Bondholders Taking Dibs on Public’s Bones While Illinois Taxpayers Snooze – Wirepoints Original – Updated

  By: Mark Glennon* Most readers’ eyes surely glazed over when they read last week about the cat fight between two of the agencies that rate credit for Chicago Public Schools. What’s far more important than that dispute is what it illustrated: The municipal bond community is way ahead in putting itself before everybody else with a stake in the financial crises gripping CPS, Chicago, other muncipalities and the State of Illinois. They’ve been hard at work securing positions to ensure they’ll get paid first, ahead of other creditors and ahead of taxpayers hoping to see government cash used for

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Why a Leading Illinois Lawmaker Fears Downgrade to Junk – The Bond Buyer

Cullerton’s warning came in a speech to the Chicago City Club Monday during which the Chicago Democrat laid out the case for the 13-bill legislative package known as the “Grand Bargain.” Comment: Cullerton, of course, has been assuring us for years that everything is fine in Illinois. That’s been a standard talking point for him, and he’s the one who made national headlines for saying there’s “no crisis” with Illinois pensions.

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Stalled Olive-Harvey construction project on South Side a ‘travesty’ – Chicago Tribune

The project — a joint initiative between the state and City Colleges of Chicago — repeatedly has stalled amid the state’s budget crisis and disputes between the city and Springfield. Instead of being filled with students taking classes, the facility sits idle and empty, its future uncertain after years of delays that could cost taxpayers millions beyond the initial $45 million price tag.

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