Office of the City Clerk - Record #: SO2021-2872

• Record #: SO2021-2872
• Type: Ordinance
• Status: Passed
• Intro date: 6/25/2021
• Current Controlling Legislative Body: Committee on Finance
• Final action: 9/14/2021
• Title: Amendment of Municipal Code Sections 2-32-400, 2-32-440 and 2-32-450 to further regulate municipal depositaries
• Sponsors: Osterman, Harry, La Spata, Daniel , Dowell, Pat, Moore, David H., Rodriguez, Michael D., Sigcho-Lopez, Byron, Maldonado, Roberto, Waguespack, Scott, Martin, Matthew J. , Tunney, Thomas, Burnett, Jr., Walter, Sadlowski Garza, Susan, Cardona, Jr., Felix , Sawyer, Roderick T., Hadden, Maria E. , Vasquez, Jr., Andre, Ervin, Jason C.
• Topic: FINANCE FUNDS - Depositories of City/School Funds

Date	Journal Page Number	Action By	Action	Result
9/14/2021	34254	City Council	Passed	Pass
9/13/2021		Committee on Finance	Substituted in Committee
9/10/2021		Committee on Finance	Add Co-Sponsor(s)
9/9/2021		Committee on Finance	Add Co-Sponsor(s)
9/8/2021		Committee on Finance	Add Co-Sponsor(s)
6/25/2021	32633	City Council	Referred

S U BSIIIUIE ORDINANCE

WHEREAS, Each year the City of Chicago enters into a banking relationship with banks who are recipients of the City's municipal deposits as approved by the Chicago City Council; and

WHEREAS, The City of Chicago is required to consider which banks are the best responsible bidders; and
WHEREAS, The City Council has the power to consider the protection of the city's interests in selecting municipal depositories; and
WHEREAS, These banks are required to report through the RFP process the following data on conventional and F.H.AA/.A. residential home purchase loans on an individual loan basis for residential properties within the City of Chicago: census tract; original loan amount; amount of down payment; effective interest rate; term of loan; purchase price; loan application date; points and fees; secured or unsecured; the amount of each construction loan made on residential properties by census tract; the amount of each home improvement or rehabilitation loan made on residential properties by census tract; the amount of each residential home refinancing made on residential properties by census tract; and
WHEREAS, With recent data showing a vast disparity in home lending by race and neighborhood in the City, transparency is needed to inform Chicagoans about the institutions where their public funds are being deposited; and
WHEREAS, The City should make the data collected through the RFP process accessible to all members of City Council and the public; now, therefore,


BE IT ORDAINED BY THE CITY COUNCIL OF THE CITY OF CHICAGO:

SECTION 1. Article V of Chapter 2-32 ofthe Municipal Code of Chicago is hereby amended by deleting the language struck through, and by inserting the language underscored, as follows:
ARTICLE V. MUNICIPAL DEPOSITARIES DEPOSITORIES (2-32-400 et seq.)
2-32-400 Bids awarded annually - Conditions.

(a) Advertising, Transmittal,, and Award of Bids. It shall be the duty of the comptroller Comptroller, at least once each year bef...