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PROPOSED ORDINANCE
ORDINANCE AUTHORIZING THE EXECUTION OF AN AGREEMENT FOR A LINE OF CREDIT AND RELATED DOCUMENTS AND THE ISSUANCE OF ONE OR MORE PROMISSORY NOTES IN CONNECTION THEREWITH
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 Constitution of 1970, as supplemented by the Local Government Debt Reform Act, as amended, the ("Act"), 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, pursuant to the provisions of the Act, the County has the power to incur debt payable from any 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 "Board") 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 full faith and credit notes without referendum for corporate purposes or which provides any special rules or procedures for the exercise of such power; and
WHEREAS, through Ordinance 16-0686 ("BMO Line of Credit Ordinance"), heretofore adopted by the Board on January 13, 2016, the Board authorized the execution of a line of credit agreement with BMO Harris Bank, N.A., and related documents, at an amount not to exceed $100,000,000 ("BMO Line of Credit Agreement"); and
WHEREAS, through Ordinance 19-1715, ("BMO Line of Credit Extension Ordinance"), adopted by the Board on March 21, 2019, the Board subseq...
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