Ordinance O2025-0015714
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Amendment of amortization schedule in Sections 2.2, 2.18, and 2.19 of ordinance SO2025-0014841 regarding 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
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Chicago's City Council amended Sections 2.2 and 2.18 of the 2025 Bond Ordinance, affecting bond authorization, trust indenture, payment terms, bond sales, and loan agreements. The principal of each bond series is payable within 30-40 years, and bonds can be Taxable or Tax-Exempt. The bonds are subject to an amortization schedule ensuring annual payment of principal and interest. Authorized Funds from bond sales can be used for loans with an interest rate not exceeding 15% and repayment terms not exceeding 49 years.
