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Record #: O2016-8631   
Type: Ordinance Status: Passed
Intro date: 12/14/2016 Current Controlling Legislative Body: Committee on Finance
Final action: 1/25/2017
Title: Amendment of 2017 Revenue Ordinance regarding refunding note for Michael Reese hospital campus
Sponsors: Emanuel, Rahm
Attachments: 1. O2016-8631.pdf
Ordinance
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, on November 16, 2016, the City Council of the City (the "City Council") adopted the Substitute Revenue Ordinance for Fiscal Year 2017 (the "Revenue Ordinance"); and
Whereas, Article IX of the Revenue Ordinance authorized the issuance by the City of the Refunding Note (as defined therein) and execution of certain documents related thereto; and
Whereas, it has been determined that a clarification concerning the repayment obligation of the City on the Refunding Note as well as the provisions for the registration, transfer or exchange of the Refunding Note is necessary and desirable; now, therefore,
BE IT ORDAINED BY THE CITY COUNCIL OF THE CITY OF CHICAGO:
Section 1. The City Council, after a public meeting heretofore held on this ordinance by the Committee on Finance of the City Council, pursuant to proper notice and in accordance with the findings and recommendations of such Committee, finds that all of the recitals contained in the preambles to this ordinance are full, true and correct and incorporates them into this ordinance by this reference.
Section 2. Article IX, Section 3 of the Revenue Ordinance is hereby amended by adding the following paragraphs at the end of such Section:
"The Refunding Note shall be dated the date of delivery thereof, and shall also bear the date of authentication, shall be in fully registered form, shall be in the denomination of the outstanding principal amount thereof and shall become due and payable as provided therein.
The principal of and interest on the Refunding Note shall be paid by check, draft or wire transfer of funds by the City Comptroller, as registrar and paying agent (the "Registrar"), payable in lawful money of the United States of America to the persons in whose names the Refunding Note is registered at the cl...

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