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PROPOSED RESOLUTION
FOR THE APPROVAL OF AN EXTENSION OF THE MATURITY DATE OF A PREVIOUSLY APPROVED LINE-OF-CREDIT AGREEMENT AND RELATED DOCUMENTS
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, 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, pursuant to Ordinance 11-0-29, adopted on the 16th day of February, 2011 (the "Prior Authorizing Ordinance") and pursuant to Resolution 11-R-239, adopted 12th day of July, 20111 (the "Prior Authorizing Resolution"), the Board heretofore determined it to be advisable, necessary and in the best interests of the County that the County authorize the execution and delivery of an agreement for a line of credit with a maturity date of November 30, 2014 and a draw cap of $200,000,000; and
WHEREAS, pursuant ...
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