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Infrastructure Trust

Infrastructure Trust

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Published by valeriefleonard
Revised ordinance for Chicago's proposed infrastructure trust.
Revised ordinance for Chicago's proposed infrastructure trust.

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Published by: valeriefleonard on Apr 17, 2012
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04/17/2012

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SUBSTITUTEORDINANCEESTABLISmNGTHECmCAGOINFRASTRUCTURETRUSTANDPROVIDINGFORCERTAINRELATEDMATTERS
WHEREAS,infrastructureisavitalandfoundationalelementinthefuturecompetitivenessoftheCityofChicago(the"City")andtheCity'smunicipalinfrastructureassetsincluding,withoutlimitation,masstransit,surfaceandhighwaytransportation,freightrail,airandmaritimeports,education(elementary,secondaryandcommunitycollege)facilities,waterandsewerandotherservicesandfacilitiesrequiresignificantandon-goingimprovementandupgrades;andWHEREAS,theCity'sstatusasaleadingglobalcityreliesinpartonitsabilitytobeattheforefrontofimplementationofenergyefficiencyprogramsandinitiatives;andWHEREAS,savingsfromtheseenergyefficiencyinitiativescanbesignificantandsufficienttopayfortheupfrontcapitalinvestmentneededinitiallytofinancetheseinitiatives;andWHEREAS,financingupgrades,improvementsandexpansionsoftheCity'sinfrastructureassetswillbechallenging,givencompetingdemandsforcapitalthatcanberaisedinthemunicipalfinancemarketsaswellasbudgetandfinancialconstraintsthatoftenresultinmoneysbeingallocatedtoshorterterminitiativesandoperationalexpenditures;andWHEREAS,infrastructurefundingfromtheStateandFederalgovernmentshasbeeninconsistentandunpredictable,withdemandforfundingclearlyexceedingtheresourcesavailableasstatesandmunicipalitiescompeteforinevitablylimitedfunding;andWHEREAS,arangeofprivateinvestorsandorganizations,includingwithoutlimitationfoundations,laborunions,publicsectorandprivatesectorpensionfunds,privateequityfunds,mutualfundsandsovereignwealthfundshavedemonstratedagrowinginterestinlow-risk,long-terminfrastructureinvestmentsanditisinthebestinterestoftheCitytoworkcollaborativelywithsuchinvestorsandorganizationsinatransparentandstrategicmannertoarrangerequiredfinancingforarangeoftransformativeinfrastructureprojectsforthebenefitoftheCityanditsresidents;andWHEREAS,theCityneedstodiversifyitsoptionsandalternativesforfinancingofinfrastructureprojects,indudingfinancingarrangementsthatarepredictableandattractivetoabroadrangeofinvestors,allinamannerthatisfullytransparentandontermsandconditionsthatbenefittheCityanditsresidents;andWHEREAS,itisinthebestinterestoftheCitytoestablishaprofessionallymanagedandgovernedinfrastructurefund(the"ChicagoInfrastructureTrust"orthe"Trust")thatwillservethefollowingpurposesandobjectives:providefundingandcreditsupporttoqualifyingtransformativeinfrastructureprojects;playanimportantcoordinatingandfacilitativeroleinattractingprivateinvestmentfortheseinfrastructureprojects;haveassociatedgrant-makingcapabilitiesforselectinfrastructureprojects;facilitatefundingofinfrastructureprojectsaffecting
701263018.1
063
 
