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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., 20th Ward Vacancy, 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
Attachments: 1. O2016-2696.pdf
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...

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