WIFIA Bond Ordinance Amendment of Authorized Officers
Amendment to 2022 WIFIA Bond Ordinance regarding authority to execute documents for proposed loan from U.S. Environmental Protection Agency to City for operation of water supply system
- Record number: O2023-0002765
- Type: Ordinance; category: Bonds & Bond Issues
- Status: Final
- Sponsor: Dept./Agency
- Committee: Committee on Finance
- Introduced: Oct 4, 2023
- Final action: Oct 4, 2023
- Official record: Office of the City Clerk
Roll call: Passed Oct 4, 2023
48 yea, 1 nay, 1 absent. This was a divided vote. On motion of Alderperson Harris, and unsuccessful motion to reconsider by Alderperson Harris, the matter was Passed. Voted at the City Council meeting of Oct 4, 2023.
Nay (1): David H. Moore (17)
Yea (44): Daniel La Spata (1), 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), Derrick G. Curtis (18), Matthew J. O'Shea (19), Jeanette B. Taylor (20), 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), William Conway (34), Gilbert Villegas (36), Emma Mitts (37), Nicholas Sposato (38), Samantha Nugent (39), Andre Vasquez Jr. (40), Anthony V. Napolitano (41), Brendan Reilly (42), Timothy R. Knudsen (43), Bennett R. Lawson (44), James M. Gardiner (45), Angela Clay (46), Matthew J. Martin (47), Leni Manaa-Hoppenworth (48), Maria E. Hadden (49), Debra L. Silverstein (50)
Absent (1): Ronnie L. Mosley (21)
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: WIFIA ORDINANCE -DI.pdf. AI can make mistakes; the official document always wins.
The City Council approved an amendment to the WIFIA Bond Ordinance that adds the Mayor, the Commissioner of Water Management, and the City Comptroller to the list of officials who can approve the negotiation, sale, and issuance of the Series 2022 Second Lien Bonds for the city’s water system.
- The amendment defines a “WIFIA Bond Authorized Officer” as the Mayor, Commissioner of Water Management, Chief Financial Officer, and Comptroller.
- Authority to appoint bond registrars and paying agents now rests with any WIFIA Bond Authorized Officer, not just the CFO.
- All references in the original ordinance to the CFO are replaced with language referring to a WIFIA Bond Authorized Officer.
- The Series 2022 Second Lien Bonds can still be issued up to $350 million to fund the water system.
- All other provisions of the original WIFIA Bond Ordinance remain unchanged.
Money
- $350,000,000 – maximum aggregate principal amount of the Series 2022 Second Lien Bonds.
Who: The amendment affects the Mayor, the Commissioner of Water Management, the City Comptroller, the Chief Financial Officer, and ultimately the City of Chicago’s water system and its financing.
Where: Chicago
Timeline
- Oct 2, 2023: Recommended to Pass, Committee on Finance
- Oct 4, 2023: Passed, City Council
- Oct 5, 2023: Signed by Mayor, City Council
Documents
- O2023-0002765 Signed by Mayor_0203.pdf (Legislation)
- O2023-0002765 Letter.pdf (Committee Letter)
- SIGNED Finance committee from DWM.pdf (Miscellaneous)
- WIFIA ORDINANCE -DI.pdf (Legislation)