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Record #: O2017-6756   
Type: Ordinance Status: Passed
Intro date: 9/6/2017 Current Controlling Legislative Body: Committee on Finance
Final action: 10/11/2017
Title: Amendment of loan agreement with Illinois Environmental Protection Agency regarding sewer improvements
Sponsors: Emanuel, Rahm
Topic: AGREEMENTS - Loan & Security
Attachments: 1. O2017-6756.pdf
ORDINANCE


WHEREAS, pursuant to that certain ordinance adopted on January 13, 2016 and published in the Journal of Council Proceedings for such date at pages 16417 through 16453, inclusive (the "Prior Ordinance"), the City of Chicago (the "City") was authorized to enter into I.E.P.A. Loan Agreements with the I.E.P.A. (as both such terms are defined in the Prior Ordinance); and

WHEREAS, the Prior Ordinance provided that any I.E.P.A. Loan (as defined in the Prior Ordinance) authorized under the Prior Ordinance may not mature later than January 1, 2030 and may not bear interest at a rate in excess of 15 percent per annum, and the City's Chief Financial Officer desires to extend the maximum maturity to January 1, 2048, to reduce the maximum interest rate to 10 percent per annum, and to clarify respective responsibilities in connection with the I.E.P.A. Loans;

NOW, THEREFORE, BE IT ORDAINED BY 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. Section 6.3 of the Prior Ordinance is hereby amended by deleting the language stricken through and by inserting the language underscored, as follows:
Section 6.3. I.E.P.A. Loan Provisions. The Mayor and the Authorized Officer are each authorized to enter into one more I.E.P.A. Loan Agreements with the I.E.P.A. in the form(s) customarily used for the I.E.P.A. Program, and may delegate this authority to the Commissioner. The use of such form(s) is approved in all respects.
Each I.E.P.A. Loan shall mature within 30 years from the later of (i) date of initiation of repayment as provided in each I.E.P.A. Loan Agreement or (ii) the date the Projects financed w...

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