Record #: O2017-5550   
Type: Ordinance Status: Passed
Intro date: 7/26/2017 Current Controlling Legislative Body: Committee on Finance
Final action: 9/6/2017
Title: Amendment of Municipal Code Sections 2-32-520 and 2-32-622 by modifying Chicago Community Catalyst Fund authorized investments and board member terms of office
Sponsors: Emanuel, Rahm
Topic: MUNICIPAL CODE AMENDMENTS - Title 2 - City Government & Administration - Ch. 32 Dept. of Finance
Attachments: 1. O2017-5550.pdf
OFFICE OF THE MAYOR
CITY OF CHICAGO
RAHM EMANUEL
MAYOR
July 26, 2017










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 various terms of the Catalyst Fund.

Your favorable consideration of this ordinance will be appreciated.

Mayor

Very truly yours,
ORDINANCE


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

SECTION 1. Section 2-32-520(r) of the 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 of the following classes of investments:
(Omitted text is unaffected by this ordinance)

(r) Interests in the CCCF as established by Section 2-32-6252 of this Code that inure to the benefit of neighborhood economic development while generating and which, in the aggregate, generate returns that are commensurate with the City's overall investment portfolio returns; provided that the amount of City funds invested in interests in the CCCF pursuant to this subsection shall not exceed the limits specified in Section 2-32-622(e) of this Code.
(1) For the purposes of this subsection, the following definitions shall apply:
"Annual Limit" shall mean the positive difference, if any, between the actual
amount of investment earnings for the prior year on funds in the Corporate Fund not subject to Other Investment Restrictions and the budgeted amount of such investment earnings.
"Eligible Funds" shall mean: (1) any Gify funds in the Corporate Fund and/or in the Service Reserve and Concession Fund the Treasurer is authorized to invest which are not subject to Other Investment Restrictions as determined jointly by th...

Click here for full text