Ordinance SO2024-0009602
Passed
Fifteenth Supplemental Indenture securing Second Lien Water Revenue Bonds, Refunding Series 2024A
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The City Council of Chicago has issued a Substitute Ordinance authorizing the issuance of Second Lien Water Revenue Refunding Bonds, Series 2024A, to refund Prior Second Lien Bonds and reduce debt service for the Water System. The City has previously issued multiple series of Second Lien Water Revenue Bonds, and plans to issue the new bonds under the authority of its home rule powers. The bonds, which are secured by the Trust Estate and Second Lien Bond Revenues, will be sold by an Authorized Officer and are subject to specific guidelines, including a maximum aggregate principal amount of $400,000,000. They are not considered city debt and cannot be paid from city taxes. The bonds will mature by November 1, 2064, with a maximum interest rate of 10 percent per year. The City's Authorized Officers, with approval from the Chairman of the Committee on Finance, can execute Second Lien Bond Purchase Agreements for the sale of these bonds.
Alternate identifiers: O2024-0009602
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Legislation text
Additional Documents
- O2024-0009602 EDS.pdf
- O2024-0009602 Exhibit A - Fifteenth Supplemental Indenture.pdf
- O2024-0009602 Mayoral Letter.pdf
- SO2024-0009602 Committee Letter.pdf
- SO2024-0009602 Exhibit A Form of 2nd Lien Bond.June10.jun11.pdf
- SO2024-0009602 Exhibit B to be provided.pdf
- SO2024-0009602 Fifteenth Supplemental Indenture of City.pdf
- SO2024-0009602 Substitute Digital Tracking Sheet.pdf