AN ORDINANCE AUTHORIZING THE EXECUTION AND DELIVERY OF AN AMENDED AND RESTATED TRUST INDENTURE AND AN AMENDED AND RESTATED LOAN AGREEMENT
WITH RESPECT TO THE CITY OF CHICAGO ENTERPRISE ZONE REVENUE BONDS (J & A, LLC PROJECT), SERIES 2002; AUTHORIZING THE EXECUTION AND DELIVERY OF CERTAIN OTHER DOCUMENTS IN RELATION THERETO; AND AUTHORIZING CERTAIN
OTHER MATTERS IN RELATION THERETO
WHEREAS, by virtue of Section 6(a) of Article VII of the 1970 Constitution of the State of Illinois, the City of Chicago (the "City"), 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, pursuant to an ordinance adopted by the City Council of the City (the "City Council") on July 31, 2002 and published at pages 91043 through 91191 in the Journal of Proceedings of the City Council (the "Journal") of such date, as amended by an ordinance adopted by the City Council*on November 6, 2002 and published at pages 95583 through 95585 in the Journal (collectively, the "Original Ordinance"), the City authorized the issuance of $6,850,000 aggregate principal amount of Enterprise Zone Revenue Bonds (J & A, LLC Project), Series'2002 (the "Bonds"); and
WHEREAS, pursuant to the Original Ordinance the Bonds were designated as. empowerment zone facility bonds pursuant to Section 1394(f) of the Internal Revenue Code of 1986, as amended (the "Code"); and
WHEREAS, the Bonds were issued on December 10, 2002 pursuant to the terms of a Trust Indenture dated, as of December 1, 2002 (the "Indenture") between the City and Amalgamated Bank of Chicago, as successor to Midwest Bank and Trust Company, (the "Trustee") and are currently outstanding in the aggregate principal amount of $6,395,000, and the proceeds thereof were loaned to J and A, LLC (the "Company") pursuant to the terms of a Loan Agreement dated as of December 1, 2002 (the "Loan Agreement") between the City and the Company; and ,
WHEREAS, on April 18, 201...
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