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

- Record number: **SO2024-0012442**
- Type: Ordinance; category: Bonds & Bond Issues
- Status: Final
- Sponsor: Johnson, Brandon
- Committee: Committee on Finance
- Introduced: Sep 18, 2024
- Final action: Oct 22, 2024
- Official record: [Office of the City Clerk](https://chicityclerkelms.chicago.gov/Matter/?matterId=04FB9DF1-EF75-EF11-A671-001DD804C7AB)

## 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](https://www.chicagopolitics.org/meeting/9C790C09-7A86-EF11-AC21-001DD8306DF0).

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

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

**Absent (2)**: [Jeanette B. Taylor](https://www.chicagopolitics.org/ward/20) (20), [Gilbert Villegas](https://www.chicagopolitics.org/ward/36) (36)

**Not voting (1)**: [Emma Mitts](https://www.chicagopolitics.org/ward/37) (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](https://www.chicagopolitics.org/files/clerk/matterattachmentspublic/642c02b0-9f58-442c-b1dc-5c8c039c3c46.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.

- Authorizes issuance of up to $1.5 billion in bonds to refinance existing city debt
- Bonds may be taxable or tax-exempt and carry interest up to 12 % per year
- Allows early redemption of bonds at a price not exceeding 120 % of principal
- City’s mayor or designated financial officers can determine bond terms and sales
- Bond proceeds will be used for debt-service savings and related financing costs

**Money**

- $1,500,000,000 – maximum aggregate principal amount for the new general-obligation bonds and additional sales-tax bonds

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

**Where**: Chicago

## Timeline

- Sep 18, 2024: Referred, City Council
- Oct 2, 2024: Substituted, Committee on Finance
- Oct 2, 2024: Recommended to Pass, Committee on Finance
- Oct 9, 2024: Deferred and Published, City Council
- Oct 9, 2024: Passed, City Council
- Oct 25, 2024: Signed by Mayor, City Council
- Oct 30, 2024: Published in Special Pamphlet, City Council

## Documents

- [SO2024-0012442 Exhibit A - Trust Indenture.pdf](https://www.chicagopolitics.org/files/clerk/matterattachmentspublic/ddc2069d-1c75-4790-8087-b175b927931b.pdf) (Exhibits)
- [SO2024-0012442 Affadavit.pdf](https://www.chicagopolitics.org/files/clerk/matterattachmentspublic/aa639dce-69dc-4356-bcd3-557d34a462d3.pdf) (Miscellaneous)
- [SO2024-0012442.pdf](https://www.chicagopolitics.org/files/clerk/matterattachmentspublic/642c02b0-9f58-442c-b1dc-5c8c039c3c46.pdf) (Legislation)
- [O2024-0012442 Original Ordinance.pdf](https://www.chicagopolitics.org/files/clerk/matterattachmentspublic/8fca8e3d-abaf-4e89-afbe-259d57c7fbdc.pdf) (Miscellaneous)
- [Memo to Finance Committee 09.26.2024.pdf](https://www.chicagopolitics.org/files/clerk/matterattachmentspublic/1778f793-6751-4d55-b2c5-49fbea3cb2a6.pdf) (Miscellaneous)
- [SO2024-0012442 EDS.pdf](https://www.chicagopolitics.org/files/clerk/matterattachmentspublic/ed85f234-0c00-45c2-beac-2f2610dca128.pdf) (EDS)
- [SO2024-0012442 Transmittal Letter.pdf](https://www.chicagopolitics.org/files/clerk/matterattachmentspublic/13eed95a-c393-448f-b2f0-51052da1364d.pdf) (Miscellaneous)
- [SO2024-0012442 SIGNED BY MAYOR.pdf](https://www.chicagopolitics.org/files/clerk/matterattachmentspublic/a8da5c6b-2a48-497e-bd87-1e1998ede016.pdf) (Legislation)
- [SO2024-0012442 Committee Letter.pdf](https://www.chicagopolitics.org/files/clerk/matterattachmentspublic/66aa91e1-986e-45f1-a609-dd7f2768215b.pdf) (Committee Letter)
- [O2024-0012442 Original Trust Indenture.pdf](https://www.chicagopolitics.org/files/clerk/matterattachmentspublic/481404f7-67bc-45ab-9e7e-edc29f3a2fdf.pdf) (Miscellaneous)

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Source: https://www.chicagopolitics.org/matter/04FB9DF1-EF75-EF11-A671-001DD804C7AB · Chicago Politics, an independent, nonpartisan tracker of the Chicago City Council. Guide for agents: https://www.chicagopolitics.org/llms.txt