration of Bonds; Persons Treated as Owners; Bonds Lost, Destroyed, Etc.
Sec. 7. Security
Sec. 8. Forms of Bonds
Sec. 9. Taxes Levied; Payment of Principal, Premium and Interest; Covenants re Pledged Taxes; Ordinance and Bond Orders to the Filed; Abatement
Sec. 10. Powers as to Bonds and Pledge
Sec. 11. Sale of the Bonds; Bond Orders; Financing Team; Execution of Documents Authorized; Undertakings; Offering Materials; Credit Facilities; Purchase Refunding
Sec. 12. Creation of Funds and Appropriations; Abatement of Taxes Levied for Refunded Bonds
Sec. 13. General Tax Covenants
Sec. 14. Registered Form
Sec. 15. Further Tax-Exemption Covenants
Sec. 16. Opinion of Counsel Exception
Sec. 17. Payment and Discharge; Refunding
Sec. 18. Duties of Trustee
Sec. 19. Rights of Trustee
Sec. 20. Individual Rights of Trustee
Sec. 21. Trustee’s Disclaimer
Sec. 22. Eligibility of Trustee
Sec. 23. Replacement of Trustee
Sec. 24. Successor Trustee by Merger
Sec. 25. Compensation
Sec. 26. Definition of Events of Default; Remedies
Sec. 27. Notices of Default under Ordinance
Sec. 28. Termination of Proceedings by Trustee
Sec. 29. Right of Holders to Control Proceedings
Sec. 30. Right of Holders to Institute Suit
Sec. 31. Suits by Trustee
Sec. 32. Remedies Cumulative
Sec. 33. Waiver of Default
Sec. 34. Application of Monies After Default
Sec. 35. This Ordinance a Contract
Sec. 36. Supplemental Ordinances
Sec. 37. Effect of Consents
Sec. 38. Signing by Trustee of Amendments and Supplements
Sec. 39. Notices
Sec. 40. Bondholders’ Consents
Sec. 41. Limitation of Rights
Sec. 42. Partial Invalidity
Sec. 43. List of Bondholders
Sec. 44. Rights and Duties of Trustee
Sec. 45. Prior Inconsistent Proceedings
Sec. 46. Immunity of Officers and Employees of County
Sec. 47. Sales Tax Revenue Bonds.
Sec. 48. Passage and Approval
Effective date: This ordinance shall be in effect immediately upon adoption.
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