Ordinance SO2025-0014841 - Chicago Councilmatic

Issuance of general obligation bonds to finance improvements to public rights-of-way, infrastructure and transportation, loans and grants, acquisition of property, construction and maintenance of public buildings, economic programs, lead service line replacements, as amended

Auto-generated summary

The City Council of Chicago has authorized the issuance of General Obligation Bonds, not exceeding $830,000,000, to finance various public projects and refinance existing debt. The Bonds can be Taxable or Tax-Exempt and will be issued under trust indentures with a bond trustee. The sale of Bonds, their interest rates, and redemption terms are determined by an Authorized Officer. Bonds can be sold as Direct Purchase Bonds and may have a maturity of up to 40 years. They can be transferred, redeemed before maturity, or replaced if lost or destroyed, subject to certain conditions. The redemption price may exceed 120% based on market conditions. Unclaimed funds from redeemed bonds are held for the registered owner without liability.

Alternate identifiers: O2025-0014841

	Sponsor	Ward
	Johnson, BrandonPrimary Sponsor

History

Date	Legislative body	Action
Date 2025-02-26	Legislative body Chicago City Council	Action Passed
Date 2025-02-26	Legislative body Chicago City Council	Action Substituted
Date 2025-02-19	Legislative body Chicago City Council	Action Deferred and Published
Date 2025-02-10	Legislative body Committee on Finance	Action Recommended to Pass
Date 2025-02-04	Legislative body Chicago City Council	Action Substituted
Date 2025-01-15	Legislative body Chicago City Council	Action Referred
Date 2025-01-15	Legislative body Chicago City Council	Action Introduced

Legislation text

Download PDF

Ordinance SO2025-0014841 Passed

Auto-generated summary

Sponsors

History

Legislation text

Additional Documents

Tools