Formula could mean property tax increases for those in affluent areas. Many Chicagoland homeowners are already paying over two percent of their home’s value in annual property taxes, which is huge by national standards. How much higher can they go? via Chicago area’s wealthy districts likely losers in school funding overhaul – chicagotribune.com.

Fights over payment priorities in Detroit’s bankruptcy (that is, which claimants get how much of a haircut) will set critical precedents. If Illinois were to authorize Federal bankruptcy proceedings for its cities, which so far it has not, those precedents could be meaningful here. http://www.publicsectorinc.org/2014/02/going-nuclear-in-detroit/