Ordinance O2024-0012441
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Issuance of City of Chicago Second Lien Wastewater Transmission Revenue Bonds, Project and Refunding Series 2024B
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The City of Chicago has authorized the issuance of Second Lien Wastewater Transmission Revenue Bonds, Refunding Series 2024B, with a maximum value of $200 million. The bonds will finance the Sewer System and refund outstanding bonds. The bonds are not considered city debt and cannot be paid from city taxes, but are secured from the Trust Estate and Second Lien Bond Revenues. The bonds may be issued in various amounts and at different times, with maturities not exceeding January 1, 2066, and interest rates up to 12%. The ordinance also empowers Authorized Officers to determine issuance details, execute necessary documents, and negotiate Bond Purchase Agreements. The ordinance forms a contract between the City and bond owners and is effective upon passage, approval, and publication.
Sponsors
| Sponsor | Ward | |
|---|---|---|
|
Johnson, BrandonPrimary Sponsor |
History
| Date | Legislative body | Action |
|---|---|---|
| Date 2024-09-18 | Legislative body Chicago City Council | Action Referred |
| Date 2024-09-18 | Legislative body Chicago City Council | Action Introduced |
Legislation text
Additional Documents
- O2024-0012441 EDS.pdf
- O2024-0012441 Exhibit A - Second Lien Bond.pdf
- O2024-0012441 Exhibit B - Applicable Provisions.pdf
- O2024-0012441 Transmittal Letter.pdf