OFFICE OF THE MAYOR CITY OF CHICAGO
RAHM EMANUEL
MAYOR
December 12, 2018
TO THE HONORABLE, THE CITY COUNCIL OF THE CITY OF CHICAGO
Ladies and Gentlemen:
At the request of the Chief Financial Officer, I transmit herewith an ordinance pertaining to Fund Stabilization Bonds.
Your favorable consideration of this ordinance will be appreciated.
Very truly yours,
Mayor
ORDINANCE
WHEREAS, the City of Chicago (the "City") is a duly constituted and existing municipality within the meaning of Section 1 of Article VII of the 1970 Constitution of the State of Illinois (the "Constitution") having a population in excess of 25,000 and is a home rule unit of local government under Section 6(a) of Article VII of the Constitution; and
WHEREAS, in accordance with the provisions of Section 6(a) of Article VII of the Constitution, the City may exercise any power and perform any function pertaining to its government and affairs, including the power to tax and the power to incur debt; and
WHEREAS, Division 13 of Article 8 of the Illinois Municipal Code, as amended (the "Act"), authorizes the City, as a home rule municipality, to enter into agreements to assign, sell, transfer or otherwise convey its interest in all or any part of any revenues or taxes that it receives from the State Comptroller, the State Treasurer or the Department of Revenue (the "Department of Revenue") of the State of Illinois (collectively, the "State Entities"); and
WHEREAS, the City has determined that it is in the best financial interest of the City to implement a plan (the "Pension Funding Plan") to improve the financial health and increase the funding ratios of the Municipal Employees' Annuity and Benefit Fund of Chicago (the "MEABF'), the Policemen's Annuity and Benefit Fund of Chicago (the "PABF'), and the Firemen's Annuity and Benefit Fund of Chicago (the "FABF,\ and the Laborers' and Retirement Board Employees' Annuity and Benefit Fund of Chicago ("LABF," and collectively with the MEABF, the PABF, and the F...
Click here for full text