Office of the City Clerk - Record #: O2021-410

• Record #: O2021-410
• Type: Ordinance
• Status: Passed
• Intro date: 1/27/2021
• Current Controlling Legislative Body: Committee on Aviation
• Final action: 2/26/2021
• Title: Amendment of Municipal Code Section 2-32-031 to include security instruments offering indemnification for workers' compensation and other insurance claims regarding construction and operations at Chicago O'Hare International and Chicago Midway International Airports
• Sponsors: Lightfoot, Lori E.
• Topic: MUNICIPAL CODE AMENDMENTS - Title 2 - City Government & Administration - Ch. 32 Dept. of Finance

Date	Journal Page Number	Action By	Action	Result
2/26/2021	27714	City Council	Passed	Pass
2/11/2021		Committee on Aviation	Recommended to Pass
1/27/2021	26245	City Council	Referred

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


January 27, 2021










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


Ladies and Gentlemen:

At the request ofthe Comptroller, I transmit herewith an ordinance amending section 2-32-031 ofthe Municipal Code regarding security instruments.

Your favorable consideration of this ordinance will be appreciated.


Very truly yours.

ORDINANCE


WHEREAS, The Comptroller is authorized to obtain letters of credit, lines of credit, and tri-party trust agreements ("security instruments") to secure insurance agreements relating to Worker's Compensation claims payable from the Chicago O'Hare Airport Fund and Chicago Midway Airport Fund and to secure insurance agreements covering construction and operations at Chicago O'Hare International Airport and Chicago Midway International Airport; and

WHEREAS, It is not commercially possible in many cases to enter into tri-party trust agreements or other security instruments securing insurance agreements without providing indemnification; now, therefore,

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

SECTION 1. Section 2-32-031 ofthe Municipal Code of Chicago is hereby amended by inserting the text underscored, and by deleting the text struck through, as follows:
2-32-031 Debt management policies; retention of rebate calculation agents, financial advisors, consultants, dissemination agents and qualified independent representatives.

(Omitted text is unaffected by this ordinance)

(g) In connection with the administration of workers' compensation and other insurance claims payable, per the annual appropriation ordinance, from the Chicago Midway Airport Fund and the Chicago O'Hare Airport Fund, and as needed to secure insurance agreements entered into by the Comptroller covering construction and operations at Chicago O'Hare International Airport and Chicago Midway International Airport, the Chief Financial Officer is authorized to obtain one o...