Laserfiche WebLink
WHEREAS, in order to provide for the payment of project <br /> costs ( the "Project Costs" ) , the City issued its "Economic <br /> Development Revenue Bonds (Brettwood Village Associates <br /> Project" ) , dated February 1, 1982 in the aggregate principal <br /> amount of $3 , 300 , 000 ( the "1982 Bonds" ) , for the purpose of <br /> paying the Project Costs; and <br /> WHEREAS, the City desires to effect a current refunding of <br /> the 1982 Bonds in order to reduce the interest rate with respect <br /> to a loan in the aggregate principal amount of $3 , 300 , 000 made by <br /> the City to the Partnership with the proceeds of the 1982 Bonds <br /> ( the "Project Loan" ) ; and <br /> WHEREAS, the current refunding of the 1982 Bonds generally <br /> will be accomplished by ( 1 ) the City ' s issuance of its Economic <br /> Development Revenue Bonds (Brettwood Village Associates Project) <br /> Series A in the aggregate principal amount of $3 , 150 , 000 and its <br /> Economic Development Revenue Bonds (Brettwood Village Associates <br /> Project) Series B ( the "Series A Bonds" and the "Series B Bonds, " <br /> are collectively referred to herein as the "1986 Bonds" ) ; and ( 2) <br /> the application of the proceeds of the 1986 Bonds to reimburse <br /> The First National Bank of Chicago, Chicago, Illinois ( the <br /> "Bank" ) for a draw made on the Transferable Irrevocable Standby <br /> Letter of Credit, No. 302105 ( the "Letter of Credit" ) of the Bank <br /> securing the 1982 Bonds which draw will be applied to the <br /> optional redemption on March 1, 1987 of the 1982 Bonds; and <br /> -3- <br />