Loading...
ARTICLE VIII. GENERAL OBLIGATION BONDS (2-32-680 et seq.)
The City of Chicago, acting by its city council, may, from time to time, borrow money for proper public purposes and in evidence of such borrowing, issue its general obligation bonds payable from ad valorem taxes to be levied without limitation as to rate or amount, against all taxable property situated within the city. Such bonds may be issued without the submission of the question to their issuance to the electors of the city for their approval and the procedures for the issuance of such bonds shall be substantially as herein provided in Sections 2-32-680 through 2-32-750 of this chapter.
(Prior code § 7-58)
The city council shall adopt an ordinance (hereinafter designated the "bond ordinance") describing the public purpose or purposes to be served by such borrowing and in such bond ordinance shall make a finding and determination that such borrowing of money is necessary for the welfare of the government and affairs of the city, is for a proper public purpose or purposes and is in the public interest, which finding and determination shall be deemed conclusive.
Prior to the adoption of any such bond ordinance, a public hearing shall be held thereon by the finance committee of the city council, provided that no approval of projects to be permanently financed thereby shall be necessary if such projects have been theretofore approved by the finance committee and the city council, and finance wholly or in part through the issuance of interim notes pursuant to Sections 2-32-900 through 2-32-940 of this chapter, pursuant to a notice given of such public hearing, such notice to refer generally to the subject matter of the ordinance and to be published at least once in a newspaper published in and having a general circulation within the City of Chicago, the date of such publication to be not less than ten days prior to the date of the public hearing.
(Prior code § 7-59)
Loading...