Rahm The Un-Reformer: Emanuel seeks to borrow $900 million For Near Bankrupt Chicago

The Chicago Tribune reports:

Mayor Rahm Emanuel's administration is making preparations to issue up to $900 million in bonds this year to lower some of its borrowing costs, push other debt off into the future at an overall higher cost, cover legal settlements and pay for construction, building maintenance and equipment.

At the same time, the administration is making plans to double the city's short-term credit line to $1 billion, Chief Financial Officer Lois Scott told aldermen at a City Council Finance Committee meeting.

The committee recommended giving the administration authority to put together two major bond deals and double the city’s the line of credit to $1 billion, even as the city carries an outsized debt burden in comparison to most other major cities. Chicago carries a high debt level for bonds previously issued, and it also owes more than nearly all other major U.S cities to its pension plans to cover current obligations

This is no way to run a city.