OFFICE OF THE MAYOR
CITY OF CHICAGO
RAHM EMANUEL
MAYOR
October 8,2014
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, together with Aldermen Thomas, Moreno, Ervin, Balcer, Suarez, and Mitts, an ordinance authorizing an issuance of social impact bonds.
Your favorable consideration of this ordinance will be appreciated.
Mayor
Very truly yours,
Ordinance
An Ordinance authorizing the City of Chicago to provide assistance to the Board of Education of the City of Chicago to enable said Board to implement high quality pre-kindergarten programs in certain schools through the execution and delivery by the City of a Loan Agreement and Pay-For-Success Contract, an Intergovernmental Agreement and an Escrow Agreement as authorized and provided for herein.
Whereas, the City of Chicago (the "City") is a body politic and corporate under the laws of the State of Illinois and a home rule unit under Article VII of the Illinois Constitution of 1970 and, as such, may exercise any power and perform any function pertaining to its government and affairs including, without limitation, the power to regulate for the protection of the public health, safety, morals and welfare; and
Whereas, pursuant to the provisions of Article 34 of the School Code of the State of Illinois, as amended, the City, having a population exceeding 500,000, constitutes one school district, which school district is a body politic and corporate by the name of the "Board of Education of the City of Chicago" (the "Board"); and
Whereas, the Board desires to implement high quality pre-kindergarten programs (collectively, the "CPS CPC Program") in certain schools serving at-risk children, in order to increase school readiness and reduce later public school spending on special education, student retention, individual intervention and English language training; and
Whereas, it is in the best interests of the...
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