Ordinance SO2024-0012442
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Refunding of General Obligation/Sales Tax Securitization Corporation Bond, Series 2024
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The City of Chicago has authorized the formation of the Sales Tax Securitization Corporation and the issuance of $1.5 billion in Bonds and Additional Sales Tax Obligations to finance city projects. The Corporation has the power to issue both Taxable and Tax-Exempt Bonds, which will bear fixed interest rates and can be sold as Direct Purchase Bonds with a 40-year maturity date. The Bonds, overseen by a Bond Trustee, can be transferred or exchanged, redeemed prior to maturity at the City's discretion, and replaced if lost or destroyed. Redemption prices may exceed 120% of the principal amount based on market conditions. The terms of each Bond series will be specifically prepared to reflect the sale's terms and provisions.
Alternate identifiers: O2024-0012442
Sponsors
| Sponsor | Ward | |
|---|---|---|
|
Johnson, BrandonPrimary Sponsor |
History
| Date | Legislative body | Action |
|---|---|---|
| Date 2024-10-02 | Legislative body Chicago City Council | Action Substituted |
| 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
- Memo to Finance Committee 09.26.2024.pdf
- O2024-0012442 Original Ordinance.pdf
- O2024-0012442 Original Trust Indenture.pdf
- SO2024-0012442 Affadavit.pdf
- SO2024-0012442 EDS.pdf
- SO2024-0012442 Exhibit A - Trust Indenture.pdf
- SO2024-0012442 Transmittal Letter.pdf