ORDINANCE PROVIDING FOR THE ISSUANCE OF ONE OR MORE SERIES OF TAX INCREMENT ALLOCATION REVENUE BONDS (PILSEN REDEVELOPMENT PROJECT), SERIES 2013; AUTHORIZING THE EXECUTION AND DELIVERY OF A TRUST INDENTURE CREATING SUCH BONDS; AUTHORIZING THE ISSUANCE AND SALE OF NOT TO EXCEED $75,000,000 OF SUCH BONDS; PROVIDING FOR THE DELEGATION OF AUTHORITY TO MAKE CERTAIN SPECIFIED DETERMINATIONS; AND CONCERNING RELATED MATTERS.
WHEREAS, the City of Chicago (the "City") is a municipal corporation and, by virtue of Section 6(a) of Article VII of the 1970 Constitution of the State of Illinois, 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; and
WHEREAS, the City held the necessary public hearings preceded by the required public notice and, pursuant to ordinances duly adopted by the City Council of the City (the "City Council") on June 10, 1998, the City (i) designated a portion of the City as a "redevelopment project area" known as the Pilsen Redevelopment Project Area (the "Project Area"),
approved a redevelopment plan and project (the "Original Plan") for the Project Area, and
adopted tax increment allocation financing to pay redevelopment project costs (as defined in the Act referred to below, the "Project Costs"), all in accordance with the provisions of the Tax Increment Allocation Redevelopment Act, Division 74.4 of Article 11 of the Illinois Municipal Code, as supplemented and amended (the "Act"); and
WHEREAS, by an ordinance duly adopted by the City Council on November 12, 2003 (the "Extension Ordinance"), the City has amended the Original Plan (as amended, the "Plan") to extend the estimated dates of completion of the Project and the retirement of obligations to finance Project Costs to December 31, 2022, as provided in Section 1 l-74.4-3(n)(3) of the Act; and
WHEREAS, by an ordinance duly adopted by the City Council on November 12, 2003 (the "Series 2004 Bond Ordinance"), on J...
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