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Record #: O2021-3229   
Type: Ordinance Status: Passed
Intro date: 7/21/2021 Current Controlling Legislative Body: Committee on Finance
Final action: 9/14/2021
Title: Refunding of Special Assessment Improvement Bonds, Series 2002 (Lakeshore East Project) through issuance of Special Assessment Improvement Bonds, Refunding Series 2021 (Lakeshore East Project)
Sponsors: Reilly, Brendan
Attachments: 1. O2021-3229 (V1).pdf, 2. O2021-3229.pdf
Committee on Finance City Council Meeting, July 21, 2021 Alderman Brendan Reilly, 42nd Ward


WHEREAS, the City of Chicago (the "City") is a municipal corporation and home rule unit of the State of Illinois (the "State") authorized pursuant to Article 9 of the Illinois Municipal Code, 65 Illinois Compiled Statutes 5/9, and the Special Assessment Supplemental Bond and Procedures Act, 50 Illinois Compiled Statutes 460 (the "Special Assessment Supplemental Bond and Procedures Act"), as modified and supplemented by Section 075 of Title 2, Chapter 102 of the Municipal Code of Chicago (the "Municipal Code"), to undertake a local improvement by special assessment and to issue special assessment improvement bonds to finance the cost of such local improvement; and
WHEREAS, on June 19, 2002, the City Council ofthe City (the "City Council") adopted an ordinance providing for the acquisition and construction of local improvements (the "Improvements") to benefit property described therein and hereafter referred to as the Lakeshore East Project which was published in the Journal of Council Proceedings (the "Journal") for such date at pages 88043 through 88202, inclusive; and
WHEREAS, on October 2, 2002, the City Council adopted an ordinance authorizing the issuance of the City of Chicago Special Assessment Improvement Bonds, Series 2002 (Lakeshore East Project) (the "Series 2002 Bonds"), in an aggregate principal amount of not to exceed $60,000,000 (the "Series 2002 Bonds") which was published in the Journal for such date at pages 93718 through 93919, inclusive, to finance the Improvements; and
WHEREAS, on January 14, 2003, the City issued the Series 2002 Bonds in the aggregate principal amount of $58,933,000, of which $34,938,000 are currently outstanding; and
WHEREAS, the Series 2002 Bonds were issued pursuant to a Trust Indenture dated as of December 1, 2002 (the "Original Bond Indenture") between the City and The Bank of New York Mellon Trust Company, N.A., as successor to BN...

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