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Finance Committee signs off on Johnson's $830 million general obligation bond issue

Summary by Chicago Sun Times
After last year's budget stalemate, Standard & Poor’s dropped Chicago's bond rating, which determines the city’s borrowing costs. That's expected to cost Chicago taxpayers tens of millions of dollars over the next 40 years, and the $830 million bond issue OK'd Monday by the Finance Committee will be the first major test.

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WirePoints Illinois Financial NewsWirePoints Illinois Financial News

Finance Committee signs off on Johnson’s $830 million general obligation bond issue – Chicago Sun-Times

Mayor Brandon Johnson’s plan to issue $830 million worth of general obligation bonds to bankroll a year’s worth of capital projects cleared a City Council committee Monday amid questions about borrowing that much money when federal funding is at risk and the impact of the city’s recently reduced-bond rating. Chief Financial Officer Jill Jaworski said the liabilities S&P cited in the downgrade include Chicago’s $37 billion pension crisis.

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Chicago Sun TimesChicago Sun Times

Finance Committee signs off on Johnson's $830 million general obligation bond issue

After last year's budget stalemate, Standard & Poor’s dropped Chicago's bond rating, which determines the city’s borrowing costs. That's expected to cost Chicago taxpayers tens of millions of dollars over the next 40 years, and the $830 million bond issue OK'd Monday by the Finance Committee will be the first major test.

·Chicago, United States
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Chicago Sun Times broke the news in Chicago, United States on Monday, February 10, 2025.
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