Office of the City Clerk - Record #: O2013-9481

• Record #: O2013-9481
• Type: Ordinance
• Status: Passed
• Intro date: 12/11/2013
• Current Controlling Legislative Body: Committee on Finance
• Final action: 2/5/2014
• Title: Amendment of Municipal Code Chapter 2-32 regarding authorized classes of securities for investment of City funds and invest training policy
• Sponsors: Emanuel, Rahm
• Topic: MUNICIPAL CODE AMENDMENTS - Title 2 - City Government & Administration - Ch. 32 Dept. of Finance

Date	Journal Page Number	Action By	Action	Result
2/5/2014	73625	City Council	Passed	Pass
2/3/2014		Committee on Finance	Recommended to Pass	Pass
12/11/2013	69057	City Council	Referred

OFFICE OF THE MAYOR
CITY OF CHICAGO
RAHM EMANUEL
MAYOR


December 11, 2013










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


Ladies and Gentlemen:

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

Your favorable consideration of this ordinance will be appreciated.

Very truly yours,

Mayor

ORDINANCE

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

SECTION 1. Section 2-32-520 of the Municipal Code of Chicago is hereby amended by deleting the language struck through and by adding the language underscored, 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:

(Omitted text is unaffected by this ordinance)

(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 in the open market at a price below the face value of same, so as to afford the city a return on such investment in lieu of interest;

(Omitted text is unaffected by this ordinance)

(d) Short-term discount obligations of the United States government or United States government agencies; Commercial paper which: (1) at the time of purchase, is rated in the highest classification by at least two accredited ratings agencies; and (2) matures not more than 270 days after the date of purchase;

(Omitted text is unaffected by this ordinance)

(f) Certificates of deposit of banks or savings and loan associations designated as municipal depositories which are insured by federal deposit insurance; provided that any amount of the deposit in excess of the federal deposit insurance shall be either: (1) fully collateralized at least...