Board of Commissioners of Cook County - File #: 22-3522

• File #: 22-3522
• Version: 2
• Name: ISSUANCE OF SALES TAX REVENUE BONDS
• Type: Ordinance
• Status: Approved
• File created: 5/23/2022
• In control: Finance Committee
• On agenda: 7/11/2022
• Final action: 7/28/2022
• Title: PROPOSED ORDINANCE ISSUANCE OF SALES TAX REVENUE BONDS PROVIDING FOR THE ISSUANCE OF SALES TAX REVENUE BONDS OF THE COUNTY OF COOK, ILLINOIS; THE APPROVAL, EXECUTION AND DELIVERY OF A SIXTH SUPPLEMENTAL INDENTURE AND SEVENTH SUPPLEMENTAL INDENTURE; AND PROVIDING FOR OTHER MATTERS IN CONNECTION WITH THE ISSUANCE OF SAID BONDS WHEREAS, pursuant to Section 6(a) of Article VII of the 1970 Constitution of the State of Illinois (the "Illinois Constitution"), The County of Cook, Illinois (the "County") is a home rule unit of local government and as such may 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 may also exercise powers relating to the power to tax and to incur debt pursuant to the Counties Code, as supplemented and amended by the Local Government Debt Reform Act of the State of Illinois (collectively, the "Act"); and WHEREAS, the Board of Commissioner...
• Sponsors: TONI PRECKWINKLE (President), JOHN P. DALEY, FRANK J. AGUILAR, LUIS ARROYO JR, SCOTT R. BRITTON, DENNIS DEER, BRIDGET DEGNEN, BRIDGET GAINER, BRANDON JOHNSON, BILL LOWRY, DONNA MILLER, STANLEY MOORE, KEVIN B. MORRISON, SEAN M. MORRISON, PETER N. SILVESTRI, DEBORAH SIMS, LARRY SUFFREDIN

Date	Ver.	Action By	Motion	Result
7/28/2022	2	Board of Commissioners	approve	Pass
7/27/2022	2	Finance Committee	recommend for approval	Pass
7/11/2022	2	Board of Commissioners	refer	Pass

title
PROPOSED ORDINANCE

ISSUANCE OF SALES TAX REVENUE BONDS

PROVIDING FOR THE ISSUANCE OF SALES TAX REVENUE BONDS OF THE COUNTY OF COOK, ILLINOIS; THE APPROVAL, EXECUTION AND DELIVERY OF A SIXTH SUPPLEMENTAL INDENTURE AND SEVENTH SUPPLEMENTAL INDENTURE; AND PROVIDING FOR OTHER MATTERS IN CONNECTION WITH THE ISSUANCE OF SAID BONDS

WHEREAS, pursuant to Section 6(a) of Article VII of the 1970 Constitution of the State of Illinois (the "Illinois Constitution"), The County of Cook, Illinois (the "County") is a home rule unit of local government and as such may 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 may also exercise powers relating to the power to tax and to incur debt pursuant to the Counties Code, as supplemented and amended by the Local Government Debt Reform Act of the State of Illinois (collectively, the "Act"); 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 sales tax revenue bonds for corporate purposes or which otherwise provide any special rules or procedures for the exercise of such powers; and

WHEREAS, pursuant to the ordinance duly adopted by the Corporate Authorities on July 24, 2012, the County duly authorized and approved that certain Master Trust Indenture, dated as of August 1, 2012 (the "Master Indenture"), between the County and The Bank of New York Mellon Trust Company, N.A. (the "Trustee") which provides that the County may issue bonds authenticated and delivered under and pursuant to the Master Indenture (the "Bonds") for the purpose of financing costs of Projects (as defined in the Master Indenture) and paying costs related to the issuance of such Bonds; and

WHEREAS, it was inten...