oneormoreco-ordinateunitsoflocalgovernmentthatwillenablethesharingoflabor,resourcesandknowledgebetweenandamongsuchunitsoflocalgovernment;andestablishhighstandardsoftransparencyregardingthetypesofcapitalandinvestmentsreceived,theinfrastructureprojectsfunded,theinvestmentreturnsonsuchprojectsandotherinformationthatwillbeeasilyaccessibletothepublicandsubjecttorigorousoversightandaudit;andWHEREAS,theTrustwillbecapitalizedbyacombinationofmoneysappropriatedbytheCityCounciloftheCityandcapitalprovidedbyarangeofthird-partyinvestorsandorganizations;andWHEREAS,examplesofinfrastructurefundsandbanksexistacrosstheworld,includingCanada'sP3CFund,theEuropeanInfrastructureBankandtherecentlyannouncedinfrastructurebanksintheUnitedKingdom;andtheUnitedStatesDepartmentofTransportation'sTransportationInfrastructureFinancingandInnovationAct(TIFIA)Programhassimilarobjectivesonanationallevelalthoughlimitedtosurfacetransportationprojects;andWHEREAS,theTrustwillbeamongthefirstofitskindforanycityorlocalgovernmentintheUnitedStates;andWHEREAS,itisintendedthatallassetsoftheTrustshallbeheldintrustsolelyforthepurposesandobjectivesdescribedinthisOrdinance;andWHEREAS,anyprojectundertakenbytheCitywithfundingreceivedfromorprovidedbytheTrustwillcomplywithCityprocurementrulesandpolicies;andWHEREAS,repaymentofanymoneysprovidedbytheTrusttofinanceorsupportanyinfrastructureprojectwillnotbeageneralobligationoftheCityandwillnotbesecuredbytheCity'sfullfaithandcredit.
Now,Therefore,BeItOrdainedbytheCityCounciloftheCityofChicago:
SECTION1.OrganizationandQualificationoftheChicagoInfrastructureFund.
TheChiefFinancialOfficeroftheCity,theCityComptrolleroftheCityandtheCorporationCounseloftheCityareeachauthorizedanddirectedtotakesuchstepsasmaybenecessarytoenabletheTrusttobecomedulyorganizedandqualifiedasanIllinoisnot-for-profitorganization.(If,atanytime,nopersonisappointedtoserveinthepositionofChiefFinancialOfficer,then,forallpurposesofthisOrdinance,theterm"ChiefFinancialOfficer"shallmeantheCityComptroller.)
SECTION2.CompositionandAppointmentofBoardOfDirectors.
(a)TheBoardofDirectorsoftheTrustshallconsistoffive(5)votingmembers("VotingMembers")appointedbytheMayoroftheCity(the"Mayor")withtheapprovaloftheCityCouncil.FouroftheseVotingMembersshallhaveexpertiseinoneormoreofthefollowingareas:financinganddevelopmentofinfrastructure;capitalmarkets;andmunicipalfinance,andoneoftheseVotingMembersshallbeamemberoftheCityCouncil.IfatanytimetheCityCouncilVotingMembershallceasetobeamemberoftheCityCouncil,hisorherterm
 
asaVotingMembershallalsoceaseandamemberoftheCityCouncilshallbeappointedtoservetheremainderofthisterm.TheVotingMembersinitiallyappointedpursuanttothissub-section(a)willserveforthefollowingterms:onememberforatermcommencingwiththeincorporationoftheTrustandendingonDecember31,2013,twomembersforatermcommencingwiththeincorporationoftheTrustandendingonDecember31,2014;andtwomembersforatermcommencingwiththeincorporationoftheTrustandendingonDecember31,2015.Thereafter,eachVotingMemberappointedpursuanttothissub-section(a)willserveforatermofthreeyears.EachVotingMemberappointedpursuanttothissub-section(a)willserveuntilhisorhersuccessorisdulyqualifiedandappointed.AnyappointmentandassociatedCityCouncilapprovalofVotingMemberssubsequenttotheappointmentoftheinitialVotingMembersshalloccurwithinoneyearofanyvacancycreated.VotingMembersappointedpursuanttothissub-section(a)willbesubjecttoremovalforcausebytheMayor.AnyVotingMemberwhohasafinancialinterestinanyentitythatisbeingconsideredbytheTrusttoperformworkfortheTrustorfortheCity,toreceivefundsfromtheTrustorfromtheCity,ortoprovidefundstoorotherwisemakeaninvestmentintheTrust,shallrecusehimselforherselffromanyvoteoftheBoardofDirectorsregardingsaidentity.Forpurposesofthisparagraph,theterm"financialinterest"shallbedefinedasprovidedinChapter2-156,asamendedfromtimetotimeoftheMunicipalCodeofChicago,(the"MunicipalCode").Pursuanttothisparagraph,allVotingMembersowetheTrustafiduciaryduty,andaccordinglyarestrictlyprohibitedfrommakingdecisionsorrecommendationsonbehalfoftheTrustforpersonalfinancialgain.(b)Non-voting,advisorymembersshallbeappointedtotheBoardofDirectorsoftheTrustasfollows:(i)Threenon-voting,advisorymembersmaybeappointedbytheMayor.Thesenon-voting,advisorymembersshallbeeithercommissioners,officialsoremployeesoftheCityorofthefollowingunitsofgovernment:thePublicBuildingCommissionofChicago,theChicagoTransitAuthority,theChicagoBoardofEducation,CommunityCollegeDistrictNumber508,theChicagoParkDistrictandtheChicagoHousingAuthority(collectively,the"Co-OrdinateUnitsofGovernment")orboardmembersoftheCo-OrdinateUnitsofGovernment.Eachnon-votingadvisorymemberappointedpursuanttothisclause(i)shallserve
ex-officio
whilealsoservinginhisorherrespectivepositionasa,commissioner,official,employeeorboardmemberoftheCityoroftherespectiveCo-OrdinateUnitofGovernment.(ii)Threenon-votingadvisorymembersmaybeappointedbytheVotingMembers.Eachnon-votingadvisorymemberappointedpursuanttothisclause(ii)shalleachserveforatermoftwoyearsfromthedateofhisorherrespectiveappointment.Non-votingadvisorymembersappointedpursuanttothisclause(ii)willbesubjecttoremovalforcausebyamajorityoftheVotingMembersoftheTrust.

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