Issuance of general obligation bonds to finance improvements to public rights-of-way, infrastructure and transportation, loans and grants, acquisition of property, construction and maintenance of public buildings, economic programs, lead service line replacements, as amended

Record number: SO2025-0014841
Type: Ordinance; category: Bonds & Bond Issues
Status: Final
Sponsor: Johnson, Brandon
Committee: Committee on Finance
Introduction Date: Jan 15, 2025
Final Action Date: Feb 26, 2025
Official record: Office of the City Clerk

Roll call: Passed Feb 26, 2025

26 yea, 23 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 Feb 26, 2025.

Nay (23): Brian Hopkins (2), Anthony Beale (9), Peter Chico (10), Nicole T. Lee (11), Marty Quinn (13), Raymond A. Lopez (15), Derrick G. Curtis (18), Matthew J. O'Shea (19), Silvana Tabares (23), Monique L. Scott (24), Ruth Cruz (30), Felix Cardona Jr. (31), Scott Waguespack (32), William Conway (34), Gilbert Villegas (36), Nicholas Sposato (38), Samantha Nugent (39), Anthony V. Napolitano (41), Brendan Reilly (42), Timothy R. Knudsen (43), Bennett R. Lawson (44), James M. Gardiner (45), Debra L. Silverstein (50)

Yea (26): Daniel La Spata (1), Pat Dowell (3), Lamont J. Robinson (4), William E. Hall (6), Gregory I. Mitchell (7), Michelle A. Harris (8), Julia M. Ramirez (12), Jeylú B. Gutiérrez (14), Stephanie D. Coleman (16), David H. Moore (17), Jeanette B. Taylor (20), 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), Rossana Rodríguez Sánchez (33), Emma Mitts (37), Andre Vasquez Jr. (40), Angela Clay (46), Matthew J. Martin (47), Leni Manaa-Hoppenworth (48), Maria E. Hadden (49), Carlos Ramirez-Rosa (former member)

Not voting (1): Desmon C. Yancy (5)

Plain-language summary

Written by AI (@cf/openai/gpt-oss-120b) from the ordinance text only: SO2025-0014841.pdf. AI can make mistakes; the official document always wins.

The City of Chicago can sell up to $830 million in general-obligation bonds to pay for street, sidewalk, lighting, infrastructure, transportation, property, building and lead-pipe projects, as well as loans and grants. The bonds may be taxable or tax-exempt, carry interest up to 12 % and be paid back over 40 years. The city can also redeem the bonds early, paying up to 120 % of the principal or a market-based “make-whole” price.

Authorizes issuance of general-obligation bonds up to $830 million for a wide range of public improvements and loans
Bonds may be issued in series, taxable or tax-exempt, with interest not to exceed 12 % and a maximum term of 40 years
Proceeds can cover costs of issuance, capitalized interest, credit enhancements, and refinancing of interim line-of-credit debt
The mayor or an authorized officer may sell the bonds at any time and determine terms such as interest rate and redemption provisions
Bonds can be redeemed early by the city at up to 120 % of principal or at a make-whole price based on market conditions

Money

$830,000,000 – maximum aggregate principal amount of bonds authorized

Who: Chicago residents, businesses, non-profits, schools, and other entities that receive the funded improvements, loans, grants, or property acquisitions.

Timeline

Jan 15, 2025: Referred, City Council. The matter was Referred to Committee.
Feb 4, 2025: Substituted. The matter was substituted in Committee.
Feb 10, 2025: Recommended to Pass, Committee on Finance. The matter was recommended to Pass by controlling legislative body.
Feb 19, 2025: Deferred and Published, City Council. On request of Alderperson Beale and Alderperson Lopez, the matter was Deferred and Published.
Feb 26, 2025: Passed, City Council (26 yea, 23 nay), at the City Council meeting. On motion of Alderperson Dowell, and unsuccessful motion to reconsider by Alderperson Mitchell, the matter was Passed.
Feb 26, 2025: Substituted, City Council. The matter was Substituted on the floor during the 2/26/2025 City Council meeting.
Mar 12, 2025: Published in Special Pamphlet, City Council. The matter was Published in Special Pamphlet on March 4, 2025.