Office of the City Clerk - Record #: O2016-7142

• Record #: O2016-7142
• Type: Ordinance
• Status: Passed
• Intro date: 9/14/2016
• Current Controlling Legislative Body: Committee on Finance
• Final action: 10/5/2016
• Title: Repeal and re-issuance of General Obligation Bonds, Series 2016 and, levy of property taxes and Amendment of Municipal Code Sections 2-32-031 and 2-32-130
• Sponsors: Emanuel, Rahm

Date	Journal Page Number	Action By	Action	Result
10/7/2016		City Council	Published in Special Pamphlet
10/6/2016		Office of the Mayor	Signed by Mayor
10/5/2016	32565	City Council	Passed	Pass
9/30/2016		Committee on Finance	Recommended to Pass	Pass
9/14/2016	29683	City Council	Referred

Ordinance
An Ordinance providing for the issuance of General Obligation Bonds of the City of Chicago, in an amount not to exceed $1,275,000,000 for project costs and/or 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, amending Section 2-32-130 of the Municipal Code of Chicago to provide for reporting of bond transactions, and repealing certain prior ordinances.
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 line of credit agreements to provide funds for working capital or interim financing for capital projects (the "Line of Credit Indebtedness'), and (iii) 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 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 redemption as provided in the respective proceedings authorizing the 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 refunding all or a p...