2-32-1090 Financing of sewer system costs – City authority.

   The City of Chicago, acting by its city council, may from time to time, borrow funds to finance the estimated costs and expenses of operating and maintaining the City of Chicago sewer system (the "system") and of constructing extensions, improvements, or both, to the system, and in evidence of such borrowing, to issue its notes, which notes, both principal thereof and interest thereon, will be paid from the net revenues of the system, the proceeds to be received from the sale of bonds or other obligations of the city whether payable from the net revenues of the system or otherwise, taxes levied for such purpose, or from any other moneys legally available for such purpose. The procedures for the issuance of such notes shall be as substantially herein provided in Sections 2-32-1090 through 2-32-1120 of this chapter.

(Prior code § 7-99)

2-32-1100 Note financing – Basic agreement provisions.

   The city council shall adopt an ordinance approving one or more note financing agreements (hereinafter referred to as a "basic agreement") providing for the borrowing of funds for one or more of the purposes stated above, which basic agreement shall be negotiated by the City of Chicago acting by and through its mayor and city comptroller prior to its presentation to the city council. After the form of such basic agreement has been submitted to and approved by the city council, the mayor and the city comptroller shall be authorized to execute and sign such basic agreement on behalf of the city and the same shall be attested by the city clerk.

   Such basic agreement shall provide that no note or notes shall be issued thereunder unless the city council shall have approved the purpose therefor and the estimated cost thereof for which said note, or notes, are to be issued, by ordinance (the "ordinance") after a public hearing thereon by the finance committee of the city council and unless there has been a sufficient appropriation of funds by the city to permit the expenditure of the note proceeds for such purpose. Prior to the adoption of any such ordinance, which ordinance shall contain a description of the purpose for which such notes are to be issued and the estimated costs thereof, a public hearing shall be held thereon by the finance committee of the city council, pursuant to a notice given of such public hearing, such notice to refer generally to the issuance of such notes 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. It shall not be necessary that the ordinance refer to or incorporate therein by reference detailed plans and specifications of any extensions, improvements, or both, or specifically describe the projects to be financed by the issuance of such note or notes.

   Each such note or notes shall be accompanied by a certificate identifying by a general description the purpose for which such notes are to be issued and representing that the proceeds of such note or notes will be used solely for such purpose, that such purpose and the estimated cost thereof have been approved by the city council, by ordinance, after a public hearing held thereon by the finance committee of said city council; and that there has been a sufficient appropriation of funds by the city to permit the expenditure of the note proceeds for such purpose.

   Said basic agreement shall also authorize execution from time to time of the note or notes therein authorized on behalf of the city by being signed by the mayor and by the city comptroller and to be attested by the city clerk, and/or the respective proxies of said mayor and city comptroller, such interim note to be in such form as may be provided for in the basic agreement.

   The mayor and the city comptroller may each designate another to act as their respective proxies and to affix their respective signatures to any such note, and in such case, each shall send to the city council written notice of the person so designated by each, such notice stating the name of the person so selected to sign as proxy for the mayor and the city comptroller, respectively. A written signature of the mayor or of the city comptroller, respectively, executed by the person so designated underneath, shall be attached to each notice. Each notice, with the signature attached, shall be recorded in the Journal of the Proceedings of the City Council and then filed with the city clerk. When the signature of the mayor is placed on a note at the direction of the mayor in the specified manner, the note, in all respects, shall be as binding on the city as if signed by the mayor in person. When the comptroller's signature is so affixed to a note at the comptroller's direction, the note, in all respects, shall be as binding on the city as if signed by the comptroller in person.

   In case any official whose signature appears on the specified note ceases to hold his office before the delivery of the note to the purchaser, his signature nevertheless shall be valid and sufficient for all purposes, to the same effect as if he had remained in office until the delivery of the note.

   The execution of any such notes as herein provided shall not cause any official signing the same on behalf of the city to be personally liable by reason of such signing and issuance thereof.

(Prior code § 7-100)

2-32-1110 Form and payment of notes.

   The note, or notes, shall be of the form and content as provided in the basic agreement, be dated as of the date of their execution and delivery, shall be expressed to mature on a definite payment date, which date shall not exceed five years from the date of the note, and interest thereon at the rates of interest therein agreed upon shall be payable at the times and places as set forth in the ordinance. The notes shall be payable by the city and without notice to the holder at any time before maturity and at any financial institution which shall be designated by the city comptroller. The note, or notes, to be issued shall be made payable in the manner as provided in the basic agreement and shall contain such terms and conditions as shall be provided in such basic agreement. Such basic agreement may provide that such notes are a direct and general obligation of the city payable from the proceeds of taxes to be duly levied on all taxable property within the city, from the net revenues of the system, the proceeds to be received from the sale of bonds or other obligations of the city whether payable from the net revenues of the system or otherwise, or from any other moneys legally available for such purpose.

   The city and the holder, or holders, of the note, or notes, may mutually agree that the time of payment of any note, or notes, may be extended for a period of not to exceed two years beyond its stated maturity date, and evidence of such extension shall be noted on the face of such note so extended, together with the signatures of the mayor and city comptroller, and to be attested by the city clerk, and also to be signed by an authorized representative of the other parties to the basic agreement.

(Prior code § 7-101)

2-32-1120 Compliance with statutory provisions.

