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Record #: O2019-1156   
Type: Ordinance Status: Passed
Intro date: 1/23/2019 Current Controlling Legislative Body: Committee on Finance
Final action: 3/13/2019
Title: Issuance of City of Chicago General Obligation Bonds for project costs and/or refunding purposes and levy and collection of direct annual taxes
Sponsors: Emanuel, Rahm
Attachments: 1. O2019-1156.pdf, 2. O2019-1156 (V1).pdf
Ordinance
An Ordinance providing for the issuance of General Obligation Bonds of the City of Chicago, in an amount not to exceed $850,000,000 for project costs and/or refunding purposes, and providing for the levy and collection of a direct annual tax sufficient to pay the principal of and interest on said Bonds.

Whereas, the City of Chicago (the "City") is a body politic and corporate under the laws of the State of Illinois and a home rule unit under Article VII of the Illinois Constitution of 1970; and
Whereas, the City has heretofore (i) authorized the borrowing of money pursuant to one or more line of credit agreements to provide funds for working capital or interim financing for capital projects (the "Line of Credit Indebtedness") and (ii) established a commercial paper program authorizing the issuance of its general obligation commercial paper notes from time to time (the "General Obligation Commercial Paper Notes"); and
Whereas, (i) the Line of Credit Indebtedness incurred and outstanding from time to time and (ii) the General Obligation Commercial Paper Notes currently or hereafter outstanding from time to time (collectively, the "Outstanding Indebtedness'") mature and are subject to redemption as provided in the respective proceedings authorizing the Outstanding Indebtedness; and
Whereas, it is in the best interests of the inhabitants of the City and necessary for the welfare of the government and affairs of the City to authorize refunding all or a portion of the Outstanding Indebtedness (collectively, the "Refunding Purposes") and the projects described in Section 2 hereof; and
Whereas, the cost of the projects described in Section 2 hereof and the Refunding Purposes is estimated to be not less than $850,000,000 and the City expects to pay a portion of such costs by borrowing money and issuing its general obligation bonds in one or more series and at one or more times in the aggregate principal amount of not to exceed $850,000,000 (plus the amount of any ...

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