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Record #: O2017-6016   
Type: Ordinance Status: Failed to Pass
Intro date: 7/26/2017 Current Controlling Legislative Body: Committee on Finance
Final action:
Title: Amendment of Municipal Code Section 2-32-031 regarding debt management responsibilities
Sponsors: Dept./Agency
Topic: MUNICIPAL CODE AMENDMENTS - Title 2 - City Government & Administration - Ch. 32 Dept. of Finance
Attachments: 1. O2017-6016.pdf
Related files: R2019-362
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ORDINANCE Be it Ordained by the City Council of the City of Chicago:
Section 1. Section 2-32-031 of the Municipal Code of Chicago is hereby amended by inserting the language underscored as follows:
2-32-031 Debt management policies; retention of rebate calculation agents, financial advisors, consultants, dissemination agents and qualified independent representatives.
The chief financial officer and the comptroller shall each have authority to retain, in connection with debt obligations issued by the City, such rebate calculation agents as either such officer may deem necessary or desirable in order for such debt obligations to comply with applicable requirements of the Internal Revenue Code.
The chief financial officer shall have authority to retain, in connection with financial products and debt obligations purchased, entered into and/or issued by the City, such advisors to provide structuring, timing and related advice for such financial products and debt obligations, as deemed necessary in compliance with the applicable requirements of the Dodd-Frank Wall Street Reform and Consumer Protection Act, Public Law 111-203, and the regulations in connection therewith.
The chief financial officer shall have authority to retain, in connection with debt obligations issued by the City, such qualified independent representatives for selecting, retaining and monitoring the performance of the City's interest rate exchange agreements, as deemed necessary or desirable in order for such interest rate exchange agreements to comply with applicable requirements of the Dodd-Frank Act and the regulations in connection therewith. As used in this section, "interest rate exchange agreements" shall mean those certain interest rate exchange agreements entered into pursuant to an ordinance of the city council authorizing the issuance ofa series of bonds.

The chief financial officer shall have authority to adopt written policies which shall address the management of the city's bond, not...

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