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File #: 16-2696    Version: 1 Name: Proposed Bond Ordinance
Type: Ordinance Status: Approved
File created: 4/13/2016 In control: Board of Commissioners
On agenda: 4/13/2016 Final action: 5/11/2016
Title: PROPOSED ORDINANCE AN ORDINANCE PROVIDING FOR THE ISSUANCE OF GENERAL OBLIGATION REFUNDING BONDS OF THE COUNTY OF COOK, ILLINOIS 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
Indexes: (Inactive) IVAN SAMSTEIN, Chief Financial Officer, Bureau of Finance
title
PROPOSED ORDINANCE

AN ORDINANCE PROVIDING FOR THE ISSUANCE OF GENERAL OBLIGATION REFUNDING BONDS OF THE COUNTY OF COOK, ILLINOIS

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 of the State of Illinois, as amended (the "Debt Reform Act"), and the other Omnibus Bond Acts, as amended, 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 ad valorem property tax receipts or from any other 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 "Corporate Authorities") 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 bonds without referendum for corporate purposes or which provides any special rules or procedures for the exercise of such power; and
WHEREAS, the County has heretofore issued and there are now outstanding various series of general obligation bonds (collectively, the "Prior Bonds"), including General Obligation Refunding Bonds, Series 2006A (the "2006A Bonds"); and
WHEREAS, the 2006A Bonds are now outstanding in the aggregate principal amount of $333,680,000, mature and are subject to optional redemption on the dates...

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