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PROPOSED ORDINANCE
ORDINANCE AUTHORIZING THE ISSUANCE OF NOT TO EXCEED $17,000,000 GENERAL OBLIGATION UNLIMITED TAX REFUNDING BONDS, AND NOT TO EXCEED $3,000,000 GENERAL OBLIGATION LIMITED TAX BONDS OF THE FOREST PRESERVE DISTRICT OF COOK COUNTY, ILLINOIS.
BE IT ORDAINED BY THE BOARD OF COMMISSIONERS OF THE FOREST PRESERVE DISTRICT OF COOK COUNTY, ILLINOIS, AS FOLLOWS:
Section 1. Authority, Purposes and Findings. This ordinance is adopted pursuant to the provisions of the Cook County Forest Preserve District Act, 70 Illinois Compiled Statutes 810, the Forest Preserve District Refunding Bond Act, 70 Illinois Compiled Statutes 820, and the Local Government Debt Reform Act, 30 Illinois Compiled Statutes 350, and authorizes the issuance of not to exceed $17,000,000 principal amount of General Obligation Unlimited Tax Refunding Bonds (the "Unlimited Tax Refunding Bonds") of the Forest Preserve District of Cook County, Illinois (the "District"); and not to exceed $3,000,000 principal amount of General Obligation Limited Tax Bonds (the "Limited Tax Bonds" and together with the Unlimited Tax Refunding Bonds, the "Bonds") of the District.
(A) The Unlimited Tax Refunding Bonds. On November 16, 2004, the District issued, and there are currently outstanding $39,265,000 aggregate principal amount of General Obligation Unlimited Tax Bonds, Series 2004, maturing in the years 2016, 2017, 2019, 2020, 2023 and 2024 (the "Series 2004 Unlimited Tax Bonds").
The Board of Commissioners hereby authorizes the refunding of the 2004 Unlimited Tax Bonds and hereby delegates to the President, the Treasurer and the Chief Financial Officer of the District (each, the "Designated Officer") the authority to select the particular or all of the outstanding 2004 Unlimited Tax Bonds to be refunded. Any 2004 Unlimited Tax Bond so selected is herein called a "Prior Bond". The Board of Commissioners does hereby determine to issue the Unlimited Tax Refunding...
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