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Record #: O2017-7222   
Type: Ordinance Status: Failed to Pass
Intro date: 10/11/2017 Current Controlling Legislative Body: Committee on Finance
Final action:
Title: Amendment of Municipal Code Section 2-165-020 by modifying definition of "debt transaction" within Debt Transaction Accountability Ordinance
Sponsors: Arena, John, Waguespack, Scott, King, Sophia D., Hairston, Leslie A., Sawyer, Roderick T., Sadlowski Garza, Susan, Foulkes, Toni, Moore, David H., Munoz, Ricardo, Taliaferro, Chris, Ramirez-Rosa, Carlos, Mell, Deborah, Reilly, Brendan, Villegas, Gilbert, Tunney, Thomas, Cappleman, James, Pawar, Ameya, Cardenas, George A., Osterman, Harry, Dowell, Pat, Moreno, Proco Joe, Ervin, Jason C., Lopez, Raymond A.
Topic: MUNICIPAL CODE AMENDMENTS - Title 2 - City Government & Administration - Ch. 165 Debt Transactions - Transparency, Accountability and Performance
Attachments: 1. O2017-7222.pdf
Related files: R2019-362

Committee on Finance October 11, 2017 City Council Meeting

 

 

 

 

ORDINANCE

 

 

WHEREAS, The City Council of the City of Chicago in 2016 passed the Debt Transaction Accountability Ordinance with the purposes of subjecting certain debt transactions to more rigorous evaluation and meaningful public scrutiny, among other goals; and

 

WHEREAS, that certain new and unanticipated debt vehicles authorized by the State of Illinois are not covered by the definition of a "Debt Transaction" in the Ordinance;

 

NOW, THEREFORE, BE IT ORDAINED BY THE CITY COUNCIL OF THE CITY OF

CHICAGO:

 

SECTION 1. Amendment to the Municipal Code.

Section 2-165-020 of the Municipal Code is hereby amended by inserting the language underscored, as follows:

 

2-165-020 Definitions.

 

(Omitted language unaffected by ordinance)

 

"Debt Transaction" means an issuance by the City, acting in a non-conduit capacity, of any bond, note or other debt instrument, with a maturity of longer than 271 days, that does not bear interest at a fixed rate for its entire term. "Debt Transaction" shall also mean any creation or expansion of a non-profit corporation for the limited purpose ofissuing. for the benefit of the Citv. bonds, notes, certificates, contract rights and other obligations. For purposes of this definition, "Debt Transaction" shall not include tax anticipation warrants or notes, or letters or lines of credit (and related notes).

(Omitted language unaffected by ordinance) SECTION 2. This Ordinance shall be in full force and effect upon its passage and approval.

 

John Arena Alderman, 45th Ward

 

 

 

Sophia Kin. Alderman, 4th Ward

Roderick Sawyer Alderman, 6th Ward

Toni Foulkes Alderman, 16th Ward

Leslie Hairston Alderman, 5th Ward

 

David Moore Alderman, 17th Ward

^/Susan Sadlowski-Garza Alderman, 10th Ward