Notification of Tax Abatement City Of Chicago
$ 213,555,000 General Obligation Bonds, Taxable Project Series 201 OB (Build America Bonds - Dhiect Payment)
$299,340,000 General Obligation Bonds, Taxable Project Series 2010C-1
State of Illinois )
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County of Cook )
To: The City Council ofthe City of Chicago
Please be advised that responsive to authority contained in an Ordinance (the "Ordinance") adopted by the City Council (the "City Council") of the City of Chicago (the "City") on July 28, 2010, authorizing the issuance of up to $900,000,000 aggregate principal amount of general obligation bonds of the City, the City issued its $213,555,000 aggregate principal amount of General Obligation Bonds, Taxable Project Series 2010B (Build America Bonds - Direct Payment) (the "Series 2010B Bonds") and $299,340,000 aggregate principal amount of General Obligation Bonds, Taxable Project Series 2010C-1 (the "Series 2010C-1 Bonds" and, together with the Series 2010B Bonds, the "Bonds"), pursuant to Bond Purchase Agreements entered into with Loop Capital Markets, LLC, as representative of certain underwriters on December 1, 2010 providing for the sale of the Series 2010B Bonds, and on January 20, 2011 providing for the sale of the Series 2010C-1 Bonds, by the City's Chief Financial Officer, in both cases with the concurrence of the Chairman of the Committee on Finance of the City Council, each of the Bonds being dated their date of issuance.
Capitalized terms used herein without definition have the meanings assigned to such terms in the Ordinance.
Notification of the sale of the Bonds to the City Council and of the determinations made by the Chief Financial Officer of the City with respect to the sale of the Bonds, the filing of the Bond Purchase Agreements, and the official statements for each ofthe Series 2010B Bonds and the Series 2010C-1 Bonds, all as provided for or required by the Ordinance was made by the filing with the City Clerk of a Notification Of Sale issued by the Chief Financial Officer on the date of issuance of each ofthe Bonds and dated December 14, 2010 with respect to the Series 2010B Bonds and January 26, 2011 with respect to the Series 2010C-1 Bonds (the "Series 2010C-1 Bonds Notification Of Sale"), except for notification to the City Council of the disposition of collections of the tax levy authorized in Section 7 of the Ordinance in excess of any amount required for the payment of the principal of and interest on the Bonds, such
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abatement notification to be made after the sale of the last series of bonds authorized by the Ordinance and in accordance with the Ordinance.
Please be further advised that there is no change in the disposition of the taxes levied for the years from and after 2009 for the payment of any Outstanding Indebtedness or of any Existing Interest Rate Exchange Agreement resulting from the issuance of the Bonds. None of the proceeds of the Bonds have been used for the refunding of Outstanding Indebtedness (other than the amount of $151,541,000 of proceeds of the Series 2010C-1 Bonds used toward the payment, on January 26, 2011, of those general obligation commercial paper notes of the City described in the Series 2010C-1 Bonds Notification Of Sale), or for a payment under any Existing Interest Rate Exchange Agreement.
Pursuant to Section 12 ofthe Ordinance and to the application of $14,035,449.92 of L.C. Proceeds (as defined in that certain ordinance approved by the City Council on June 3, 2009 authorizing the appropriation of termination proceeds from the Concession and Lease Agreement of Chicago Midway International Airport (the "MDW Ordinance")) as provided under Section 1 (ii) of the MDW Ordinance to the payment of interest on the Series 2010B Bonds, please be further advised that the amount of the annual tax levy requirements for the payment of the principal of and interest on the Bonds will be less than the levy of taxes authorized in Section 7 of the Ordinance. Such amounts and the disposition of collections ofthe tax levy authorized in Section 7 of the Ordinance in excess of any amount required for the payment of the principal of and interest on the Bonds are specified in Schedule I attached hereto.
Respectfully submitted as of this 33 day of March, 2011.
