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Record #: O2014-90   
Type: Ordinance Status: Failed to Pass
Intro date: 1/15/2014 Current Controlling Legislative Body: Committee on Finance
Final action: 5/20/2015
Title: Amendment of Municipal Code Section 2-32-440 by requiring municipal depositary banks to submit information regarding commercial loans for each census track within City grouped by initial principal amount of loans
Sponsors: Tunney, Thomas, Hairston, Leslie A., Zalewski, Michael R., Laurino, Margaret, O'Connor, Mary, Cullerton, Timothy M., Waguespack, Scott, Sawyer, Roderick T., Moreno, Proco Joe, Mitts, Emma, Colón, Rey, Willie B. Cochran, O'Shea, Matthew J., Munoz, Ricardo, Pawar, Ameya, Cappleman, James, Arena, John, Pope, John, Smith, Michele, Reilly, Brendan
Topic: MUNICIPAL CODE AMENDMENTS - Title 2 - City Government & Administration
Attachments: 1. O2014-90.pdf
Related files: R2015-407

WHEREAS, small businesses are often catalysts for neighborhood economic development, creating employment opportunities and causing a ripple effect of cash movement within a community; and
WHEREAS, the City of Chicago encourages the creation and growth of small businesses through various programs; and
WHEREAS, existing small businesses often face challenges acquiring credit necessary for expansion, modernization, upgrades, and management of cash flow because the credit needs of such businesses are often perceived as not large to attract the interest of commercial banks; and
WHEREAS, the City of Chicago, through its relationship with its depositary banks, is in a position to encourage commercial banks to take greater cognizance of Chicago's neighborhood businesses; now, therefore


SECTION 1. Section 2-32-440 ofthe Municipal Code ofthe City of Chicago is hereby amended by inserting the language underscored, as follows:

2-32-440 Lending and deposit specifications required.

With each bid for interest upon city and school funds, the comptroller shall obtain, in a form prescribed by him from each bidder, the lending and deposit information for its home office and for each branch office or facility the following information:

(Subsections (a) and (b) of this Section are not affected by this amendment, and are not shown here for editorial convenience)
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(c) Commercial lending information.
The number and total amount of all commercial loans made within the City of Chicago;
The number and total amount of all commercial loans made within each census tract in the City of Chicago;
The number and total amount of all commercial loans made outside Chicago but limited to the six-county S.M.S.A. ;
{4} The number of all commercial loans within each census tract within the City of Chicago, grouped according to initial principal amounts, as follows: (A) $50.000 or les...

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