Chicago City Council Delays Vote on $830 Million Bond Plan

Aldermen raise concerns over long-term debt impact as Mayor Brandon Johnson's infrastructure proposal faces resistance.

The Chicago City Council postponed a vote on Mayor Brandon Johnson's proposed $830 million bond issue, citing concerns over its repayment structure and long-term costs.
Critics, including Alderman Bill Conway, labeled the plan 'fiscal insanity,' highlighting that the debt would cost taxpayers $2 billion in added expenses over 30 years.
Supporters argue the bond is essential for critical infrastructure projects, such as road and bridge repairs, and warn that delays could hinder public safety and daily life in Chicago.
The bond's repayment plan defers principal payments until 2045, raising concerns among aldermen about passing financial burdens to future administrations and taxpayers.
The delay reflects broader tensions between the mayor's administration and the City Council, with some members expressing distrust and frustration over transparency in financial planning.