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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