Article I. Organization and Functions
2-32-010 Department established – Composition.
2-32-020 Comptroller – Office created – Appointment.
2-32-030 Comptroller – Powers and duties as fiscal agent.
2-32-031 Debt management policies; retention of rebate calculation agents, financial advisors, consultants, dissemination agents and qualified independent representatives.
2-32-033 Comptroller as director of revenue.
2-32-035 City Asset Lease Agreements (C.A.L.A.) disclosure ordinance.
2-32-040 Comptroller – Supervision of bonds and sureties.
2-32-050 Deputy comptroller.
2-32-055 Municipal marketing authority.
2-32-060 Treasurer – Accounting and reports on city funds.
2-32-065 Treasurer's authority for financial education and outreach programs.
2-32-070 Payments to the city – Records – Bad check fees.
2-32-075 Contracts for payment technology services.
2-32-080 Comptroller – Tax and revenue powers.
2-32-082 Comptroller – Debt collection contracts employing ex-offenders.
2-32-085 Voluntary charitable payroll deductions.
2-32-090 Employees handling public money – Appointment and removal.
2-32-092 Comptroller – Procurement of insurance for the city
2-32-093 Comptroller – Parking and parking administrator.
2-32-094 Indebtedness – Ineligibility for permits and acceptance of applications.
2-32-095 Payments, permits and licenses – Investigations for compliance.
2-32-096 Comptroller – Rules and regulations.
2-32-097 Succession – Transfer of powers.
2-32-098 Effect of transfer on prior actions.
Article II. Financial Accounts and Reports
2-32-100 Fiscal and municipal year.
2-32-105 Fund appropriation ordinances – Effective date.
2-32-110 Accounting system – Auditing and reports.
2-32-120 Reimbursements to the corporate fund.
2-32-130 Reporting on bond transactions.
2-32-140 Treasurer's cash fund.
2-32-150 Equalization and transfer fund.
2-32-160 Comptroller – Records required.
2-32-170 Forms and records for city departments.
2-32-180 Reserved.
2-32-190 Comptroller – Quarterly audits and statements.
2-32-200 Comptroller – Non-payroll payment reports.
2-32-205 Internal compliance.
2-32-210 Comptroller – Annual statement requirements.
2-32-220 Comptroller – Verification of claims and accounts.
2-32-230 Financial reports by officials – Enforcement of compliance.
2-32-240 Fines imposed through humane societies and other groups.
Article III. Working Capital Funds
2-32-250 Establishment and use.
2-32-260 Department accounting duties – Inventories.
2-32-270 Financial statements.
2-32-280 Inventory requirements.
2-32-290 Audits – Inventory of funds.
2-32-300 Expenditure restrictions.
2-32-310 Requisitions and purchase orders.
2-32-320 Charges for materials or services – Basis.
2-32-330 Reimbursement of charges.
2-32-340 Credits to other funds.
Article IV. Payment of Current Obligations
2-32-350 Warrants, checks and electronic funds transfers – Form and signature.
2-32-360 Investigation of vouchered claims.
2-32-370 Warrants – Cancellation conditions and procedures.
2-32-380 Appropriations and fees for paying canceled warrants.
2-32-390 Payment of judgments.
2-32-391 Fees in wage deduction proceedings.
2-32-392 Wage garnishment for municipal debts.
Article V. Municipal Depositories
2-32-400 Bids awarded annually – Conditions.
2-32-410 Federal insurance required.
2-32-420 Time deposits – Certificates of deposit.
2-32-430 Statements of resources and liabilities.
2-32-440 Lending and deposit specifications required.
2-32-450 Loan policy – Pledge requirements and consumer protection statement.
2-32-455 Predatory lenders.
2-32-460 Definitions.
2-32-470 Daily deposit of city funds.
2-32-480 Active banks – Designation authority – Qualifications.
2-32-490 Active banks – Use by treasurer – School funds.
2-32-500 Interest payments on city funds – Report requirements.
2-32-510 Interest on school funds.
Article VI. Investment of City Funds and Municipal Bonds
2-32-515 Investment policy.
2-32-520 Authorized investments.
2-32-525 Minimum credit quality.
2-32-530 Investments from particular funds.
2-32-540 Investments from aggregate of funds.
2-32-550 Investments in tax warrants.
2-32-570 Custody of securities.
2-32-575 Lending securities.
2-32-580 Sale of securities.
2-32-590 Municipal bonds – Comptroller's endorsements.
2-32-600 Municipal bonds – Repurchase conditions and procedures.
2-32-610 Treasurer's reviews and reports.
2-32-615 Training.
