Chicago City Council Defers Vote on $1.5 Billion Refinancing.

The Chicago City Council has postponed a vote on Mayor Brandon Johnson's proposed $1.5 billion bond deal, which aims to address recent budget shortfalls. The bond proposal includes refinancing and a bond buyback process, with the city expecting to save $110 million based on current market conditions. The measure stipulates that the funds can only be used for cost-saving refinancing purposes, and the vote has been deferred to allow for further amendments to the ordinance. The item is expected to be voted on at the next council meeting. [Extracted from the article]