Office of the City Clerk - Record #: O2014-8677

• Record #: O2014-8677
• Type: Ordinance
• Status: Passed
• Intro date: 10/8/2014
• Current Controlling Legislative Body: Committee on Finance
• Final action: 11/5/2014
• Title: Loan agreement and contract with IFF Pay for Success I LLC to serve at-risk children to increase school readiness and reduce later public school spending
• Sponsors: Emanuel, Rahm
• Topic: AGREEMENTS - Loan & Security

Date	Journal Page Number	Action By	Action	Result
11/6/2014		City Council	Published in Special Pamphlet
11/5/2014	93550	City Council	Passed	Pass
11/3/2014		Committee on Finance	Recommended to Pass	Pass
10/8/2014	88998	City Council	Referred

OFFICE OF THE MAYOR
CITY OF CHICAGO
RAHM EMANUEL
MAYOR


October 8,2014







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, together with Aldermen Thomas, Moreno, Ervin, Balcer, Suarez, and Mitts, an ordinance authorizing an issuance of social impact bonds.

Your favorable consideration of this ordinance will be appreciated.

Mayor

Very truly yours,
Ordinance

An Ordinance authorizing the City of Chicago to provide assistance to the Board of Education of the City of Chicago to enable said Board to implement high quality pre-kindergarten programs in certain schools through the execution and delivery by the City of a Loan Agreement and Pay-For-Success Contract, an Intergovernmental Agreement and an Escrow Agreement as authorized and provided for herein.

Whereas, the City of Chicago (the "City") is a body politic and corporate under the laws of the State of Illinois and a home rule unit under Article VII of the Illinois Constitution of 1970 and, as such, may exercise any power and perform any function pertaining to its government and affairs including, without limitation, the power to regulate for the protection of the public health, safety, morals and welfare; and

Whereas, pursuant to the provisions of Article 34 of the School Code of the State of Illinois, as amended, the City, having a population exceeding 500,000, constitutes one school district, which school district is a body politic and corporate by the name of the "Board of Education of the City of Chicago" (the "Board"); and

Whereas, the Board desires to implement high quality pre-kindergarten programs (collectively, the "CPS CPC Program") in certain schools serving at-risk children, in order to increase school readiness and reduce later public school spending on special education, student retention, individual intervention and English language training; and

Whereas, it is in the best interests of the...