2-32-620 Comptroller – Authority to perform treasurer's securities duties when.
2-32-622 Neighborhood economic development investments – Chicago Community Catalyst Fund.
Article VII. Acquisition of Realty and Special Assessments
2-32-625 Homeowner assistance program.
2-32-627 Property tax relief program.
2-32-630 Special assessment bonds – Form and contents.
2-32-640 Special assessment bonds – Sale procedures.
2-32-650 Certificate of payment of special assessment.
2-32-660 Collection of special assessments – Delinquencies.
2-32-670 Settlement of tax claims.
Article VIII. General Obligation Bonds
2-32-680 Issuance conditions.
2-32-690 Bond ordinance – Adoption required – Public hearing.
2-32-700 Bond ordinance – Form and contents.
2-32-710 Bond ordinance – Effect – Signatures.
2-32-720 Bond ordinance – Provisions for payment.
2-32-730 Bond ordinance – Use of proceeds.
2-32-740 Refund bond ordinances.
2-32-750 Bond issuance procedures – Statutory authority.
2-32-760 Judgment tax – Annual levy – Use of funds.
Article IX. Water Revenue Bonds
2-32-770 Issuance – Authorized when – Effect.
2-32-780 Issuance – Ordinance and public hearing required.
2-32-790 Contents of ordinance.
2-32-800 Repayment from water system funds – Water rates.
2-32-810 Execution of ordinance – Signatures.
2-32-820 Signature validity.
2-32-830 Use of proceeds.
2-32-840 Bond issuance procedures – Statutory authority.
2-32-850 Interim financing – Authorized when.
2-32-860 Interim financing – Approval agreement and procedures.
2-32-870 Interim notes – Terms and conditions.
2-32-880 Interim notes – Revenue for repayment.
2-32-890 Interim note issuance – Statutory authority.
Article X. Interim Notes
2-32-900 Basic agreement – Negotiation.
2-32-910 Basic agreement – Form.
2-32-920 Individual projects – Ordinance form and contents.
2-32-930 Payment and interest.
2-32-940 Severance clause.
Article XI. Financing of Cost of Residential Ownership and Development
2-32-950 Definitions for Article XI.
2-32-960 Purpose of Article XI provisions.
2-32-970 Mortgage, bond and other financial powers and duties.
2-32-980 Ordinance authorizing bonds – Contents – Bond specifications.
2-32-990 Covenants in bonds.
2-32-1000 Signature of bonds – Validity of proceedings.
2-32-1010 Securing of bonds.
2-32-1020 Liability limitations for bonds.
2-32-1030 Investment of funds.
2-32-1040 Public building regulations waived.
2-32-1050 Unlawful discriminatory activities.
2-32-1060 Article XI provisions not exclusive.
2-32-1070 Severability clause.
2-32-1080 Construction of ordinance.
Article XII. Financing Sewer System Costs
2-32-1090 Financing of sewer system costs – City authority.
2-32-1100 Note financing – Basic agreement provisions.
2-32-1110 Form and payment of notes.
2-32-1120 Compliance with statutory provisions.
Article XIII. Riverwalk Fund
2-32-1300 Riverwalk Fund.
Article XIV. Workers’ Compensation
2-32-1400 Program administration.
2-32-1410 Annual report.
Article XV. Police and Fire Medical and Hospital Care
2-32-1500 Program administration.
2-32-1510 Duties of department heads.
Article XVI. Environment, Health, and Safety Compliance Program
2-32-1600 Program administration.
Article XVII. Administrative Debt Relief
2-32-1700 Definitions.
2-32-1710 Debt relief program – Establishment and rules.
2-32-1720 Scope of debt relief.
2-32-1730 Hardship payment plans.
2-32-1740 Default.
2-32-1750 Fraudulent conduct.
2-32-1760 Property interest.
ARTICLE I. ORGANIZATION AND FUNCTIONS (2-32-010 et seq.)
There is hereby created the office of city comptroller who shall be the head of the department of finance and shall have the management and control of all matters and things pertaining thereto. He shall be appointed by the mayor, by and with the advice and consent of the city council.
(Prior code § 7-2)
The Comptroller shall be the fiscal agent of the City and as such shall be charged with and shall exercise general supervision over all officers of the City charged in any manner with the receipt, collection or disbursement of the City revenues and all funds required to be in the custody of the City Treasurer.
The Comptroller shall have charge of all contracts, judgment-orders, notes, bonds, and evidences of indebtedness belonging to the City except such as are directed by law or ordinance to be deposited elsewhere. He shall have supervision of the issuance and sale of all bonds, warrants, and obligations.
