Chicago City Council approves Emanuel major borrowing plan without debate – 4 Alderman Oppose

Chicago City Council approves Emanuel major borrowing plan without debate – 4 Alderman Oppose

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With nary a word of discussion and only a handful of “no” votes, the City Council today approved a massive borrowing plan put forward by Mayor Rahm Emanuel’s financial team just 48 hours ago at a time when the city already is dealing with an outsized level of debt and a recent triple-downgrade in its bond rating.
With the 43-4 vote, the council gave the Emanuel administration authority to issue up to $900 million in new bonds and to double the city’s short-term line of credit to $1 billion.

The “no” votes came from Aldermen Robert Fioretti, 2nd; Scott Waguespack, 33rd; Brendan Reilly, 42nd; and John Arena, 45th. Fioretti, Waguespack and Arena are frequent Emanuel critics, while Reilly is something of a fiscal hawk who is vice chairman of the Budget Committee.

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