title
PROPOSED ORDINANCE
AN ORDINANCE AUTHORIZING THE SALE OF TAXABLE PROPERTY ASSESSED CLEAN ENERGY NOTES OF THE COUNTY; AND OTHER MATTERS RELATED THERETO
WHEREAS, Cook County (the "County"), is a county duly organized and validly existing under the laws of the State of Illinois (the "State"), and is a home rule unit of local government of the State pursuant to the 1970 Constitution of the State (the "Constitution"), and is further authorized pursuant to the Property Assessed Clean Energy Act of Illinois, 50 ILCS 50/1 et seq., as amended (the "PACE Act") to establish a property assessed clean energy program (the "PACE Program"), create a PACE area (as defined in the PACE Act) and finance and/or refinance energy projects (as defined in the PACE Act) (the "Energy Projects"), and may, under the power granted by Section 6(a) of Article VII of the Constitution, 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 issue limited recourse bonds or notes without referendum in furtherance of essential public and governmental purposes; and
WHEREAS, on the 22nd day of October, 2020, the Board of Commissioners of the County (the "Board") approved Ordinance No. 20-4202 Establishing a Property Assessed Clean Energy ("PACE") Program and a PACE Area to Finance and/or Refinance the Acquisition, Construction, Installation, or Modification of Energy Projects; Providing for the Issuance of not to Exceed $500,000,000 Taxable PACE Revenue Notes ("Notes") of the County to Finance Projects Pursuant to the County's PACE Program (the "PACE Program"), Providing for the Payment Of Said Notes, Authorizing the Sale of Said Notes to the Purchaser Thereof; and Other Matters Related Thereto (the "PACE Ordinance"); and
WHE...
Click here for full text