Record #: O2016-5419   
Type: Ordinance Status: Failed to Pass
Intro date: 6/22/2016 Current Controlling Legislative Body: Committee on Finance
Final action:
Title: Amendment of Municipal Code Section 2-32-520 and addition of Section 2-32-615 regarding authorized classes of securities for investment of City funds and required training policy
Sponsors: Emanuel, Rahm
Topic: MUNICIPAL CODE AMENDMENTS - Title 2 - City Government & Administration - Ch. 32 Dept. of Finance
Attachments: 1. O2016-5419.pdf
Related files: R2019-362


OFFICE OF THE MAYOR
CITY OF CHICAGO
RAHM EMANUEL
MAYOR
June 22, 2016









TO THE HONORABLE, THE CITY COUNCIL OF THE CITY OF CHICAGO


Ladies and Gentlemen:

At the request ofthe City Treasurer, I transmit herewith an ordinance amending Chapter 2-32 ofthe Municipal Code regarding investment policy.

Your favorable consideration of this ordinance will be appreciated.
Mayor

Very truly yours,

ORDINANCE


BE IT ORDAINED BY THE CITY COUNCIL OF THE CITY OF CHICAGO:


SECTION 1. Section 2-32-520 ofthe Municipal Code is amended by adding the underscored text and deleting the struck-thought text, as follows:
2-32-520 Authorized classes of securities.
The comptroller and treasurer jointly shall have authority to use any and all funds in the city treasury which are set aside for use for particular purposes and not immediately necessary for such purposes, for the purchase of the following classes of securities:
(a) Interest-bearing general obligations ofthe United States and the State of Illinois;
(b) United States treasury bills and other non-interest bearing general obligations of the
United States or United States government agencies when offered for sale at a price below the
face value of same, so as to afford the city a return on such investment in lieu of interest;
(c) Tax anticipation warrants, municipal bonds, notes, commercial paper or other instruments
representing a debt obligation issued by the City of Chicago, the Chicago Board of Education,
the Chicago Housing Authority, the Chicago Park District, the Chicago Transit Authority, and
the City Colleges of Chicago;
(d) Commercial paper which: (1) at the time of purchase, is rated in the two highest
classifications by at least two accredited ratings agencies; and (2) matures not more than'270
days after the date of purchase;
Reverse repurchase agreement if: (1) the term does not exceed 90 days; (2) the maturity of the investment acquired with the proceeds of the reverse repurchase agreement does not exceed the ...

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