Record #: O2015-3323   
Type: Ordinance Status: Passed
Intro date: 4/15/2015 Current Controlling Legislative Body: Committee on Finance
Final action: 4/15/2015
Title: Extension of reallocation date for 2014 City bond volume cap for Chicago Housing Authority regarding financing of affordable housing development at 3301 W Arthington St
Sponsors: Dept./Agency
Attachments: 1. O2015-3323.pdf

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

 

(a (viva voce vote

dissenting vote(s)7

This recommendation was concurred in by

of members of the committee with

 

(signed

 

 

 

Respectfully submitted

 

Chairman

 

 

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.