Appointment of successor servicer and assignment agreement execution between BNY Asset Solutions LLC and MTAG Services LLC regarding City's Special Assessment Improvement Bonds for Lakeshore East Project, Refunding Series 2022

Record number: O2026-0025435
Type: Ordinance; category: Bonds & Bond Issues
Status: Final
Sponsor: Johnson, Brandon
Committee: Committee on Finance
Introduction Date: May 20, 2026
Final Action Date: Jun 17, 2026
Official record: Office of the City Clerk

Roll call: Passed Jun 17, 2026

49 yea, 0 nay, 1 absent. On motion of Alderperson Dowell, and unsuccessful motion to reconsider by Alderperson Mitchell, the matter was Passed. Voted at the City Council meeting of Jun 17, 2026.

Yea (49): 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), 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), Jeanette B. Taylor (20), 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), William Conway (34), Anthony J. Quezada (35), 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): Gilbert Villegas (36)

Plain-language summary

Written by AI (claude-opus-5-5) from the ordinance text only: O2026-0025435 C.L..pdf. AI can make mistakes; the official document always wins.

This is a Finance Committee report recommending that the City Council pass an ordinance about the City's Special Assessment Improvement Bonds for the Lakeshore East Project, Refunding Series 2022. The ordinance would appoint a new (successor) servicer for the bonds and approve an Assignment Agreement between BNY Asset Solutions LLC and MTAG Services, LLC. The committee approved the recommendation by voice vote with no one voting against it.

Authorizes appointing a successor servicer for the Lakeshore East Project Special Assessment Improvement Bonds, Refunding Series 2022.
Approves executing an Assignment Agreement between BNY Asset Solutions LLC and MTAG Services, LLC.
The Committee on Finance recommended that the full City Council pass the ordinance.
The committee approved it by voice vote with no dissenting votes on June 15, 2026.
The report is signed by Finance Committee Chairman Pat Dowell and dated June 17, 2026.

Who: This affects BNY Asset Solutions LLC, MTAG Services, LLC, and the City regarding its Lakeshore East Project special assessment bonds.

Where: Lakeshore East Project, 42nd Ward

Timeline

May 20, 2026: Recommended to Pass, Committee on Finance. The matter was recommended to Pass by controlling legislative body.
May 20, 2026: Referred, City Council. The matter was Referred to Committee.
Jun 17, 2026: Passed, City Council (49 yea, 0 nay), at the City Council meeting. On motion of Alderperson Dowell, and unsuccessful motion to reconsider by Alderperson Mitchell, the matter was Passed.
Jun 17, 2026: Signed by Mayor, City Council. The matter was Signed by the Mayor.
Jul 15, 2026: Published in Special Pamphlet, City Council. The matter was Published in Special Pamphlet on June 24, 2026.