The Comptroller shall have the power to enter into agreements, including data-sharing agreements, with agencies of the county, state, and federal governments, and their respective designees, as may be necessary or useful to aid in the collection and allocation of revenues. Any such agreement may provide for indemnification, and any City expenditure pursuant to such an agreement shall be subject to the availability of duly appropriated funds.
It shall be the duty of the City of Chicago’s Chief Financial Officer to post City Asset Lease Agreements and accounting information detailing the utilization of City asset lease proceeds as required by Section 2-32-035 on the City of Chicago, Department of Finance website.
(Prior code § 7-3; Amend Coun. J. 12-29-87, p. 9263; Amend Coun. J. 6-3-09, p. 63075, § 3; Amend Coun. J. 11-16-11, p. 13798, Art. I, § 2; Amend Coun. J. 11-7-18, p. 88803, § 1; Amend Coun. J. 10-16-19, p. 6820, § 1)
(a) The chief financial officer and the comptroller shall each have authority to retain, in connection with debt obligations issued by the City, such rebate calculation agents as either such officer may deem necessary or desirable in order for such debt obligations to comply with applicable requirements of the Internal Revenue Code.
(b) The chief financial officer shall have authority to retain, in connection with financial products and debt obligations purchased, entered into and/or issued by the City, such advisors to provide structuring, timing and related advice for such financial products and debt obligations, as deemed necessary in compliance with the applicable requirements of the Dodd-Frank Wall Street Reform and Consumer Protection Act, Public Law 111-203, and the regulations in connection therewith.
(c) The chief financial officer shall have authority to retain, in connection with debt obligations issued by the City, such qualified independent representatives for selecting, retaining and monitoring the performance of the City's interest rate exchange agreements, as deemed necessary or desirable in order for such interest rate exchange agreements to comply with applicable requirements of the Dodd-Frank Act and the regulations in connection therewith. As used in this section, "interest rate exchange agreements" shall mean those certain interest rate exchange agreements entered into pursuant to an ordinance of the city council authorizing the issuance of a series of bonds.
(d) The chief financial officer shall have authority to adopt written policies which shall address the management of the city's bond, note and other debt issuances, including the entering into of interest rate exchange agreements and hiring of advisors in connection therewith. The chief financial officer may amend such written policies from time to time. Copies of each such written policy and any amendments thereto shall be kept on file with the comptroller.
(e) The chief financial officer shall have authority to retain, in connection with debt obligations issued by the City, such dissemination agents to assist with continuing disclosure requirements under continuing disclosure agreements entered into by the City in connection with City debt obligations as deemed necessary or desirable in order to ensure ongoing compliance with Rule 15c2-12 of the Securities and Exchange Commission and any successor or similar disclosure requirements of the federal or state government.
(f) In connection with proposed acquisition and/or disposition of existing or new sources of revenue, whether by the City or sister agencies or entities acting on behalf of or for the benefit of the City or sister agencies (including through the issuance of debt obligations or other means), the chief financial officer shall have authority to retain financial advisors and consultants to provide to the City structuring, timing and related advice for such proposed transactions.
(g) In connection with the administration of workers' compensation and other insurance claims payable, per the annual appropriation ordinance, from the Chicago Midway Airport Fund and the Chicago O'Hare Airport Fund, and as needed to secure insurance agreements entered into by the Comptroller covering construction and operations at Chicago O'Hare International Airport and Chicago Midway International Airport, the Chief Financial Officer is authorized to obtain one or more letters of credit, lines of credit, or tri-party trust agreements (collectively, for purposes of this subsection, "security instruments"). Such security instruments may provide for indemnification. Each such security instrument, if applicable, shall bear interest at a rate or rates not to exceed seven percent (7%) per annum. The sum total of all such security instruments at any one time outstanding shall not exceed an aggregate of fifty million dollars ($50,000,000). Terms exceeding these limits shall be approved by the City Council.
(h) (1) In connection with revenues from operation of any casino located within the City pursuant to a temporary operator permit or owners license issued by the Illinois Gaming Board, the Chief Financial Officer shall have authority to enter into agreements, instruments and other documents and provide consents, waivers or approvals as contemplated under the Host Community Agreement referenced in Section 13 of this ordinance (the "Host Community Agreement"), and perform any other ministerial acts necessary for the administration of the Host Community Agreement.
