The Chicago Tribune reports on bankrupt Chicago:
Mayor Rahm Emanuel convinced all but a handful of aldermen Wednesday to allow him to borrow $900 million with no debate and without saying how much of the money would be spent.
The 43-4 vote gives the Emanuel administration the power to issue $900 million in new bonds and to double the city’s short-term credit line to $1 billion.
There's more on bankrupt Chicago:
Before Wednesday’s vote, Chicago already had $7 billion in tax-backed debt, more per capita than any other major U.S. city except New York. That tally doesn’t include the $19.5 billion Chicago is short to fully fund its four pension systems, and the city soon will have to step up its payments into two of those funds unless state lawmakers approve some kind of relief.
Which is more tax backed debt per capita than Detroit!