Schedule I
Tax Abatement Schedule
Amount of Tax Levy Levied in Bond Year Ordinance
Excess Levy to be Abated
Levy to be Extended for the Bonds
2010 $150,000,000.00
2011 150,000,000.00
2012 150,000,000.00
2013 150,000,000.00
2014 150,000,000.00
2015 150,000,000.00
2016 150,000,000.00
2017 150,000,000.00
2018 150,000,000.00
2019 150,000,000.00
2020 150,000,000.00
2021 150,000,000.00
2022 150,000,000.00
2023 150.000,000.00
2024 150,000,000.00
2025 150,000,000.00
2026 150,000,000.00
2027 150,000,000.00
2028 150,000,000.00
2029 150,000,000.00
2030 150,000,000.00
2031 150,000,000.00
2032 150,000,000.00
2033 150,000,000.00
2034 150,000,000.00
2035 150,000,000.00
2036 150,000,000.00
2037 150,000,000.00
2038 150,000,000.00
2039 150,000,000.00
2040 150,000,000.00
2041 150,000,000.00
2042 150,000,000.00
2043 150,000,000.00
2044 150,000,000.00
2045 150,000,000.00
2046 150,000,000.00
2047 150,000,000.00
2048 150,000,000.00
2049 150,000,000.00
2050 150,000,000.00
$150,000,000.00 144,381,474.00 110,655,425.24 110,655,425.24 110,655,425.24 110,655,425.24 110,655,425.24 110,655,425.24 110,655,425.24 110,655,425.24 110,655,425.24 110,655,425.24 110,655,425.24 110,655.425.24 110,655,425.24 110,655,425.24 110,655,425.24 110,655,425.24 110,655,425.24 59,410,425.24 59,407,798.68 59,405,634.04 59,408,052.38 59,405,731.04 95,212,070.64 96,228,780.60 97,297,937.70 98,421,307.24 99,596,030.40 150,000,000.00 150,000,000.00 150,000,000.00 150,000,000.00 150,000,000.00 150,000,000.00 150,000.000.00 150,000,000.00 150,000,000.00 150,000,000.00 150,000,000.00 150,000,000.00
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5,618,526.002 39,344,574.76 39,344,574.76 39,344,574.76 39,344,574.76 39,344,574.76 39,344,574.76 39,344,574.76 39,344,574.76 39,344,574.76 39,344,574.76 39,344,574.76 39,344,574.76 39,344,574.76 39,344,574.76 39,344,574.76 39,344,574.76 39,344,574.76 90,589,574.76 90,592,201.32 90,594,365.96 90,591,947.62 90,594,268.96 54,787,929.36 53,771,219.40 52,702,062.30 51,578,692.76 50,403.969.60 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
1 This amount reflects a reduction of $8,601,046.56 in taxes levied for Levy Year 2010 as a result of the application of an identical amount of termination proceeds from the Concession and Lease Agreement of Chicago Midway International Airport to tlie payment of interest on the Series 2010B Bonds pursuant to the MDW Ordinance.
2 This amount reflects a reduction of $5,434,403.36 in taxes levied for Levy Year 2011 as a result of the application of an identical amount of termination proceeds from the Concession and Lease Agreement of Chicago Midway International Airport to the payment of interest on the Series 2010B Bonds pursuant to the MDW Ordinance.
ACKNOWLEDGMENT OF FILING NOTIFICATION OF TAX ABATEMENT
The foregoing Notification of Tax Abatement of $213,555,000 aggregate principal amount of General Obligation Bonds, Taxable Project Series 201 OB (Build America Bonds -Direct Payment) and $299,340,000 aggregate principal amount of General Obligation Bonds, Taxable Project Series 2010C-1 of the City of Chicago (the "City") has been filed in my office as City Clerk ofthe City and is part of the official files and records of my office.
tN Witness Whereof, I have hereunto affixed my signature and caused to be affixed hereto the corporate seal of the City this js^day of March, 2011.
[Seal]