OFFICE OF THE MAYOR
CITY OF CHICAGO
RAHM EMANUEL MAYOR
October 31, 2012
TO THE HONORABLE, THE GITY COUNCIL OF THE CITY OF CHICAGO
Ladies and Gentlemen:
At the request of the Treasurer, I transmit herewith an ordinance amending Section 2-32-520 of the Municipal Code regarding asset diversification.
Your favorable consideration of this ordinance will be appreciated.
Mayor
Very truly yours,
X.
ORDINANCE
BE IT ORDAINED BY THE CITY COUNCIL OF THE CITY OF CHICAGO
SECTION 1. Chapter 2-32 of the Municipal Code of Chicago is hereby amended by adding the language underscored and by deleting the language struck through, 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)
(I) Bonds of companies organized in the United States with assets exceeding $500,000,000 that, at the time of purchase, are rated in either the AAA of-AA-r-ating categories within 4 intermediate credit ratings of the United States's sovereign credit rating by at least two accredited ratings agencies, but not less than an A- rating, or equivalent rating. Investments authorized by this subsection (I) shall, at the time of purchase, not exceed 5 15 percent of the total holdings across all the funds, including principal and interest, and the maturity shall not exceed 10 years;
(m) Debt instruments of international financial institutions, including but not limited to the World Bank and the International Monetary Fund, that, at the time of purchase, are rated tn either the AAA or AA rating categories within 4 intermediate credit ratings of the United States's sovereign credit rating by at least two accredited ratings agencies, but not less than an A-rating or eguivalent rating. I...
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