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updated: 2/3/2014 5:54 PM

Chicago approves borrowing $1.9 billion

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Associated Press

Chicago city leaders have authorized borrowing $1.9 billion.

The Chicago Sun-Times reports it's the first time the city is entering the bond market since Chicago's bond rating was dropped. The Chicago City Council's finance committee on Monday approved the two bond issues. One is $1 billion for Midway International Airport. The other is a $900 million general obligation bond. It will pay to refinance old debt, pay for equipment and capital projects and fund $100 million for legal settlements.

Last July, Moody's Investors Service downgraded Chicago's debt rating citing the city's pension liability.

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