OFFICE OF THE MAYOR
CITY OF CHICAGO
LORI E. LIGHTFOOT
MAYOR
February 19, 2020
TO THE HONORABLE, THE CITY COUNCIL OF THE CITY OF CHICAGO
Ladies and Gentlemen:
At the request ofthe City Comptroller, I transmit herewith an ordinance amending Section 2-32-031 ofthe Municipal Code regarding insurance collateral.
Your favorable consideration ofthis ordinance will be appreciated.
Very truly your;
Mayor
ORDINANCE
WHEREAS, The City of Chicago is primarily self-insured, meaning that the City chooses to bear the risk for most liabilities itself rather than take out insurance through an insurance company; and
WHEREAS, In certain instances, however, it is financially sensible for the City to procure commercial insurance. One example is insurance to cover aviation-related activities, in light ofthe heightened risk associated with large-scale airfield and terminal projects and operations at Chicago's airports; and
WHEREAS, The City currently maintains a commercial insurance policy for workers' compensation claims payable from the Chicago Midway Airport Fund and the Chicago O'Hare Airport Fund; and
WHEREAS, An owner-controlled insurance program (OCIP) is a general liability and workers' compensation insurance policy held by a property owner during the construction or renovation of a property, which is typically designed to cover job site risks and protect against liability and loss arising from the construction project; and
WHEREAS, The Comptroller has determined that procuring an OCIP insurance policy for construction and operations at Chicago's airports is in the best interest ofthe City; now, therefore,
BE IT ORDAINED BY THE CITY COUNCIL OF THE CITY OF CHICAGO:
SECTION 1. Section 2-32-031 ofthe Municipal Code of Chicago is hereby amended by inserting the text underscored, and by deleting the text struck through, as follows:
2-32-031 Debt management policies; retention of rebate calculation agents, financial advisors, consultants, dissemination agents a...
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