Chicago City Council Passes $830M Bond Plan Despite Fiscal Concerns

The narrowly approved infrastructure bond features a back-loaded repayment schedule, doubling its cost to $2 billion and sparking intense debate over the city's financial future.

• The Chicago City Council approved Mayor Brandon Johnson's $830 million infrastructure bond plan in a close 26-23 vote, with Johnson casting a tie-breaking vote to prevent delaying the decision.
• The bond plan includes a back-loaded repayment structure, deferring principal payments until 2045 and increasing the total cost to $2 billion by 2055.
• Critics, including aldermen and financial experts, argue the plan is fiscally irresponsible, warning it could worsen the city's already precarious financial position and lead to further credit downgrades.
• Supporters contend the bond is necessary for addressing critical infrastructure needs, including road repairs, bridge replacements, and lead pipe removal, which they say would be costlier to delay.
• The contentious vote reflects broader concerns over Chicago's financial management, with the city already burdened by significant debt, declining population, and rising expenditures.

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