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Record #: SO2015-2652   
Type: Ordinance Status: Passed
Intro date: 4/15/2015 Current Controlling Legislative Body: Committee on Finance
Final action: 5/6/2015
Title: Amendment of intergovernmental agreements with Chicago Board of Education regarding Modern Schools Across Chicago Program
Sponsors: Emanuel, Rahm
Topic: AGREEMENTS - Intergovernmental
Attachments: 1. SO2015-2652 (V1).pdf, 2. SO2015-2652.pdf, 3. O2015-2652.pdf
SUBSTITUTE.ORDINANCE

WHEREAS, the City of Chicago (the "City") is a municipal corporation and home rule unit of government under Article VII, Section 6(a) of the 1970 Constitution of the State of Illinois; and
WHEREAS, the Board of Education of the City of Chicago (the "Board") is a body corporate and politic, organized under and existing pursuant to Article 34 of the School Code of the State of Illinois; and
WHEREAS, pursuant to an ordinance adopted by the City Council of the City of Chicago (the "City Council") on December 13, 2006 (the "Original Bond Ordinance"), the City: (1) issued its $28,830,000 City of Chicago General Obligation Bonds, Series 2007J (Modern Schools Across Chicago Program) (the "Series 2007J Bonds"), and (2) entered into that certain Intergovernmental Agreement regarding Phase 1 of the Modern Schools Across Chicago Program dated as of January 30, 2007 (the "Phase 1 Agreement") with the Board; and
WHEREAS, due to interest earned on the proceeds of the Series 2007J Bonds, pursuant to Section 13 of the Original Bond Ordinance the City has determined that Excess City Funds (as such term is defined in Article Three, Section 4 of the Phase 1 Agreement) in the approximate amount of $1,275,000 remain or shall remain in connection with the Collins Project as described in Exhibits A-1, B-1 and C-1 to the Phase 1 Agreement; and
WHEREAS, pursuant to Article Nine of the Phase 1 Agreement, the City and the Board desire to enter into an amendment to the Phase 1 Agreement in substantially the form attached hereto as Exhibit 1 (the "Phase 1 Amendment"); and

WHEREAS, pursuant to the Phase 1 Amendment, (1) Excess City Funds in an approximate aggregate amount of not to exceed $1,275,000 shall be reallocated from the Collins Project as follows: (a) approximately not to exceed $650,000 shall be reallocated to the Faraday Project described in Exhibits A-14, B-14 and C-14 to the Phase 1 Amendment; (b) approximately not to exceed $225,000 shall be reallocated to the...

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