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Record #: O2015-5347   
Type: Ordinance Status: Passed
Intro date: 7/29/2015 Current Controlling Legislative Body: Committee on Finance
Final action: 9/24/2015
Title: Amendment of Municipal Code Chapter 2-32 by modifying Section 520 and adding new Sections 525 and 610 regarding City treasury investment policies
Sponsors: Emanuel, Rahm
Topic: MUNICIPAL CODE AMENDMENTS - Title 2 - City Government & Administration - Ch. 32 Dept. of Finance
Attachments: 1. O2015-5347.pdf


OFFICE OF THE MAYOR
CITY OF CHICAGO
RAHM EMANUEL
MAYOR
July 29, 2015









TO THE HONORABLE, THE CITY COUNCIL OF THE CITY OF CHICAGO


Ladies and Gentlemen:

At the request of the City Treasurer, I transmit herewith an ordinance amending various provisions of the Municipal Code regarding investment policy.

Your favorable consideration of this ordinance will be appreciated.

Mayor


Very truly yours,
ORDINANCE

BE IT ORDAINED BY THE CITY COUNCIL OF THE CITY OF CHICAGO:

SECTION 1. Chapter 2-32 of the Municipal Code of Chicago is hereby amended by adding sections 2-32-525 and 2-32-610, by adding the language underscored and by deleting the language struck through, as follows:

2-32-520 Authorized classes of securities.
The comptroller and treasurer jointly shall have authority to use any and all funds in the city treasury which are set aside for use for particular purposes and not immediately necessary for such purposes, for the purchase of the following classes of securities:

(Omitted text is unaffected by this ordinance)
Commercial paper which: (1) at the time of purchase is rated in the two highest classification classifications by at least two accredited ratings agencies; and (2) matures not more than 270 days after the date of purchase;
Reverse repurchase agreement agreements if: £1} the term does not exceed 90 days: (2) and the maturity of the investment acquired with the proceeds of the reverse repurchase agreement does not exceed the expiration date of the reverse repurchase agreement; and (3) at the time of purchase, the total amount of the reverse repurchase agreements held in all funds does not exceed 5 percent of the total holdings across all funds. Reverse repurchase agreements may be transacted with primary dealers and financial institutions, provided that the city has on file a master repurchase agreement;

(Omitted text is unaffected by this ordinance)

(1) (1) Bonds of companies organized in the United States with assets exceeding
$500,000,000 ...

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