Title
Resolution directing the removal and replacement of the remarketing agent for the County of Lake variable rate demand multifamily housing revenue bonds (Rosewood Apartments Project), series 2004.
Staff Summary
· In 2004, the County, in partnership with Lake County Partners, issued revenue bonds for the Rosewood Apartments Project.
· As part of this project, the County approved Piper Jaffray & Co as the Remarketing Agent.
· The Owner has requested the County to direct the removal and replacement of the original agent with Dougherty & Company LLC.
· This action requires approval of the County Board.
Body
WHEREAS, the County of Lake, Illinois (the “County”), is a duly organized and existing unit of local government within the meaning of Section I of Article VII of the 1970 Constitution of the State of Illinois and is a body politic and corporate operating under the general laws of the State of Illinois and is not a home rule unit of local government; and
WHEREAS, the County is authorized under the Industrial Building Revenue Bond Act, 50 ILCS 445/1 et seq. (the “Bond Act”), to issue its revenue bonds to finance, in whole or in part, the cost of the construction rebuilding, acquisition, improvement, or extension of an “industrial project, “ as defined in Section 2 of the Bond Act; and
WHEREAS, in 2004, the County issued its $8,800,000 County of Lake Variable Rate Demand Multifamily Housing Revenue Bonds (Rosewood Apartment Project), Series 2004 (the “Bonds”) and loaned the proceeds to Rosewood Limited Partnership (“Owner”), the owner of the project located within Lake County at 318 W. Forest Avenue, Village of Round Lake, Illinois, and consisting of a 168 unit multifamily housing facility (the “Project”); and
WHEREAS, in connection with the issuance of the Bonds, the County approved Piper Jaffray &Co. (“Original Agent”) as the Remarketing Agent for the Bonds pursuant to a Remarketing Agreement between the owner and the Original Agent dated as of October...
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