Office of the City Clerk - Record #: O2020-5749

• Record #: O2020-5749
• Type: Ordinance
• Status: Passed
• Intro date: 11/16/2020
• Current Controlling Legislative Body: Committee on Finance
• Final action: 11/24/2020
• Title: Issuance of City of Chicago General Obligation Bonds and Additional Sales Tax Obligation Bonds for project costs and/or refunding purposes and levy and collection of direct annual taxes
• Sponsors: Lightfoot, Lori E.

Date	Journal Page Number	Action By	Action	Result
12/3/2020		City Council	Published in Special Pamphlet
11/24/2020	24643	City Council	Passed	Pass
11/23/2020	22988	City Council	Deferred and Published
11/18/2020		Committee on Finance	Recommended to Pass
11/16/2020	22369	City Council	Referred

OFFICE OF THE MAYOR
CITY OF CHICAGO
LORI E. LIGHTFOOT
MAYOR

November 16. 2020










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 an ordinance authorizing the issuance of general obligation and sales tax bonds.

Your favorable consideration of this ordinance will be appreciated.

Mayor
ORDINANCE
WHEREAS, the City of Chicago (the "City") is a duly constituted and existing municipality within the meaning of Section 1 of Article VJI of the 1970 Constitution (the "Constitution ") of the State of Illinois (the "State") and is a home Rile unit of local government under Section 6(a) of Article VII of the Constitution; and
WHEREAS, in accordance with the provisions of Section 6(a) of Article VII of the Constitution, the City may exercise any power and perform any function pertaining to its government and affairs, including the power to tax and the power to incur debt; and
WHEREAS, the City has determined that it is in the best interests of the inhabitants of the City and necessary for the welfare of the government and affairs of the City to pay the costs of the Refunding and Restructuring Purposes (as defined in Section 1.2 of Part A of this Ordinance); and
WHEREAS, the City has detennined that it is in the best interests of the inhabitants of the City and necessary for the welfare of the government and affairs of the City to finance the costs of the New Money Purposes (as defined in Section 1.3 of Part A of this Ordinance); and

WHEREAS, it is in the best interests of the inhabitants of the City and necessary for the welfare of the government and affairs of the City to implement a plan to provide for the financing of the Refunding and Restructuring Purposes and the New Money Purposes, in each case if and to the extent determined by an Authorized Officer (as hereinafter defined) in accordance herewith (the "Financing Plan"); and

WHEREAS, Division 13 of Article 8...