Chicago City Council February 19, 2020 Committee on Finance
ORDINANCE
Providing for the Issuance of a Series of Build Chicago Neighborhoods General Obligation Mini Bonds
WHEREAS, The City of Chicago (the "C/'fy") may, under the authority granted by Section 6(a) of Article VII of the Illinois Constitution of 1970, as supplemented by the Local Government Debt Reform Act, as amended, and the other Omnibus Bond Acts, as amended, exercise any power and perform any function pertaining to its government and affairs, including, but not limited to, the power to tax and to incur debt; and
WHEREAS, The City has the authority to incur debt payable from ad valorem property tax receipts or from any other lawful source and maturing within 40 years from the time it is incurred without prior referendum approval; and
WHEREAS, The City Council of the City has not adopted any ordinance, resolution, order or motion or provided any City Code provisions which restrict or limit the exercise of the home rule powers of the City in the issuance of general obligation bonds without referendum for corporate purposes or which provides any special rules or procedures for the exercise of such power; and
WHEREAS, It is in the best interests of the City and its citizens and businesses, and necessary for the government and affairs of the City, that the City from time to time authorize the issuance and sales of no less than one-hundred thousand (100,000) bonds in the amount of five-hundred dollars ($500), for the purpose of (1) funding, in each Ward ofthe City in the year 2021 and every two years thereafter, five-hundred thousand dollars ($500,000) of capital projects and purposes (including cost of issuance) as are identified by the Alderman of each Ward through such processes as are established by her or him (the "Mini Bonds"); (2) engendering support for the such projects and purposes from the City's inhabitants, businesses, and visitors; and (3) promoting financial investments and long-term...
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