Chicago city leaders have authorized borrowing $1.9 billion.
The Chicago Sun-Times reports itís the first time the city is entering the bond market since Chicagoís bond rating was dropped. The Chicago City Councilís 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, Moodyís Investors Service downgraded Chicagoís debt rating citing the cityís pension liability.Copyright © 2014 Paddock Publications, Inc. All rights reserved.