(2) Notwithstanding subparagraph (h)(1), no material amendment or change to: (i) the Host Community Agreement; or (ii) any such agreement, instrument or other document referenced in subparagraph (h)(1), shall be made or be effective unless ratified or authorized by an ordinance duly adopted by the City Council. The term "material" for the purpose of this subsection (h) means any deviation in terms which operates to cancel or otherwise reduce any developmental, construction, sourcing or job-creating obligations of the casino developer by more than ten percent (10%) or materially changes the casino project sites or character of the casino project or the activities undertaken by the casino developer affecting the casino project sites, the casino project, or both, or increases any time agreed for performance by the casino developer by more than ninety (90) days.
(3) The Chief Financial Officer shall have the authority to retain financial advisors, consultants and services firms to provide the City advice and services in connection with administering, or otherwise relating to any activities contemplated by or arising from, any such Host Community Agreement.
(4) Any City revenues from operation of a casino within the City shall be subject to appropriation by the City Council.
(Added Coun. J. 7-28-10, p. 96442, § 27; Amend Coun. J. 2-5-14, p. 73627, § 26; Amend Coun. J. 6-17-15, p. 531, § 21; Amend Coun. J. 1-13-16, p. 16268, § 21; Amend Coun. J. 10-5-16, p. 32565, § 21; Amend Coun. J. 9-6-17, p. 54177, § 1; Amend Coun. J. 1-23-19, p. 93851, § 2; Amend Coun. J. 4-24-20, p. 15049, § 1; Amend Coun. J. 2-26-21, p. 27714, § 1; Amend Coun. J. 5-25-22, p. 48413, § 1)
For purposes of any law, statute or regulation that references the director of revenue or department of revenue of the City of Chicago, the comptroller and the department of finance shall occupy those roles, respectively.
(Added Coun. J. 11-16-11, p. 13798, Art. I, § 2)
(a) The following City Asset Lease Agreement documents and any future lease agreements worth more than $10,000,000 shall be made publicly available as electronic, searchable files on the City of Chicago's Department of Finance website:
1. The ordinances establishing the leasing of or long-term concession concerning the Chicago Skyway Toll Bridge System, the Chicago Downtown Public Parking System, the Chicago Metered Parking System.
2. Any introduced legislation pertaining to proposed City asset lease agreements, worth more than $10,000,000, including all attachments and any amendments thereof, prior to its referral to the appropriate Chicago City Council Committee.
3. Any future City asset lease agreements approved by the Chicago City Council and worth more than $10,000,000, including all attachments, and any amendments thereof.
4. A separate accounting document detailing the allocation of lease proceeds including, but not necessarily limited to, appropriations, investments, interest income earned, and distributions to future budget years. This document should also detail the payment of all fees and expenses related to the lease transaction. Additionally, the document should list the names and fees paid to all financial consultants, auditors and/or financial institutions hired by the city to invest and manage City asset lease proceed funds.
5. A quarterly update of the accounting document for each city asset lease agreement. The Chief Financial Officer/Comptroller shall submit such update to the Chairman of the Committee on Finance and/or post such update on the Department of Finance's website, and shall appear before that Committee to present the status of each agreement where appropriate or necessary.
(b) In addition to the requirements set forth in subsection (a) of this section, any future lease agreements worth $400,000,000 or more shall be subject to the requirements set out in Chapter 2-164 of this Code.
(Added Coun. J. 6-3-09, p. 63075, § 2; Amend Coun. J. 11-18-15, p. 14398, § 3)
Except where otherwise provided, all indemnifying bonds required to be given by any person to the city to insure the performance or carrying out of any contract entered into with the city, or the observance and performance of any ordinance of the city, or of any other obligation, promise, or undertaking shall be subject to the approval of the city comptroller.
It shall be the duty of the comptroller, if at any time it comes to his knowledge that any or all of the sureties on any such bond or any indemnifying bond required to be filed with the city clerk are insolvent or will be unable to respond in damages in case any liability shall arise upon any such bond, to notify forthwith the principal or principals upon such bond of such fact, and direct that different and satisfactory sureties be at once procured.
It shall be the duty of the comptroller to make, from time to time, such examination as is necessary to keep informed as to the responsibility and sufficiency of any and all sureties upon any such bond or bonds, filed either with him or with the city clerk, or kept on file in his office or the office of the city clerk. In the event of a refusal or neglect on the part of any principal or principals so notified by the comptroller to procure a satisfactory surety or sureties, when directed so to do as herein provided, the comptroller shall forthwith report to the city council, setting forth in such report, the name of the principal and sureties upon the bond and the nature of the contract, undertaking or obligation which such bond was given to secure, with such recommendations and further information as he may deem necessary and proper.
Except where otherwise provided, all such bonds shall be filed in the office of the comptroller.
(Prior code § 7-4)
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