Chicago Corrupt Aldermen on board with Mayor Rahm Emanuel borrowing another $600 million on top of the $2 BILLION DOLLARS + the city has borrowed in the past 14 months - Chicago Public Schools also borrowed $1 Billion Dollars too.... Bankrupting Chicago is the plan while skimming as much as they can

The City Council Finance Committee on Monday recommended borrowing another $600 million — a bond deal that could get even more expensive than usual for taxpayers if Mayor Rahm Emanuel doesn't come up with further plans to pay down the city's immense pension debt.

Chief Financial Officer Carole Brown said the administration anticipates an interest rate of less than 5 percent, which is already relatively high given the city's low credit ratings, when it goes to market in the third quarter of this year.

Bond rating agencies are keeping an eye on the city's precarious finances. Specifically, they want to see whether Gov. Bruce Rauner signs a bill that would stretch out the required contributions to police and fire pension funds, Brown said.

If the governor doesn't, the city would have to come up with $220 million before the year is out and more than $1 billion over the next four years. That, in turn, would leave the city looking to "identify a new revenue source," according to documents handed out to aldermen.

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