   Pursuant to the authority granted by Section 6 of Article VII of the Constitution of Illinois 1970, the procedures hereby established for the issuance of notes shall be controlling and shall be complied with by the city council in borrowing of money through the issuance of such notes notwithstanding anything to the contrary contained in the provisions of the Illinois Municipal Code of 1961 and all acts amendatory thereof and supplementary thereto and any other laws of the State of Illinois.

(Prior code § 7-102)

ARTICLE XIII. RIVERWALK FUND (2-32-1300 et seq.)

2-32-1300 Riverwalk Fund.

   (a)   For purposes of this section, the following definitions shall apply:

   "Chicago Riverwalk" means the area immediately adjacent and parallel to the south bank of the Chicago River to Wacker Drive and from Lake Street to Lake Shore Drive.

   "General Ordinance" means the Motor Fuel Tax Revenue Bonds General Ordinance adopted on November 28, 1990 and published in the Journal of Proceedings of the city council for such date at pages 25555 through 25604, inclusive, as amended by Article VIII of that certain 2003 Series Ordinance, adopted March 5, 2003 and published in the Journal of Proceedings of the city council for such date at pages 104562 through 104665, as further amended by the 2013 Series Ordinance, and as may be further amended from time to time.

   "Kiosk" means a free standing, permanent structure (1) located on the sidewalk or other appropriate area on Upper Wacker Drive immediately adjacent to the Chicago Riverwalk or any entrance thereto; and (2) used exclusively or in part to direct people to an entrance from Upper Wacker Drive to the Chicago Riverwalk or to otherwise provide information about the Chicago Riverwalk. Portions of a kiosk not used to provide directions to or information about the Chicago Riverwalk may be used for outdoor advertising pursuant to section 2-32-055. For purposes of this section, the term "kiosk" does not include a bus shelter.

   "2013 Series Ordinance" means the Series Ordinance Authorizing the Issuance of City of Chicago Motor Fuel Tax Revenue Bonds, Series 2013, adopted in accordance with the provisions of the General Ordinance, as such 2013 Series Ordinance may be amended from time to time.

   (b)   All revenues received by the city from the following sources shall be placed in a single appropriate fund designated by the budget director, in consultation with the comptroller, for the purposes set forth in the 2013 Series Ordinance and/or the General Ordinance:

      (1)   all revenues received by the city from any license agreement, regardless of nomenclature, executed pursuant to section 4-250-080 for the licensing of docks for tour boat operations at the following two locations on the main branch of the Chicago River at Michigan Avenue:

      Location 1: The area located on the south bank of the Chicago River east of the Michigan Avenue Bridge, as set forth in the license agreement for such location;

      Location 2: The area located on the north bank of the Chicago River west of the Michigan Avenue Bridge and the dock at Rush Street, as set forth in the license agreement for such location;

      (2)   all revenues received by the city from any agreement or contract, regardless of nomenclature, executed pursuant to sections 2-32-055 or 10-28-045 for outdoor advertising on any kiosk as defined in subsection (a) of this section;

      (3)   all revenues received by the city from any sponsorship agreement, regardless of nomenclature, executed pursuant to section 2-32-055 for the sponsorship of events, programs and initiatives within the Chicago Riverwalk;

      (4)   all revenues received by the city from any grant, contract or other agreement, regardless of nomenclature, for naming rights with respect to all or any portion of the Chicago Riverwalk;

      (5)   all revenues received by the city from any lease agreement, regardless of nomenclature, executed for the rental of indoor and outdoor retail space within the Chicago Riverwalk;

      (6)   all revenues received by the city from any concession agreement, regardless of nomenclature, executed for food, beverages, goods and services within the Chicago Riverwalk;

      (7)   all revenues received by the city from any use agreement, regardless of nomenclature, executed for the temporary use of space and facilities within the Chicago Riverwalk or for the temporary use of city- owned docks and slips immediately adjacent to the Chicago Riverwalk; and

      (8)   all revenues received by the city from meters or similar devices installed, operated and maintained for docking or mooring boats and similar vessels at city-owned docks and city-owned slips immediately adjacent to the Chicago Riverwalk.

   (c)   The requirements of this section shall apply regardless of whether the agreement or activity authorized in connection with the Chicago Riverwalk is entered into by authorized officers of the city or by a designee, agent or contractor approved for such purpose by the city council.

   (d)   The budget director, in consultation with the chief financial officer, is authorized, at his or her discretion, to place additional legally available revenues, from sources other than those identified in items (1) through (8), inclusive, of subsection (b) of this section, in the single fund required to be designated under subsection (b).

   (e)   The requirements of this section shall remain in effect until such time that the TIFIA Bond(s), as defined in the 2013 Series Ordinance, is paid in full or is defeased pursuant to the General Ordinance. At such time, the budget director, in consultation with the comptroller, shall determine whether, and in what amount, any or all of the revenues identified in items (1) through (8), inclusive, of subsection (b) of this section shall be placed in the corporate fund or in an appropriate fund(s) designated by the budget director, in consultation with the comptroller, to be used for operation of the Chicago Riverwalk, including (i) operating costs, (ii) routine maintenance and repairs; (iii) programming; and (iv) improvements (other than routine maintenance and repairs) approved by the city council.

(Added Coun. J. 3-13-13, p. 47545, § 1001; Amend Coun. J. 4-15-15, p. 106578, § 3; Amend Coun. J. 10-28-15, p. 11951, Art. X, § 3)

ARTICLE XIV. WORKERS’ COMPENSATION (2-32-1400 et seq.)