Bond defaults follow Cook County’s property tax delays – The Bond Buyer

The tax bill situation caused a lot of downstream financial costs and operational issues "that are now being borne by entities that really had no control over the tax system upgrade," an analyst said, adding that there is reportedly a group of school boards considering a class-action lawsuit.
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The Railroader
2 months ago

“East Dundee & Countryside Fire Protection District…failed to make its Jan. 15 principal and interest payments. It will make them “either upon receipt of the delayed taxes from the County or upon the closing of a tax anticipation warrant, whichever comes first,” “The district’s cash position eroded…because of unanticipated capital needs and over-budget staffing costs” In fiscal 2025, the district anticipated another operating deficit but issued long-term debt equivalent to about 20% of annual revenues to (pay unbudgeted wages and salaries)” This is what near-criminal fiscal mismanagement looks like. How the proverbial pitchforks and torches aren’t being brandished is beyond… Read more »

Sweet Home Alabama
2 months ago

Saw post on X last year complaining about Tyler Technologies basically screwing up the entire state of Delaware and my first thought was “that name sounds familiar.” This brings up good points about where the origin really lies, but rather than just blaming Cook County find out who specifically approved the upgrade and what kind of due diligence was done on the company delivering on its promises.
Regardless, this should be a clarion call for muni investors.

Last edited 2 months ago by Sweet Home Alabama
Giles Caver
2 months ago

When access to other sources of funds broke down, “that’s what caused the problem in Detroit, that’s what caused the problem in Puerto Rico,” he {Richard Ciccarone, president emeritus of Merritt Research Services] said, and that same principle would apply here.”

Sanity please
2 months ago
Reply to  Giles Caver

Don’t forget the same applied to New York
city, The response from Washington for
financial assistance was I believe, “ Drop
Dead!”. Wait for it Chicago and Illinois
“Drop Dead!”, mic drop.

David F
2 months ago
Reply to  Sanity please

When you won’t follow federal laws and make it more costly and dangerous for federal law enforcement DROP DEAD is the RIGHT ANSWER!

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