CHICAGO April 15,2015
To the President and Members of the City Council:
Your Committee on Finance having had under consideration
A communication recommending a proposed amendment to an ordinance which authorized a transfer of tax-exempt bond cap from the City of Chicago to the Chicago Housing Authority.
Direct Introduction
Having had the same under advisement, begs leave to report and recommend that your Honorable Body pass the proposed Communication Transmitted Herewith
ORDINANCE
WHEREAS, on October 8, 2014, the City Council of the City ("City Council") passed an Ordinance authorizing the reallocation of up to $30,000,000 ofthe City's tax-exempt bond volume cap to the Chicago Housing Authority on or prior to 11:00 p.m. on March 31, 2015 (the "Ordinance"); and
WHEREAS, the Ordinance appears in the Journal of Proceedings of the City Council for such date at pages 91424 to 91426; and
WHEREAS, the parties require more time to complete the transaction and thus wish to extend the reallocation date provided in the Ordinance; now, therefore,
BE IT ORDAINED BY THE CITY COUNCIL OF THE CITY OF CHICAGO:
SECTION 1. The above recitals are expressly incorporated in and made a part of this ordinance as though fully set forth herein.
SECTION 2. The reallocation date of March 31, 2015 set forth in the Ordinance is hereby extended to December 31, 2015. All other terms and conditions of the Ordinance shall remain in full force and effect.
SECTION 3. This ordinance shall be effective upon passage and approval and shall be deemed effective retroactive to March 31, 2015.