Office df the C ITY TREASURER
MELISSA CONYEARS-ERVIN • TREASURER • CITY CJF CHICAGO
December 17, 2019
The Honorable Anna Valencia City Clerk
City Hall, Room 107 121 North LaSalle Street Chicago, IL 60602
Dear Clerk Valencia,
Enclosed please find two copies of an ordinance that my office would like to introduce at the December 18, 2019 City Council meeting to be referred to the Committee on Finance.
Thank you for your prompt attention to this matter, and feel free to contact Michelle Murphy of my staff at 312-744-5195.
Melissa Conyears^Ervin City Treasurer
MCE/mmm Enclosure
ORDINANCE
WHEREAS, The City of Chicago (the "City") is a home rule municipality as defined in Article VII, Section 6 of the Illinois Constitution; and
WHEREAS, Pursuant to its home rule power, the City may exercise any power and perform any function relating to its government and affairs including the power to regulate forthe protection ofthe public health, safety, morals, and welfare; and
WHEREAS, One of the main functions of the Office of the City Treasurer is to invest the City's portfolio to get the best rate of return while protecting the principal; and
WHEREAS, The City's investment policy along with the internal policy ofthe Office of the City Treasurer sets forth the types of investments that the Office of the City Treasurer can make with the City's portfolio funds; and
WHEREAS, The Illinois State Legislature approved the Illinois Sustainable Investing Act, 30 ILCS 238/1 et seq., which Governor Pritzker signed into law on August 23, 2019, to take effect on January 1, 2020; and
WHEREAS, The purpose ofthe Illinois Sustainable Investing Act is to prudently integrate sustainability factors into the investment decision-making, investment analysis, portfolio construction, due diligence, and investment ownership of public funds to maximize anticipated financial returns, minimize projected risks, more effectively execute fiduciary duties, and contribute to a more just, accountable, and sustainable State of Illinois; and
WHEREAS, It is necessary to amend the City's investment policy in order to comply with the Illinois Sustainable Investing Act; now therefore,
BE IT ORDAINED BY THE CITY COUNCIL OF THE CITY OF CHICAGO:
SECTION 1. Section 2-32-515 ofthe Municipal Code of Chicago is hereby amended by inserting the language underscored, and by deleting the language struck through, as follows:
2-32-515 Investment policy.
The Treasurer treasurer shall adopt a written investment policy which shall address the safety of the principal, liquidity of fundsA and return on investment. The policy shall be consistent with the provisions of this Code pertaining to investments. Subject to the requirements of this section, the Treasurer treasurer may amend the written policy from time to time. Copies of the written policy and any amendments thereto shall be kept on file with the City Clerk city olork and the Comptroller comptroller, and shall be submitted annually, or if amended, no later than 30 days after such amendment, to the Chairman of the City Council Committee on Finance chairman of tho city council on finance and the Chief Financial Officer, chiof financial officor.
The written investment policy shall include material, relevant, and decision-useful sustainability factors to be considered by the Treasurer in evaluating investment decisions, including, but not limited to: (1) corporate governance and leadership factors; (2) environmental