Alderman notes National Police Week and notes that Chicago's debt -- including odd 'instruments' -- is subject to greater scrutiny... What has CTU to say?

The alderman of the 45th Ward, John Arena, has noted in his latest bulletin, that this is National Police Week. Alderman Arena, one of the most consistent supporters of the Chicago Teachers Union, issued the following statement to the residents of his ward: "Dear George, As this is National Police Week, it is appropriate to acknowledge the fine police who serve our community. I want to commend the 17th Police District on their quick arrest of a man in connection to a murder that occurred in the 4300-block of North Elston on May 16. They have continued to demonstrate excellent police work with this and two violent crime arrests that occurred in April. .."

Arena also noted the latest wok he has been doing as one of the leaders of the Chicago City Council Progressive Caucus:

"On Wednesday, May 18, the Chicago City Council unanimously passed the Debt Transparency, Accountability and Performance ordinance (DTAP). This is a major regulatory ordinance that I spearheaded along with Alderman Waguespack and other members of the Chicago Progressive Caucus. It was designed to create oversight and transparency for financial transactions like SWAPS and other variable rate financing of city debt that have plagued the City in recent years. Under the new ordinance, no long-term debt or novel financial transactions that bear interest at a non-fixed rate for any part of its life may be entered into the City until several new criteria are met. The ordinance requires a heightened level of scrutiny on debt transactions, an extended period for public notices and hearings, as well as additional reporting from the CFO regarding financial transactions.

"This ordinance is the product of months of work to determine how to better hold the City of Chicago accountable for its financial undertakings in the future. Through this ordinance, we seek to acknowledge the economic missteps and ensure that reckless investments and debt transactions remain a thing of the past..."


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