Loading...
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)
Loading...