City Council Public Hearing December 2, 2019 - 7:00pm

December 2, 2019 - 7:00pm

Notice is hereby given that the City Council of the City of Urbana, Champaign County, Illinois (the “City”) will hold a public hearing on Monday, December 2, 2019 at its regular meeting at 7:00 p.m., at the City Council Chambers, 400 South Vine Street, Urbana, Illinois, pursuant to the requirements of Section 147(f) of the Internal Revenue Code of 1986, as amended, to consider the proposed issuance by the City of its not to exceed $7,000,000 aggregate principal amount of Capital Improvement Revenue Bonds, Series 2019 (the “Bonds”). The proceeds of the Bonds will be loaned to Cunningham Children’s Home of Urbana, Illinois, an Illinois not-for-profit corporation (the “Borrower”), and will be used to (a) finance and refinance (by refunding certain prior obligations) the acquisition, construction and installation of land, buildings, furniture, fixtures and equipment for an Education and Recreation Center and a Residential Treatment Center at 1303 North Cunningham Avenue, in Urbana, Illinois (the “Project”), and (b) pay a portion of the costs of issuing the Bonds. The Borrower wishes to have the City issue its Bonds to finance and refinance the Project, including but not limited to fees for credit enhancement or liquidity support for the Bonds. The City is a municipality and a home rule unit of local government and is authorized and empowered by the provisions of The Industrial Project Revenue Bond Act (65 ILCS 5/11-74-1 et seq.), as supplemented and amended from time to time (the “Act”). The Bonds will be payable solely out of the revenues and other funds pledged for their payment in accordance with the Loan Agreement relating to the Bonds and is not a general obligation of the City. Written comments may also be submitted to the City Clerk of Urbana, Illinois at 400 South Vine Street, Urbana, Illinois 61801, until November 29, 2019. Subsequent to the public hearing at its regular meeting the City Council shall consider approval of the Bonds. NOTICE DATED: November 22, 2019

Public Hearing Video

Meeting Location: 
City Council Chambers
400 South Vine Street
61801 Urbana , IL
PDF icon 12/02/2019 Agenda108.68 KB
PDF icon 12/02/2019 Minutes128.61 KB