TO: Mayor John Laesch
FROM: Chris Minick, Chief Financial Officer/City Treasurer
DATE: July 17, 2025
SUBJECT:title
Public Hearing - Public Hearing as Required by Section 147(f) of the Internal Revenue Code of 1986 (the "Code"), related to the issuance of City of Aurora in Kane, DuPage, Will and Kendall Counties, Illinois adjustable rate demand economic development revenue bonds in one or more series in an aggregate principal amount not to exceed $16,000,000 (the "Bonds"), and confirming the sale thereof; authorizing the execution and delivery of a loan agreement, trust indenture, bond purchase agreement and related documents; authorizing the distribution of an official statement; approving the delivery of a letter of credit, a reimbursement agreement a remarketing agreement; and authorizing certain related matters. The Bonds will be issued as qualified 501(c)(3) bonds pursuant to Section 145 of the Code.
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PURPOSE:
This public hearing is required pursuant to Section 147(f) of the Code. Under the provisions of Section 147 of the Code, in order for the City of Aurora to issue tax-exempt Private Activity Bonds, for the benefit of Aurora University, a public hearing must be held in the jurisdiction where the facility to be financed with proceeds of the Bonds is located.
The proceeds of the Bonds will be loaned to Aurora University, an Illinois not for profit corporation and an organization described in Section 501(c)(3) of the Code. Proceeds of the Bonds will be used to finance or reimburse Aurora University for a portion of the costs related to the new construction of a three-story 45,000 square foot learning commons building on its existing campus in Aurora, Illinois, pay a portion of the interest on the Bonds, if deemed necessary or advisable by the City of Aurora or the University, and pay certain expenses incurred in connection with the issuance of the Bonds .
It is also required under Section 147(f) of the Code to allow for reasonable public not...
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