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PROPOSED ORDINANCE
BOND ORDINANCE FOR GENERAL OBLIGATION NOTES
AN ORDINANCE authorizing the County to borrow a loan in an aggregate principal amount of not to exceed $40,000,000 to maintain adequate financial reserves per the County's policies and to execute a general obligation note 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, 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 determined that a loan made by BMO Harris Bank N.A ("BMO") in an aggregate principal amount of not to exceed $40,000,000 (the "BMO Loan") to the County will provide a cost efficient means to maintain adequate financial reserves per its financial policies; and
WHEREAS, the BMO Loan would be made by BMO to the County pursuant to the terms of the Credit Agreement dated as of November ___, 2014 between the County and BMO, the form of which has been prepared and is present at this meeting and is attached hereto as Exhibit A (the "Credit Agreement"); and
WHEREAS, the BMO Loan will be made and evidenced by a single promissory note of the County (the "Note"), the form of which is set forth as an exhibit to the Credit Agreement; and
WHEREAS, the Note will be a general obligation of the County payable from amounts received from the first installment of the ad valorem taxes levied on taxable real property within the County in 2015 for the County's Corporate Fund and Public Safety Fund (the "Pledged Taxes") and from all l...
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