Chicago Committee Passes Controversial $1.5 Billion Refinancing.

The Chicago City Council Finance Committee has passed a $1.5 billion bond proposal to refinance debt in an effort to address the city's budget deficits. The proposal includes refinancing $980 million in debt with a mix of general obligation and sales-tax backed bonds, as well as using a tender process to buy back bonds at a slight premium. The refinancing is expected to generate savings of $70 million, which may increase to $90 million this year and an additional $35 million next year. Some members of the city council have raised concerns about the details of the borrowing, and even state officials have criticized the deal. If approved by the full council, the bonds will be issued before the presidential election in November. [Extracted from the article]