Chicago approves borrowing $1.9 billion

CHICAGO (AP) - Chicago city leaders have authorized borrowing $1.9 billion.

The Chicago Sun-Times reports (https://bit.ly/1j7Glte) it’s the first time the city is entering the bond market since Chicago’s bond rating was dropped. The Chicago City Council’s Finance Committee on Monday approved the two borrowings. One is $1 billion for Midway International Airport. The other is a $900 million general obligation bond. It will pay to refinance old debt, pay for equipment and capital projects and fund $100 million for legal settlements.

Last July, Moody’s Investors Service downgraded Chicago’s debt rating citing the city’s pension liability.

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Information from: Chicago Sun-Times, https://www.suntimes.com/index