Office of the City Clerk - Record #: O2016-2696

• Record #: O2016-2696
• Type: Ordinance
• Status: Passed
• Intro date: 4/13/2016
• Current Controlling Legislative Body: Committee on Finance
• Final action: 5/18/2016
• Title: Amendment of Municipal Code Title 2 by adding new Chapter 2-165 entitled "Debt Transactions Accountability Ordinance"
• Sponsors: Arena, John, Waguespack, Scott, Sawyer, Roderick T., Reilly, Brendan, Napolitano, Anthony V., Smith, Michele, Lopez, Raymond A., O'Shea, Matthew J., O'Connor, Patrick, Laurino, Margaret, Cappleman, James, Moore, Joseph, Osterman, Harry, Silverstein, Debra L., Moore, David H., Foulkes, Toni, Thompson, Patrick D., Reboyras, Ariel, Curtis, Derrick G., Willie B. Cochran, Munoz, Ricardo, Zalewski, Michael R., Pawar, Ameya, Sadlowski Garza, Susan, Maldonado, Roberto, Solis, Daniel, Moreno, Proco Joe, Dowell, Pat, Hairston, Leslie A., Taliaferro, Chris, Burnett, Jr., Walter, Hopkins, Brian , Scott, Jr. Michael, Brookins, Jr., Howard, Beale, Anthony, Harris, Michelle A., Mitchell, Gregory I., Burke, Edward M., Villegas, Gilbert, Cardenas, George A., Mell, Deborah
• Topic: MUNICIPAL CODE AMENDMENTS - Title 2 - City Government & Administration - Ch. 165 Debt Transactions - Transparency, Accountability and Performance

Date	Journal Page Number	Action By	Action	Result
5/18/2016	23569	City Council	Passed	Pass
5/16/2016		Committee on Finance	Recommended to Pass	Pass
4/13/2016	23472	City Council	Referred

Title:


Committee(s) Assignment:
Amendment of Municipal Code Title 2 by adding new Chapter 2-165 entitled "Debt Transactions Accountability Ordinance"
Committee on Finance
Committce_pn Finajjee April 13,2016 City Council Meeting


ORDINANCE

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

SECTION 1. The Municipal Code of Chicago is hereby amended by adding a new Chapter 2-165 as follows::

CHAPTER 2-165 DEBT TRANSACTIONS - TRANSPARENCY, ACCOUNTABILITY
AND PERFORMANCE

2-165-010 Purpose and intent.
This chapter shall be known and may be cited as the "Debt Transactions Accountability Ordinance." It is the purpose of this Chapter and the policy of the City : (i) to subject proposed Debt Transactions, as defined herein, to more rigorous evaluation and more meaningful public scrutiny; (ii) to ensure that Chicagoans receive appropriate benefit from Debt Transactions; and (iii) to provide .greater access to data reporting and other pertinent information regarding Debt Transactions.

2-165-020 Definitions.
Whenever used in this Chapter, the following words and phrases shall have the following meanings:

"CFO" means the Chief Financial Officer

"Debt Transaction" means an issuance by the City, acting in a non-conduit capacity, of any bond, note or other debt instrument, with a maturity of longer than 271 days, that does not bear interest at a fixed rate for its entire term. For purposes of this definition, "Debt Transaction" shall not include tax anticipation warrants or notes, or letters or lines of credit (and related notes).

"Post" means to post in a prominent, readily locatable and viewable location on the City's website for public review.

"Registered Advisor" means an "independent registered municipal advisor" as defined under 17 C.F.R 240.15Bal-l(d)(3)(vi)(A) and retained by the CFO.

2-165-030 Debt Transaction requirements.

The City shall not enter into any Debt Transaction unless and until all of the following conditions have been met:
The CFO shall d...