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Chapman and Cutler LLP provides bond counsel, underwriter's or disclosure counsel and issuer's counsel representations with regard to a variety of obligations issued by cities and villages considered either home rule or non-home rule. Borrowing alternatives offered to home rule units of Illinois government (generally, Cook County and other municipalities with over 25,000 in population or those who have voted to become home rule) are very extensive.
Home rule municipalities may borrow for any purpose related to their "government and affairs", as long as such borrowing is for a proper public purpose.
Borrowing alternatives available to Illinois non-home rule cities and villages to fund projects are limited to those generally set forth in the Illinois Municipal Code or the Local Government Debt Reform Act. Besides general obligation and revenue bonds, non-home rule cities and villages frequently issue alternate bonds payable from enterprise revenues - from a revenue source, or both - with the general obligation of the municipality acting as backup security for the bonds.
A village or city may choose debt certificates (the evidence of the payment obligation of the municipality under an installment contract or lease), special service area bonds (secured by the full faith and credit of the territory included in the special service area and issued for the purpose of providing the special services) or TIF bonds (which can be secured solely from tax increments or, under certain circumstances, by the full faith and credit of the municipality). Municipalities may also borrow to meet cash flow needs.
Regardless of the municipality, Chapman and Cutler attorneys have a vast array of experience in this field and work in teams with counsel from other practice areas to assure our clients a thorough, creative approach to their particular financial needs and negotiations.