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This record contains private information, which has been redacted from public viewing.
Record #: O2022-895   
Type: Ordinance Status: Passed
Intro date: 3/23/2022 Current Controlling Legislative Body: Committee on Finance
Final action: 4/27/2022
Title: Declaration of intent to reimburse project costs with proceeds of Series 2018-1 Second Lien Bonds issued under 2018 Water Revenue Bond Ordinance
Sponsors: Lightfoot, Lori E.
Attachments: 1. O2022-895.pdf


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

March 23, 2022










TO THE HONORABLE, THE CI TY COUNCIL OF THE CI TY OF CHICAGO


Ladies and Gentlemen:

At the request ofthe Chief Financial Officer, I transmit herewith ordinances authorizing Water Revenue Bond inducement and Sewer Revenue Bond inducement.

Your favorable consideration of these ordinances will be appreciated.


Very truly yours,

Ordinance

Whereas, the City of Chicago (the "City") is a duly constituted and existing municipality within the meaning of Section 1 of Article Vll of the 1970 Constitution of the State of Illinois (the "Constitution") and a "home rule unit" under Section 6(a) or Article Vll of the Constitution; and

Whereas, the City Council of the City (the "City Council"), on June 27, 2018, adopted an ordinance and published in the Journal of the Proceedings of the City Council of the City of Chicago ("Journal") for such date at pages 79245 through 79327, inclusive (the "2018 Water Revenue Bond Ordinance") authorizing the issuance of Series 2018-1 Second Lien Bonds, as defined in the 2018 Water Revenue Bond Ordinance; and

Whereas, the 2018 Water Revenue Bond Ordinance authorized the issuance of the Series 2018-1 Second Lien Bonds in the aggregate amount not to exceed $500,000,000; and

Whereas, it is intended that the interest on the Series 2018-1 Second Lien Bonds will be tax-exempt under the provisions of the Internal Revenue Code of 1986, as amended (the "Code"); and

Whereas, the City has made and will continue to make expenditures for eligible Project Costs (as defined in the 2018 Water Revenue Bond Ordinance) to be financed with the proceeds ofthe Series 2018-1 Second Lien Bonds; and

Whereas, the City desires to reimburse itself for all or a portion of the Project Costs with the proceeds ofthe Series 2018-1 Second Lien Bonds; now, therefore,

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

Section 1. The City Council hereby finds that all of the re...

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