Office of the City Clerk - Record #: O2019-8927

• Record #: O2019-8927
• Type: Ordinance
• Status: Passed
• Intro date: 11/13/2019
• Current Controlling Legislative Body: Committee on Finance
• Final action: 11/26/2019
• Title: Implementation of financing plan to provide for refunding of all or portions of outstanding city bonds or trust notes
• Sponsors: Lightfoot, Lori E.

Date	Journal Page Number	Action By	Action	Result
11/26/2019		City Council	Published in Special Pamphlet
11/26/2019	11438	City Council	Passed	Pass
11/20/2019	9438	City Council	Deferred and Published
11/19/2019		Committee on Finance	Recommended to Pass
11/13/2019	8380	City Council	Referred

OFFICE OF THE MAYOR
CITY OF CHICAGO
LORI E. LIGHTFOOT
MAYOR

November 13, 2019










TO THE HONORABLE, THE CITY COUNCIL OF THE CITY OF CHICAGO


Ladies and Gentlemen:

At the request ofthe Chief Financial Officer, I transmit herewith a bond refunding ordinance.

Your favorable consideration ofthis ordinance will be appreciated.


Very truly yours,

ORDINANCE
WHEREAS, the City of Chicago (the "City") is a duly constituted and existing municipality within the meaning of Section 1 of Article VII of the 1970 Constitution of the State of Illinois (the "Constitution") and is a home rule unit of local government under Section 6(a) of Article VII of the Constitution; and
WHEREAS, in accordance with the provisions of Section 6(a) of Article VII of the Constitution, the City may exercise any power and perform any function pertaining to its government and affairs, including the power to tax and the power to incur debt; and
WHEREAS, Division 13 of Article 8 ofthe Illinois Municipal Code (the "Securitization Act"), authorizes the City, as a 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; and
WHEREAS, the City Council of the City (the "City Council") enacted an ordinance on October 11, 2017 (the "Authorizing Ordinance''') which was published in the Journal of Council Proceedings (the "Journal") for such date at pages 55903 through 55915, inclusive, authorizing the formation of the Sales Tax Securitization Corporation (the "Corporaiion"), and the City entered into an Assignment, Purchase and Sale Agreement dated as of December 14, 2017 (the "Sale Agreement") with the Corporation in accordance with the Securitization Act, pursuant to which the City sold to the Corporation all of the City's right, title and interest in and to certain Sales Tax Revenues (as ...