Issuance of general obligation bonds for capital projects and other purposes (2026-2027 General Obligation Borrowing Ordinance)
- Record number: O2025-0021097
- Type: Ordinance; category: Bonds & Bond Issues
- Status: Final
- Sponsor: Dept./Agency
- Committee: Committee on Finance
- Introduced: Nov 17, 2025
- Final action: Dec 19, 2025
- Official record: Office of the City Clerk
Roll call: Passed Dec 19, 2025
39 yea, 11 nay. 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 Dec 19, 2025.
Nay (11): Daniel La Spata (1), Jeanette B. Taylor (20), William Conway (34), Andre Vasquez Jr. (40), Brendan Reilly (42), Timothy R. Knudsen (43), Bennett R. Lawson (44), Angela Clay (46), Matthew J. Martin (47), Leni Manaa-Hoppenworth (48), Maria E. Hadden (49)
Yea (36): Brian Hopkins (2), Pat Dowell (3), Lamont J. Robinson (4), Desmon C. Yancy (5), William E. Hall (6), Gregory I. Mitchell (7), Michelle A. Harris (8), Anthony Beale (9), Peter Chico (10), Nicole T. Lee (11), Julia M. Ramirez (12), Marty Quinn (13), Raymond A. Lopez (15), 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), Silvana Tabares (23), Monique L. Scott (24), Jessica L. Fuentes (26), Walter R. Burnett (27), Jason C. Ervin (28), Chris Taliaferro (29), Ruth Cruz (30), Felix Cardona Jr. (31), Scott Waguespack (32), Anthony J. Quezada (35), Gilbert Villegas (36), Emma Mitts (37), Nicholas Sposato (38), Samantha Nugent (39), Anthony V. Napolitano (41), James M. Gardiner (45), Debra L. Silverstein (50)
Former members who voted: Jeylu B. Gutierrez (Yea), Byron Sigcho-Lopez (Yea), Rossana Rodriguez Sanchez (Yea)
Plain-language summary
Written by AI (@cf/openai/gpt-oss-120b) from the ordinance text only: O2025-0021097 Revised GO Borrowing Ord clean.pdf. AI can make mistakes; the official document always wins.
The Chicago City Council approved a plan that lets the city sell up to $1.8 billion in general-obligation bonds to fund things like street repairs, water and sewer upgrades, public building projects, lead-pipe replacement, and settlement costs. The city can also use leftover money from a previous bond issue for these same purposes without the old limits.
- Authority to issue bonds up to $1.8 billion for a wide range of public improvements and settlements
- Bonds may be taxable or tax-exempt, have up to 40-year maturities and interest rates not exceeding 12%
- Remaining proceeds from the 2019A bond series can be re-allocated to any of the approved purposes
- Authorized city officials can sell bonds directly or through underwriters and can redeem them early, up to 120% of principal or a make-whole price
- The ordinance clarifies designation authority for grant-making from bond proceeds
Money
- $1,800,000,000 – maximum total principal amount of bonds that may be issued
Who: Chicago residents and businesses, as well as nonprofit, educational, cultural and other public entities that receive funding, and investors who purchase the bonds.
Where: Chicago, Illinois
Timeline
- Dec 16, 2025: Recommended to Pass, Committee on Finance
- Dec 18, 2025: Deferred and Published, City Council
- Dec 19, 2025: Passed, City Council
- Dec 19, 2025: Signed by Mayor, City Council
Documents
- O2025-0021097 Redated Transmittal.pdf (Miscellaneous)
- O2025-0021097 Exhibit A.pdf (Exhibits)
- O2025-0021097 Ordinance.pdf (Legislation)
- O2025-0021097 Transmittal.pdf (Miscellaneous)
- O2025-0021097 EDS_Redacted.pdf (EDS)
- O2025-0021097 Revised GO Borrowing Ord clean.pdf (Legislation)
- O2025-0021097 Exhibit A Chicago - Form of Indenture 4866-5264-3494 v370.pdf (Exhibits)
- O2025-0021097 SIGNED BY MAYOR.pdf (Legislation)
- O2025-0021097 C.L..pdf (Committee Letter)