Despite Few Misgivings, City Council Approves $1.1 Billion Bond Issue
(CBS) -- The Chicago City County today quickly approved a $ 1.1 billion dollar bond issue that the Emanuel administration asked for, despite a few misgivings, reports WBBM Political Editor Craig Dellimore.
With no debate or even a roll call, the City Council approved Mayor Rahm Emanuel's plan for more than a billion dollars' worth of long-term borrowing.
Finance Committee Chairman Alderman Ed Burke presented it.
"This is a step that is necessary to fund existing debt and begin to take steps to claw out of the financial condition that we are in," Burke said.
There were three no votes, including one from Carlos Ramirez-Rosa.
"It is time to have a serious conversation about revenue," he said. "I was not prepared to vote today for a plan that did not include revenue, so me this is not a full plan."
It is Mayor Emanuel's biggest bond issue to date.