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Record #: O2015-5438   
Type: Ordinance Status: Passed
Intro date: 7/29/2015 Current Controlling Legislative Body: Committee on Finance
Final action: 9/24/2015
Title: Issuance of General Obligation Bonds of City of Chicago for levy and collection of direct annual tax upon all taxable property
Sponsors: Emanuel, Rahm
Attachments: 1. O2015-5438.pdf
Ordinance

An Ordinance providing for the issuance of General Obligation Bonds of the City of Chicago, for the levy and collection of a direct annual tax sufficient to pay the principal of and interest on said Bonds, and for the making of certain designations and elections with respect to any of said Bonds.

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

Whereas, the City has heretofore (i) authorized the issuance of its general obligation bonds and notes (the "Authorized General Obligation Bonds and Notes'), (ii) authorized the borrowing of money pursuant to one or more general obligation line of credit agreements to provide funds for working capital or interim financing for capital projects (the "General Obligation Line of Credit Indebtedness') and (ii) established a commercial paper program authorizing the issuance of its general obligation commercial paper notes from time to time (the "General Obligation Commercial Paper Notes'); and

Whereas, (i) the Authorized General Obligation Bonds and Notes currently outstanding, (ii) the General Obligation Line of Credit Indebtedness incurred and outstanding from time to time and (iii) the General Obligation Commercial Paper Notes currently or hereafter outstanding from time to time (collectively, the "Outstanding Indebtedness") mature and are subject to optional and mandatory redemption as provided in the respective proceedings authorizing the Outstanding Indebtedness; and

Whereas, the City has heretofore expended funds from the Corporate Fund of the City to pay debt service coming due on certain Outstanding Indebtedness; and

Whereas, it is in the best interests of the inhabitants of the City and necessary for the welfare of the government and affairs of the City to authorize the (i) payment or the refunding of all or a portion of the Outstanding Indebtedness in order to a...

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