DETERMINATION CERTIFICATE AND
FUNDING LOAN NOTIFICATION OF
CITY OF CHICAGO SI 2,000,000
Multi-Family Housing Revenue Note, 2017 Series A (Diversey Manor Apartments)
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To: The City Council of the City of Chicago
Please be advised that responsive to authority contained in the Note Ordinance adopted by the City Council (the "City Council") of the City of Chicago (the "City") on May 24, 2017 (the "Note Ordinance"), providing for the incurrence of not to exceed $12,000,000 aggregate principal amount of multi-family housing revenue obligations for the Diversey Manor Apartments (the "Multi-Family Housing Financing"), a Funding Loan Agreement dated as of October 1, 2017 (the "Funding Loan Agreement"), and a promissory note in the original principal amount of not to exceed $ 12,000,000 (the "Governmental Lender Note"), providing for the making of a loan of the Multi-Family Housing Financing (the "Funding Loan") to 5525 W Diversey Manor Apartments LLC, an Illinois limited liability company (the "Borrower"), were entered into by me, as the Chief Financial Officer, on behalf of the City with and to Citibank, N.A. (the "Funding Lender"). Capitalized terms defined in the Note Ordinance are used with the same meanings herein.
The Note Ordinance provided that the Multi-Family Housing Financing may be incurred in such aggregate principal amount not to exceed $12,000,000, the maximum term of the Funding Loan shall not exceed forty-five (45) years from the date of execution and delivery of the Governmental Lender Note, which shall bear interest at a rate or rates equal to the rate of interest on the Borrower Loan (as provided in the Borrower Loan Agreement by and between the City and the Borrower dated as of October 1, 2017 (the "Borrower Loan Agreement")) (which shall not exceed the lesser of twelve percent (12%) or the maximum rate of interest allowable under state law), shall be payable at the place and on the payment dates as set forth in the Funding Loan Agreement a...
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