title
PROPOSED SUBSTITUTE TO FILE 21-1714
(Finance Committee 5-12-2021)
AN ORDINANCE authorizing and approving the execution and delivery of a First Supplemental and Amendatory Loan Agreement and a Redemption Agreement in connection with the transfer of a portion of the project financed with the proceeds of The County of Cook, Illinois Adjustable Rate Demand Revenue Bonds, Series 2005 (Catholic Theological Union Project); and related matters.
WHEREAS, The County of Cook, Illinois (the "Issuer"), a home rule unit of government and municipal corporation of the State of Illinois, is authorized by the provisions of the Constitution and laws of the State of Illinois, including, without limitation, Article VII, Section 6(a) of the Illinois Constitution of 1970, to exercise any power and perform any function pertaining to its government and affairs; and
WHEREAS, the Issuer previously issued its Adjustable Rate Demand Revenue Bonds, Series 2005 (Catholic Theological Union Project), dated February 24, 2005 (the "Bonds"), in an aggregate principal amount of $28,500,000 pursuant to an Indenture of Trust, dated as of February 1, 2005 (the "Bond Indenture"), by and between the Issuer and U.S. Bank National Association, successor to Seaway National Bank of Chicago, as bond trustee (the "Trustee"); and
WHEREAS, pursuant to a Loan Agreement, dated as of February 1, 2005 (the "Loan Agreement"), by and between the Issuer and Catholic Theological Union at Chicago, an Illinois not-for-profit corporation (the "Borrower"), the Issuer loaned the proceeds from the sale of the Bonds to the Borrower to finance, refinance and provide reimbursement for (i) all or a portion of the costs of the acquisition, construction, renovation, expansion, restoration and equipping of its educational facilities located on its Hyde Park campus located generally within the 5300 and 5400 blocks of South Cornell Avenue, Chicago, Illinois, including a new five-story, approximately 9...
Click here for full text