City Council approves $3 billion borrowing plan

Fran Spielman  |  October 12, 2017

By Fran Spielman, includes “The City Council overwhelmingly agreed Wednesday to refinance $3 billion in debt in a way that could dramatically reduce borrowing costs, in a complex arrangement some aldermen likened to the widely despised parking meter deal. … 'What we are seeking to do today is to take a public asset — sales tax receipts — and turn that over for 40 years to Wall Street, to the banks. If this measure passes, I will be 60 years old before the public regains control of that money,' Ramirez-Rosa said. 'We are setting ourselves up for a long-term loss for a short-term gain.'"

Read the full article on: Chicago Sun-Times

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