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Record #: SO2017-6819   
Type: Ordinance Status: Passed
Intro date: 9/6/2017 Current Controlling Legislative Body: Committee on Finance
Final action: 10/11/2017
Title: Establishment of special purpose entity for issuance of Sales Tax Securitization Bonds and amendment of Municipal Code Sections 2-32-130, 2-56-050 and 2-165-020 regarding bond and debt transactions
Sponsors: Emanuel, Rahm
Topic: MUNICIPAL CODE AMENDMENTS - Title 2 - City Government & Administration - Ch. 32 Dept. of Finance, MUNICIPAL CODE AMENDMENTS - Title 2 - City Government & Administration - Ch. 56 Office of Inspector General, MUNICIPAL CODE AMENDMENTS - Title 2 - City Government & Administration - Ch. 165 Debt Transactions - Transparency, Accountability and Performance
Attachments: 1. SO2017-6819.pdf, 2. O2017-6819.pdf

Whereas, the City of Chicago (the "C/'ry") is a home rule municipality under Section 6 of Article VII of the Illinois Constitution of 1970, and, as such, the City may exercise any power and perform any function pertaining to its government and affairs; and

Whereas, Public Act 100-0023, effective July 6, 2017 (the "Act"), adding Division 13 to Article 8 of the Illinois Municipal Code, as amended, authorizes any home rule municipality to enter into agreements to assign, sell, transfer or otherwise convey its interest in all or any part of any revenues or taxes that it receives from the State Comptroller, the State Treasurer or the Department of Revenue of the State of Illinois (the "Department of Revenue"); and

Whereas, it is in the best interest of the City to authorize the establishment of a special purpose entity, to have such name as shall be determined by the incorporators thereof (the "Corporation") for the limited purpose of issuing, for the benefit of the City, bonds, notes, certificates, contract rights and other obligations (collectively, the "Corporation Obligations'), in order to (i) provide funding for any lawful purpose of the City, including, but not limited to, funding for working capital, capital and infrastructure requirements of the City, including, without limitation, public right-of-way improvements in City neighborhoods, including street and alley construction and improvements, lighting improvements, sidewalk improvements and replacement, and curb and gutter repairs and replacement; industrial street construction and improvements, shoreline reconstruction, riverbank stabilization, residential and commercial infrastructure redevelopment and railroad viaduct clearance improvements; transportation improvements to City property and facilities including street resurfacing, bridge and freight tunnel rehabilitation, traffic signal modernization, new traffic signal installation, intersection safety improvements and transit facilit...

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