Share to Facebook Share to Twitter Bookmark and Share
Record #: O2020-2726   
Type: Ordinance Status: Passed
Intro date: 5/20/2020 Current Controlling Legislative Body: Committee on Finance
Final action: 5/20/2020
Title: Intent to issue $100,000,000 general obligation debt as bonds, lines of credit or commercial paper notes as reimbursement or payment for expenditures including infrastructure, transportation, non-profit grants, personal and real property acquisitions and construction or repair of municipal facilities
Sponsors: Dept./Agency
Attachments: 1. O2020-2726.pdf
An Ordinance expressing official intent regarding expenditures from the funds of the City of Chicago to be reimbursed from proceeds of obligations to be issued by the City of Chicago.



Whereas, the City of Chicago (the "City") has financed and further intends to finance the costs described in Exhibit A hereto (collectively, the "Reimbursement Costs"); and

Whereas, all or a portion of the expenditures relating to the Reimbursement Costs (the "Expenditures') (i) have been paid within 60 days prior to the date of passage and approval of this Ordinance or (ii) will be paid on or after the date of passage and approval of this Ordinance; and

Whereas, the City reasonably expects to reimburse itself or pay for the Expenditures with proceeds of an obligation or obligations (the "Obligations") expected to be issued as (i) draws on lines of credit entered into by the City, (ii) bonds issued by the City, and/or (iii) commercial paper notes issued by the City, the interest on some or all of which will be tax-exempt to the holders thereof under the provisions of the Internal Revenue Code of 1986, as amended; now, therefore,

Be It Ordained by the City Council of the City of Chicago:

Section 1. The City Council of the City (the "City Council") hereby finds that all of the recitals contained in the preambles to this Ordinance are full, true and correct and does incorporate them into this Ordinance by this reference.
Section 2. The City reasonably expects to reimburse or pay the Expenditures with proceeds of one or more series of Obligations.

Section 3. The maximum principal amount of the Obligations expected to be issued for the Expenditures is $100,000,000.

Section 4. All actions of the officers, agents and employees of the City that are in conformity with the purposes and intent of this Ordinance, whether taken before or after the adoption hereof, are hereby ratified, confirmed and adopted.

Section 5. The City Council hereby appropriates $100,000,000 from Fund No. 100 (th...

Click here for full text