City aims to ease investor fears ahead of $1.16B borrowing

A top mayoral aide tried Wednesday to ease lingering investor concerns about city and school finances, hoping taxpayers won't pay the price when Chicago tries next week to sell $1.16 billion in general obligation bonds.

Chief Financial Officer Carole Brown's pitch to investors in Chicago - and similar meetings over the next few days with investors in Boston and New York - comes two days after Gov. Bruce Rauner threw Chicago another curve ball.

The Illinois House unanimously approved Mayor Rahm Emanuel's plan to save two of four city employee pension funds, only to have the governor declare his intention to veto the bill that locked in employee concessions and authorized a five-year ramp to actuarially required funding.

Last month, the governor's veto of a bill giving the Chicago Public Schools $215 million in state pension help already built into the school budget created a potential crisis that could force devastating classroom cuts if that veto is not overturned.

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