Editorial: With Chicago’s forced bond sale, the financial details just keep getting uglier – Chicago Tribune/Yahoo

"By the end of 2033, the city will end up paying more than $140 million in interest, bringing the total cost of this $512 million bond financing to $652 million. Part of the reason the interest costs are so high is that the city chose to include more than $52 million of interest itself in the amount of bonds it issued. In other words, the city is paying interest on its interest!"
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The Railroader
2 months ago

This is what we mean when we describe Mayor Cliff Notes’ fiscal incompetence and irresponsibility. Mayor Notes beclowningly out-stupids himself on a near daily basis. It isn’t dumb enough to borrow long term to pay current operating expenses. That’s akin to opening the hull of a leaking boat to try and let the water out. This never works. Ever. Not to be outdone by his previous idiocy, Mayor Cliff Notes is dumb enough to pay interest in order to borrow long term to pay interest on previous long-term borrowings. Will the Blind-as-a-bat ceidt ratings agencies even notice? They might be… Read more »

Last edited 2 months ago by The Railroader

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