The Chicago City Council last week approved the sale of up $80 million of general obligation tender notes to fund operations for the Chicago Public Library system in anticipation of annual tax ­collections.

The sale is expected to take place in the third quarter. Wells Fargo Securities is the senior manager. Gardner Rich LLC is a co-manager and ComCap Advisors is serving as adviser on the deal. Katten Muchin Rosenman is bond counsel and Cotillas and Associates is co-bond counsel. Burke, Burns & Pinelli is underwriters’ counsel.

The city is planning to sell up to $400 million of GOs later in the year but that authorization has not yet been submitted to the council.

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