Share to Facebook Share to Twitter Bookmark and Share
This record contains private information, which has been redacted from public viewing.
Record #: O2020-5749   
Type: Ordinance Status: Passed
Intro date: 11/16/2020 Current Controlling Legislative Body: Committee on Finance
Final action: 11/24/2020
Title: Issuance of City of Chicago General Obligation Bonds and Additional Sales Tax Obligation Bonds for project costs and/or refunding purposes and levy and collection of direct annual taxes
Sponsors: Lightfoot, Lori E.
Attachments: 1. O2020-5749.pdf, 2. O2020-5749 Economic Disclosure Statements (Redacted).pdf




OFFICE OF THE MAYOR
CITY OF CHICAGO
LORI E. LIGHTFOOT
MAYOR

November 16. 2020










TO THE HONORABLE, THE CITY COUNCIL OF THE CITY OF CHICAGO


Ladies and Gentlemen:

At the request of the Chief Financial Officer, I transmit herewith an ordinance authorizing the issuance of general obligation and sales tax bonds.

Your favorable consideration of this ordinance will be appreciated.

Mayor
ORDINANCE
WHEREAS, the City of Chicago (the "City") is a duly constituted and existing municipality within the meaning of Section 1 of Article VJI of the 1970 Constitution (the "Constitution ") of the State of Illinois (the "State") and is a home Rile unit of local government under Section 6(a) of Article VII of the Constitution; and
WHEREAS, in accordance with the provisions of Section 6(a) of Article VII of the Constitution, the City may exercise any power and perform any function pertaining to its government and affairs, including the power to tax and the power to incur debt; and
WHEREAS, the City has determined that it is in the best interests of the inhabitants of the City and necessary for the welfare of the government and affairs of the City to pay the costs of the Refunding and Restructuring Purposes (as defined in Section 1.2 of Part A of this Ordinance); and
WHEREAS, the City has detennined that it is in the best interests of the inhabitants of the City and necessary for the welfare of the government and affairs of the City to finance the costs of the New Money Purposes (as defined in Section 1.3 of Part A of this Ordinance); and

WHEREAS, it is in the best interests of the inhabitants of the City and necessary for the welfare of the government and affairs of the City to implement a plan to provide for the financing of the Refunding and Restructuring Purposes and the New Money Purposes, in each case if and to the extent determined by an Authorized Officer (as hereinafter defined) in accordance herewith (the "Financing Plan"); and

WHEREAS, Division 13 of Article 8...

Click here for full text