Chicago Politics

Refunding of General Obligation/Sales Tax Securitization Corporation Bond, Series 2024

Roll call: Passed Oct 9, 2024

35 yea, 12 nay, 2 absent. This was a divided vote. On motion of Alderperson Dowell, and unsuccessful motion to reconsider by Alderperson Mitchell, the matter was Passed. Voted at the City Council meeting of Oct 22, 2024.

Nay (12): Brian Hopkins (2), Anthony Beale (9), Marty Quinn (13), Raymond A. Lopez (15), Silvana Tabares (23), Monique L. Scott (24), Felix Cardona Jr. (31), Scott Waguespack (32), Anthony V. Napolitano (41), Brendan Reilly (42), James M. Gardiner (45), Debra L. Silverstein (50)

Yea (31): Daniel La Spata (1), Pat Dowell (3), Lamont J. Robinson (4), Desmon C. Yancy (5), William E. Hall (6), Gregory I. Mitchell (7), Michelle A. Harris (8), Peter Chico (10), Nicole T. Lee (11), Julia M. Ramirez (12), Stephanie D. Coleman (16), David H. Moore (17), Derrick G. Curtis (18), Matthew J. O'Shea (19), Ronnie L. Mosley (21), Michael D. Rodriguez (22), Jessica L. Fuentes (26), Walter R. Burnett (27), Jason C. Ervin (28), Chris Taliaferro (29), Ruth Cruz (30), William Conway (34), Nicholas Sposato (38), Samantha Nugent (39), Andre Vasquez Jr. (40), Timothy R. Knudsen (43), Bennett R. Lawson (44), Angela Clay (46), Matthew J. Martin (47), Leni Manaa-Hoppenworth (48), Maria E. Hadden (49)

Absent (2): Jeanette B. Taylor (20), Gilbert Villegas (36)

Not voting (1): Emma Mitts (37)

Former members who voted: Jeylu B. Gutierrez (Yea), Byron Sigcho-Lopez (Yea), Carlos Ramirez-Rosa (Yea), Rossana Rodriguez Sanchez (Yea)

Plain-language summary

Written by AI (@cf/openai/gpt-oss-120b) from the ordinance text only: SO2024-0012442.pdf. AI can make mistakes; the official document always wins.

The Chicago City Council approved an ordinance allowing the city to issue up to $1.5 billion in general-obligation bonds and additional sales-tax bonds to refinance existing debt and save on debt service. The bonds can be taxable or tax-exempt, have a maximum 12 % interest rate, and may be redeemed early at up to 120 % of principal. The City will manage the bonds through a bond trustee and follow detailed rules for issuance, registration, and redemption.

Money

Who: The ordinance affects the City of Chicago, its residents, and investors who purchase the city’s bonds.

Where: Chicago

Timeline

Documents