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PROPOSED RESOLUTION
REVOLVING LINE OF CREDIT EXTENSION FOR COOK COUNTY LAND BANK
WHEREAS, the Cook County Land Bank Authority ("CCLBA") is authorized under its enabling ordinance, Chap. 103, Art. 1, Sec. 103-1, et seq., of the Cook County Code of Ordinances ("Ordinance") to use available resources to facilitate the return of vacant, abandoned and tax-delinquent properties to productive use thereby combating community deterioration, creating economic growth and stabilizing the housing and job market, and
WHEREAS, pursuant to Section 103-41(f) of the Ordinance, CCLBA has authority to borrow money from private lenders, subject to the approval of the County Board, to further or carry out CCLBA's public purpose by executing leases, trust indentures, trust agreements, agreements for the sale of notes, loan agreements, mortgages, deeds to secure debt, trust deeds, security agreements, assignments, and such other agreements or instruments as may be necessary or desirable in the judgment of CCLBA, to evidence and to provide security for such borrowing; and
WHEREAS, pursuant to Section 103-41(n) of the Ordinance, CCLBA has the authority to enter into contracts and other instruments necessary, incidental, or convenient to the performance of its duties and the exercise of its powers; and
WHEREAS, pursuant to Section 103-41(z) of the Ordinance, CCLBA has the authority to do all things necessary or convenient to achieve the objectives and purposes of CCLBA; and
WHEREAS, the Cook County Board of Commissioners previously approved a revolving line of credit from Chicago Community Loan Fund ("CCLF") in an amount not to exceed Three Million and 00/100 Dollars ($3,000,000.00), as subsequently amended by that certain First Amendment to Loan and Security Agreement dated November 23, 2020, as subsequently amended by that certain Second Amendment to Loan and Security Agreement dated January 26, 2023, and as subsequently amended by that certain Third Amendment to Loan and ...
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