Department of Finance
CITY OF CHICAGO
February 9, 2017
Andrea M. Valencia City Clerk
121 North LaSalle Street City Hall - Room 107 Chicago, Illinois 60602
RE: Notification of Sale -- $72,800,000 Promissory Note (the "Note") Dear Ms. Valencia:
Attached is the Notification of Sale for the Note, which is required to be filed with your office pursuant to Article IX, Section 4 of the Revenue Ordinance adopted by the City Council of the City of Chicago (the "City Council") on November 16, 2016.
Please direct this filing to the City Council.
Carole L. Brown Chief Financial Officer
121 NORTH LASALLE STREET, SUITE 700, CHICAGO, ILLINOIS G0602
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To: The City Council of the City of Chicago
Please be advised that responsive to authority contained in an Ordinance (the "Approving Ordinance") adopted by the City Council (the "City Council") of the City of Chicago (the "City") on November 16, 2016, as amended by an Ordinance adopted by the City Council on January 25, 2017 (the "Amending Ordinance" and, together with the Approving Ordinance, the "Ordinances") authorizing the issuance of a promissory note of the City in the principal amount of up to $91,000,000 (the "Note"), a Loan Agreement dated February 9, 2017 (the "Loan Agreement"), providing for the issuance of the Note by PNC Bank, National Association ("PNC'), was entered into by me as the Chief Financial Officer of the City and PNC.
Capitalized terms used herein without definition shall have the meanings assigned to such terms in the Ordinances.
The proceeds of the Note will be used to provide funds for the purpose of refunding the Second Amended and Restated Promissory Note of the City delivered April 25, 2012 in the original principal amount of $91,000,000. Attached hereto as Exhibit 1 is an executed copy of the Loan Agreement.
Pursuant to Section 3 of the Approving Ordinance, the undersigned hereby makes the following determinations: (a) the principal amount of the N...
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