# 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](https://chicityclerkelms.chicago.gov/Matter/?matterId=8C91FEA9-BCC1-F011-BBD2-001DD80C033C)

## 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](https://www.chicagopolitics.org/meeting/FFD2DC30-AFDA-F011-8543-001DD80C6DA5).

**Nay (11)**: [Daniel La Spata](https://www.chicagopolitics.org/ward/1) (1), [Jeanette B. Taylor](https://www.chicagopolitics.org/ward/20) (20), [William Conway](https://www.chicagopolitics.org/ward/34) (34), [Andre Vasquez Jr.](https://www.chicagopolitics.org/ward/40) (40), [Brendan Reilly](https://www.chicagopolitics.org/ward/42) (42), [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)

**Yea (39)**: [Brian Hopkins](https://www.chicagopolitics.org/ward/2) (2), [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), [Anthony Beale](https://www.chicagopolitics.org/ward/9) (9), [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), [Marty Quinn](https://www.chicagopolitics.org/ward/13) (13), [Jeylú B. Gutiérrez](https://www.chicagopolitics.org/ward/14) (14), [Raymond A. Lopez](https://www.chicagopolitics.org/ward/15) (15), [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), [Silvana Tabares](https://www.chicagopolitics.org/ward/23) (23), [Monique L. Scott](https://www.chicagopolitics.org/ward/24) (24), [Byron Sigcho-López](https://www.chicagopolitics.org/ward/25) (25), [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), [Felix Cardona Jr.](https://www.chicagopolitics.org/ward/31) (31), [Scott Waguespack](https://www.chicagopolitics.org/ward/32) (32), [Rossana Rodríguez Sánchez](https://www.chicagopolitics.org/ward/33) (33), [Anthony J. Quezada](https://www.chicagopolitics.org/ward/35) (35), [Gilbert Villegas](https://www.chicagopolitics.org/ward/36) (36), [Emma Mitts](https://www.chicagopolitics.org/ward/37) (37), [Nicholas Sposato](https://www.chicagopolitics.org/ward/38) (38), [Samantha Nugent](https://www.chicagopolitics.org/ward/39) (39), [Anthony V. Napolitano](https://www.chicagopolitics.org/ward/41) (41), [James M. Gardiner](https://www.chicagopolitics.org/ward/45) (45), [Debra L. Silverstein](https://www.chicagopolitics.org/ward/50) (50)

## Plain-language summary

> Written by AI (@cf/openai/gpt-oss-120b) from the ordinance text only: [O2025-0021097 Revised GO Borrowing Ord clean.pdf](https://www.chicagopolitics.org/files/clerk/matterattachmentspublic/4909119d-a76e-4318-85e3-0443c7f9a9e7.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](https://www.chicagopolitics.org/files/clerk/matterattachmentspublic/76406d12-1f96-4a27-af7a-bad436eecff9.pdf) (Miscellaneous)
- [O2025-0021097 Exhibit A.pdf](https://www.chicagopolitics.org/files/clerk/matterattachmentspublic/67f38d68-9c79-4af4-bd17-4c93a554d9c1.pdf) (Exhibits)
- [O2025-0021097 Ordinance.pdf](https://www.chicagopolitics.org/files/clerk/matterattachmentspublic/80388053-41d5-45be-b101-8165f4d7a496.pdf) (Legislation)
- [O2025-0021097 Transmittal.pdf](https://www.chicagopolitics.org/files/clerk/matterattachmentspublic/2be3722b-b86c-432d-87ff-dfd4d2f1f9ee.pdf) (Miscellaneous)
- [O2025-0021097 EDS\_Redacted.pdf](https://www.chicagopolitics.org/files/clerk/matterattachmentspublic/a854e1e9-e38f-4c37-b510-f07a9d04ca01.pdf) (EDS)
- [O2025-0021097 Revised GO Borrowing Ord clean.pdf](https://www.chicagopolitics.org/files/clerk/matterattachmentspublic/4909119d-a76e-4318-85e3-0443c7f9a9e7.pdf) (Legislation)
- [O2025-0021097 Exhibit A Chicago - Form of Indenture 4866-5264-3494 v370.pdf](https://www.chicagopolitics.org/files/clerk/matterattachmentspublic/e4d689c5-30ce-4015-bdee-e9d1d25092e5.pdf) (Exhibits)
- [O2025-0021097 SIGNED BY MAYOR.pdf](https://www.chicagopolitics.org/files/clerk/matterattachmentspublic/215116f0-0a6a-4973-8f79-3816bba92749.pdf) (Legislation)
- [O2025-0021097 C.L..pdf](https://www.chicagopolitics.org/files/clerk/matterattachmentspublic/a6168040-d507-4579-a84e-40b344070e44.pdf) (Committee Letter)

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Source: https://www.chicagopolitics.org/matter/8C91FEA9-BCC1-F011-BBD2-001DD80C033C · Chicago Politics, an independent, nonpartisan tracker of the Chicago City Council. Guide for agents: https://www.chicagopolitics.org/llms.txt