Refunding of General Obligation/Sales Tax Securitization Corporation Bond, Series 2024

Record number: SO2024-0012442
Type: Ordinance; category: Bonds & Bond Issues
Status: Final
Sponsor: Johnson, Brandon
Committee: Committee on Finance
Introduction Date: Sep 18, 2024
Final Action Date: Oct 22, 2024
Official record: Office of the City Clerk

Roll call: Passed Oct 9, 2024

35 yea, 12 nay, 2 absent. 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 Oct 22, 2024.

Nay (12): Brian Hopkins (2), Anthony Beale (9), Marty Quinn (13), Raymond A. Lopez (15), Silvana Tabares (23), Monique L. Scott (24), Felix Cardona Jr. (31), Scott Waguespack (32), Anthony V. Napolitano (41), Brendan Reilly (42), James M. Gardiner (45), Debra L. Silverstein (50)

Yea (35): Daniel La Spata (1), Pat Dowell (3), Lamont J. Robinson (4), Desmon C. Yancy (5), William E. Hall (6), Gregory I. Mitchell (7), Michelle A. Harris (8), Peter Chico (10), Nicole T. Lee (11), Julia M. Ramirez (12), Jeylú B. Gutiérrez (14), 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), Byron Sigcho-López (25), Jessica L. Fuentes (26), Walter R. Burnett (27), Jason C. Ervin (28), Chris Taliaferro (29), Ruth Cruz (30), Rossana Rodríguez Sánchez (33), William Conway (34), Nicholas Sposato (38), Samantha Nugent (39), Andre Vasquez Jr. (40), Timothy R. Knudsen (43), Bennett R. Lawson (44), Angela Clay (46), Matthew J. Martin (47), Leni Manaa-Hoppenworth (48), Maria E. Hadden (49), Carlos Ramirez-Rosa (former member)

Absent (2): Jeanette B. Taylor (20), Gilbert Villegas (36)

Not voting (1): Emma Mitts (37)

Plain-language summary

Written by AI (@cf/openai/gpt-oss-120b) from the ordinance text only: SO2024-0012442.pdf. AI can make mistakes; the official document always wins.

The Chicago City Council approved an ordinance allowing the city to issue up to $1.5 billion in general-obligation bonds and additional sales-tax bonds to refinance existing debt and save on debt service. The bonds can be taxable or tax-exempt, have a maximum 12 % interest rate, and may be redeemed early at up to 120 % of principal. The City will manage the bonds through a bond trustee and follow detailed rules for issuance, registration, and redemption.

Authorizes issuance of up to $1.5 billion in bonds to refinance existing city debt
Bonds may be taxable or tax-exempt and carry interest up to 12 % per year
Allows early redemption of bonds at a price not exceeding 120 % of principal
City’s mayor or designated financial officers can determine bond terms and sales
Bond proceeds will be used for debt-service savings and related financing costs

Money

$1,500,000,000 – maximum aggregate principal amount for the new general-obligation bonds and additional sales-tax bonds

Who: The ordinance affects the City of Chicago, its residents, and investors who purchase the city’s bonds.

Where: Chicago

Timeline

Sep 18, 2024: Referred, City Council. The matter was Referred to Committee.
Oct 2, 2024: Recommended to Pass, Committee on Finance. The matter was recommended to Pass by controlling legislative body.
Oct 2, 2024: Substituted, Committee on Finance. The matter was substituted in committee.
Oct 9, 2024: Deferred and Published, City Council. On request of Alderperson Lopez and Alderperson Tabares, the matter was Deferred and Published.
Oct 9, 2024: Passed, City Council (35 yea, 12 nay), at the City Council meeting. On motion of Alderperson Dowell, and unsuccessful motion to reconsider by Alderperson Mitchell, the matter was Passed.
Oct 25, 2024: Signed by Mayor, City Council. The matter was Signed by the Mayor.
Oct 30, 2024: Published in Special Pamphlet, City Council. The matter was Published in Special Pamphlet on October 29, 2024.