Chicago convention agency bringing scoop and toss, first bond tender – The Bond Buyer

The agency that manages Chicago's convention center campus wades into the market this week with a deal that continues its trend of pushing off looming bond payments to manage a persistent mismatch between its revenues and its debt service schedule.
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Truth in Cook County
7 months ago

What a mess, and an example of city, McPiet agency and state leader incompetence. All they are doing here is making the bond holders wealthy, and soaking us taxpayers by never paying down the principal of the loan. Most don’t understand that “capitalizing” the interest means not paying the interest payment, and adding it to the principal. Plus everyone outside the city should be pleased that the state (that means people in the suburbs and downstate) guarantee these garbage bonds, and will likely have to step and make $300m to $450m in payments each year as Chicago implodes. Yeah Chicago,… Read more »

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