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PROPOSED ORDINANCE
ORDINANCE FOR ISSUANCE OF LINE OF CREDIT AND PROPERTY TAX LOAN PROGRAM FOR LOCAL TAXING JURISDICTIONS
AN ORDINANCE authorizing the creation of a local taxing jurisdiction loan program and, to fund such program, authorizing and providing for the execution and delivery of a line of credit agreement and the issuance of general obligation tax anticipation notes evidencing borrowings by the County under a non-revolving line of credit.
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 1970 Constitution of the State of Illinois, as supplemented by the Local Government Debt Reform Act of the State of Illinois, as amended, 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 incur debt; and
WHEREAS, pursuant to its home rule powers, the County may incur debt payable from any lawful source 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 any County Code provisions which restrict or limit the exercise of the home rule powers of the County in the issuance of debt without referendum or which provide special rules or procedures for the exercise of such power; and
WHEREAS, as a result of ongoing efforts to modernize technology within various County property tax agencies, personnel shortages and turnover attributable to the COVID-19 pandemic and the complicated nature of the reassessment of property taxes in the City of Chicago, for ...
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