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Record #: O2016-3334   
Type: Ordinance Status: Passed
Intro date: 4/13/2016 Current Controlling Legislative Body: Committee on Finance
Final action: 5/18/2016
Title: Issuance of tax-exempt bonds for WHP Village LLC and associated bond issuance agreement with BMO Harris Bank N.A. for rehabilitation of low- and moderate-income facilities
Sponsors: Emanuel, Rahm
Attachments: 1. O2016-3334.pdf, 2. O2016-3334 (V1).pdf
CHICAGO May 18, 2016
To the President and Members of the City Council:
Your Committee on Finance having had under consideration




An ordinance concerning the authority to execute a Loan Agreement and associated issuance of City of Chicago Multi-Family Housing Revenue Bonds (Villages of Westhaven Project), Series 2016 and tax credits.

02016-3334

Amount of Bonds not to exceed:









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

This recommendation was concurred in by
of members of the committee with

Aldermen Burke (14) abstained from voting under the provisions of Rule 14.


Chairman

Document No.




REPORT OF THE COMMITTEE ON FINANCE TO THE CITY COUNCIL CITY OF CHICAGO
OFFICE OF THE MAYOR
CITY OF CHICAGO
RAHM EMANUEL
MAYOR


April 13,2016









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


Ladies and Gentlemen:

At the request of the Commissioner of Planning and Development, I transmit herewith ordinance authorizing an issuance of tax-exempt bonds for WHP Village, LLC.

Your favorable consideration of this ordinance will be appreciated.

Mayor

Very truly yours,

ORDINANCE

WHEREAS, by virtue of Section 6(a) of Article VII of the 1970 Constitution of the State of Illinois, the City of Chicago (the "City") is a home rule unit of local government and as such may exercise any power and perform any function pertaining to its government and affairs; and
WHEREAS, as a home rule unit and pursuant to the Constitution, the City is authorized and empowered to issue multi-family housing revenue bonds for the purpose of financing the cost of acquiring, rehabilitating and equipping an affordable multi-family housing facility for low- and moderate-income families located in the City; and
WHEREAS, by this ordinance (this "Ordinance"), the City Council of the City (the "City Council") has determined that it is necessary and in the best interests of th...

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