SUBSTITUTE ORDINANCE
ORDINANCE AUTHORIZING THE ISSUANCE OF SERIES 2018 WATER REVENUE PROJECT AND REFUNDING BONDS
BE IT ORDAINED BY THE CITY COUNCIL OF THE CITY OF CHICAGO:
PART A INTRODUCTION
ARTICLE 1 AUTHORITY AND FINDINGS
Section 1.01. Authority. This Ordinance is adopted pursuant to Section 6(a) of Article VII of the Constitution. This Ordinance authorizes the issuance of Series 2018 Water Revenue Project and Refunding Bonds as follows: (i) Part B of this Ordinance authorizes the issuance, from time to time, of Second Lien Water Revenue Project and Refunding Bonds, Series 2018 (the "Series 2018 Second Lien Bonds") in one or more series, in such principal amounts and with such terms and provisions as are set forth in Part B, in the Second Lien Bonds Master Indenture previously approved by the City and in the Eleventh Supplemental Indenture approved in Part B; (ii) Part C of this Ordinance authorizes the issuance, from time to time, of Subordinate Lien Obligations (the "Series 2018 Subordinate Lien Obligations") in one or more series, in such principal amounts and with such terms and provisions as are set forth in Part C, and (iii) Part D of this Ordinance sets forth provisions generally applicable to the Series 2018 Second Lien Bonds and the Series 2018 Subordinate Lien Obligations.
Section 1.02. Findings. It is found and declared as follows:
The City is a duly constituted and existing municipality within the meaning of Section 1 of Article VII of the Constitution, and is a "home rule unit" under Section 6(a) of Article VII of the Constitution.
The City has constructed and is maintaining and operating the Water System to meet the needs of the City's inhabitants and other users of the Water System and for fire protection. The Water System is operated under the supervision and control of the Department of Water Management of the City.
The City has determined to improve and expand the Water System, and to issue bonds and other obligations to pay the costs of ...
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