Office of the City Clerk - Record #: SO2015-8692

• Record #: SO2015-8692
• Type: Ordinance
• Status: Passed
• Intro date: 12/9/2015
• Current Controlling Legislative Body: Committee on Finance
• Final action: 1/13/2016
• Title: Issuance of General Obligation Project and Refunding Bonds and amendment of Municipal Code Section 2-32-031(f) 2-32-031 (f) Chief Financial Officer authorized to retain financial advisors or consultants in connection with acquisition or disposition of existing or new sources of revenue
• Sponsors: Emanuel, Rahm
• Topic: MUNICIPAL CODE AMENDMENTS - Title 2 - City Government & Administration - Ch. 32 Dept. of Finance

Date	Journal Page Number	Action By	Action	Result
1/21/2016		City Council	Signed by Mayor
1/13/2016	16268	City Council	Passed as Substitute	Pass
1/11/2016		Committee on Finance	Recommended to Pass	Pass
12/9/2015	14593	City Council	Referred

CHICAGO January 13, 2016

To the President and Members of the City Council:

Your Committee on Finance having had under consideration

A communication recommending a proposed ordinance concerning the authority to issue City of Chicago General Obligation Bonds.
02015-8692 Amount of Bonds
not to exceed: $650,000,000











Having had the same under advisement, begs leave to report and recommend that your Honorable Body pass the proposed Substitute Ordinance Transmitted Herewith

This recommendation was concurred in by (a(viva voce vote")
of members of the committee with dissenting vote(s£

Alderman Sawyer (6) abstains under the provisions of Rule 14.
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Respectfully submitted



(signed
Chairman

OFFICE OF THE MAYOR
CITY OF CHICAGO
RAHM EMANUEL
MAYOR
December 9,2015










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 an ordinance authorizing an issuance of General Obligation Project and Refunding Bonds.

Your favorable consideration of this ordinance will be appreciated.

Mayor

Very truly yours,
Substitute Ordinance

An Ordinance providing for the issuance of General Obligation Bonds of the City of Chicago, in an amount not to exceed $650,000,000 for refunding purposes, providing for the levy and collection of a direct annual tax sufficient to pay the principal of and interest on said Bonds; amending Section 2-32-031 of the Municipal Code of Chicago to provide for the selection and retention of advisors and consultants for certain potential transactions; and amending Section 2-32-130 of the Municipal Code of Chicago to provide for reporting of bond transactions.
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 ...