Office of the City Clerk - Record #: O2022-894

• Record #: O2022-894
• Type: Ordinance
• Status: Passed
• Intro date: 3/23/2022
• Current Controlling Legislative Body: Committee on Finance
• Final action: 4/27/2022
• Title: Bond inducement language regarding 2018 Wastewater Revenue Bonds
• Sponsors: Lightfoot, Lori E.

Date	Journal Page Number	Action By	Action	Result
4/27/2022	46072	City Council	Passed	Pass
4/25/2022		Committee on Finance	Recommended to Pass
3/23/2022	45396	City Council	Referred

OFFICE OF THE MAYOR
CITY OF CHICAGO
LORI E. LIGHTFOOT
MAYOR

March 23, 2022










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 ordinances authorizing Water Revenue Bond inducement and Sewer Revenue Bond inducement.

Your favorable consideration of these ordinances will be appreciated.


Very truly yours.


ORDINANCE


WHEREAS, the City of Chicago ( the "City"), is a home rule unit of government under Section 6(a), Article Vll of the 1970 Constitution of the State of Illinois; and

WHEREAS, the City Council of the City (the "City Council"), on June 27, 2018, adopted an ordinance and published in the Journal of the Proceedings of the City Council of the City of Chicago ("Journal") for such date at pages 79205 through 79244, inclusive (the "2018 Wastewater Revenue Bond Ordinance") authorizing the issuance of 2018 Obligations as defined in the 2018 Wastewater Revenue Bond Ordinance; and

WHEREAS, the 2018 Wastewater Revenue Bond Ordinance authorized the issuance of the 2018 Bonds (as defined in the 2018 Wastewater Revenue Bond Ordinance) in the aggregate amount not to exceed $400,000,000; and

WHEREAS, the City Council, on October 27, 2021, adopted an ordinance (and published in the Journal for such date on pages 40213 through 40503, inclusive) (the "Amendment to 2018 Wastewater Revenue Bond Ordinance") increasing the amount of 2018 Bonds to an aggregate amount not to exceed $500,000,000; and

WHEREAS, it is intended that the interest on the 2018 Bonds will be excluded from gross income for federal income tax purposes; and

WHEREAS, it is intended that this ordinance shall constitute a declaration of official intent to reimburse certain eligible expenditures for Project Costs (as defined in the 2018 Wastewater Revenue Bond Ordinance) made prior to the issuance of the 2018 Bonds from the proceeds of the 2018 Bonds (if and when issued) within the meaning of Secti...