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Record #: SO2019-9398   
Type: Ordinance Status: Passed
Intro date: 12/18/2019 Current Controlling Legislative Body: Committee on Finance
Final action: 1/15/2020
Title: Amendment of General Obligation Bond Ordinance (Series 2019A Bonds) and Trust Indenture for project costs and/or refunding purposes and providing for levy and collection of direct annual tax
Sponsors: Lightfoot, Lori E.
Attachments: 1. SO2019-9398.pdf, 2. O2019-9398.pdf, 3. SO2019-9398 (V1).pdf
SUBSTITUTE ORDINANCE
An Ordinance amending certain provisions ofthe ordinance adopted by the City Council on March 13,2019 providing for the issuance of General Obligation Bonds ofthe City of Chicago, and authorizing the amendment to the Trust Indenture relating to the General Obligation Bonds issued, for the purpose of making a grant from the City of Chicago to the Board of Election Commissioners of the City ofChicago.
Whereas, pursuant to an ordinance duly adopted by the City Council (the "City Council") of the City ofChicago (the "City") on March 13,2019 and published in the Journal of Council Proceedings for such date at pages 9553 1 through 95598, inclusive (the "Original Bond Ordinance') the City determined that it was advisable and necessary to authorize the borrowing of the sum necessary for any or all of the purposes of (i) paying the costs of refunding all or a portion ofthe City's Outstanding Indebtedness (as defined in the Original Ordinance), (ii) paying or reimbursing the City for its prior payment of costs ofthe projects described in Section 2 of the Original Bond Ordinance, including capitalizing or funding such interest on the bonds authorized for that puipose as may be necessary, and (iii) paying the expenses of issuing the bonds for the purposes described in the Original Bond Ordinance, and in evidence thereof authorizing the issuance of its Obligation Bonds, in one or more scries and at one or more times; and
WHEREAS, Section 13(d) ofthe Original Bond Ordinance provides that the costs of the projects described in Section 2 thereof may be paid directly by the City or may be financed by the making of grants for the implementation of the Project (as defined in the Original Bond Ordinance) to (i) not-for-profit organizations, educational or cultural institutions or for-profit organizations, (ii) the State of Illinois, (iii) other units of local government, political subdivisions, municipal corporations or school districts in the State of Illinois, in...

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