5 Things To Know From The First Day Of Chicago Budget Hearings – WBEZ (Chicago)

The $1.7 billion proposed refinancing and restructuring will involve several complicated steps that Ald. Michele Smith compared to refinancing a mortgage and then taking out a second loan. “It’s like refinancing your mortgage and taking the savings and using it to finance another component of a mortgage,” confirmed CFO Jennie Huang Bennett. To which Smith replied: “To pay for the furniture?”

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