Moving forward with debt sale, Chicago taps Bank of America as facilitator – City Bureau
The deal with the San Francisco-based bank is one step forward in the city’s plan to sell at least $1 billion worth of vehicular debt such as unpaid parking, speeding and red light camera tickets, in hopes of earning no less than $89.6 million. That’s roughly 9 cents on the dollar.
Even if lawmakers reconvene this summer, it’s not clear how quickly any extra money would make it to school districts like CPS. School Board member Jitu Brown said board members are asking the city to release more TIF dollars, and CPS CEO Macquline King said the district is working through “different avenues” for help, including pressing the county for some relief.
Quinn was part of a renegade bloc of moderate Democrats who rejected Johnson’s corporate head tax and passed an alternative city budget with major elements Johnson opposes. Quinn’s departure will deny that rebel group one of its most reliable votes and best political tacticians.
A coalition of state officials, which also included Raoul, won a different lawsuit over similar restrictions on the same funding June 30.