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AN ORDINANCE PROVIDING FOR THE PAYMENT OF TOLL BRIDGE REVENUE BONDS (SALES TAX SUPPORTED), SERIES 2018, OF THE COUNTY OF KANE, ILLINOIS, IN ADVANCE OF MATURITY, AND AUTHORIZING AND DIRECTING THE EXECUTION OF AN ESCROW AGREEMENT IN CONNECTION THEREWITH
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WHEREAS, The County of Kane, Illinois (the "County"), is a duly organized and existing unit of local government created and existing under the provisions of the laws of the State of Illinois, and is now operating under the provisions of the Counties Code of the State of Illinois, as amended; and
WHEREAS, the County has issued and has outstanding Toll Bridge Revenue Bonds (Sales Tax Supported), Series 2018 (the "Bonds"); and
WHEREAS, the Bonds were issued to finance the construction of the Longmeadow Parkway Bridge (the "Project"); and
WHEREAS, the County has received an additional grant in the amount of $12,500,000 from the State of Illinois for costs associated with the Project (the "Grant Funds"); and
WHEREAS, receipt of the Grant Funds was unexpected at the time the Bonds were issued; and
WHEREAS, the County Board of the County (the "County Board") hereby finds that it is advisable, necessary and in the best interests of the County to approve the use of the Grant Funds to reimburse Project expenditures, including Project expenditures paid with proceeds of the Bonds (the "Reimbursed Funds"); and
WHEREAS, the County Board hereby further finds that it is advisable, necessary and in the best interests of the County to apply the Reimbursed Funds to the payment of all of the outstanding Bonds described in the hereafter defined Escrow Agreement (the "Defeased Bonds") and related costs; and
WHEREAS, in accordance with their terms, all of the Defeased Bonds may be called for redemption in advance of their respective maturities, and the County Board hereby further finds that it is necessary and desirable to make su...
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