Office of the City Clerk - Record #: O2021-2879

• Record #: O2021-2879
• Type: Ordinance
• Status: Passed
• Intro date: 6/25/2021
• Current Controlling Legislative Body: Committee on Finance
• Final action: 7/21/2021
• Title: Amendment of Municipal Code Sections 2-32-520 and 2-32-525 by updating City investment policy provisions
• Sponsors: Lightfoot, Lori E. , Dept./Agency
• Topic: MUNICIPAL CODE AMENDMENTS - Title 2 - City Government & Administration - Ch. 32 Dept. of Finance

Date	Journal Page Number	Action By	Action	Result
7/21/2021	32715	City Council	Passed	Pass
7/19/2021		Committee on Finance
6/25/2021	31478	City Council	Referred

THE MAYOR
CITY OF CHICAGO
LORI I l.IGHTI-OOT
MAYOR

June 25,2021










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 the Municipal Code to update the City's Investment Policy.

Your favorable consideration of this ordinance will be appreciated.


Very truly yours,

ORDINANCE

WHEREAS, The City of Chicago (the "City") is a home rule municipality as defined in Article VII, Section 6 ofthe Illinois Constitution; and
WHEREAS, Pursuant to its home rule power, the City may exercise any power and perform any function relating to its government and affairs including the power to regulate for the protection ofthe public health, safety, morals, and welfare; and
WHEREAS, One ofthe main functions ofthe Office ofthe City Treasurer is to invest the City's portfolio to get the best rate of return while protecting the principal; and
WHEREAS, The City's investment policy along with the internal policy of the Office of the City Treasurer sets forth the types of investments that the Office ofthe City Treasurer can make with the City's portfolio funds; and

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


SECTION 1. Section 2-32-520 ofthe Municipal Code of Chicago is hereby amended by deleting the language stricken through and by inserting the language underscored, as follows:

2-32-520 Authorized investments.

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 ofthe following classes of investments:

(Omitted text is unaffected by this ordinance)

(b) United States treasury bills and other non interest non-interest bearing general obligations ofthe United States or United States government agencies when offered for sale at a price below the face value of same, so as to afford th...