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
Introduction Date: Nov 17, 2025
Final Action Date: 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 (39): 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), Jeylú B. Gutiérrez (14), 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), Byron Sigcho-López (25), 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), Rossana Rodríguez Sánchez (33), 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)

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. The matter was recommended to Pass by controlling legislative body.
Dec 18, 2025: Deferred and Published, City Council. On request of Alderperson Dowell and Alderperson Ervin, the matter was Deferred and Published.
Dec 19, 2025: Passed, City Council (39 yea, 11 nay), at the City Council meeting. On motion of Alderperson Dowell, and unsuccessful motion to reconsider by Alderperson Mitchell, the matter was Passed.
Dec 19, 2025: Signed by Mayor, City Council. The matter was Signed by the Mayor.