Chicago City Council to vote on Johnson $830M bond proposal this week

Mayor Johnson defends $830M bond proposal as City Council Vote nears

Chicago Mayor Brandon Johnson is defending his $830 million bond proposal ahead of a crucial vote with the City Council.

CHICAGO - Chicago Mayor Brandon Johnson is defending his $830 million bond proposal ahead of a crucial vote with the City Council. 

Last week, two aldermen used a parliamentary maneuver to stall the bond issue amid concerns over the back-loaded repayment schedule.

The Bond Proposal

What we know:

The bond would pay for various capital projects, but many are concerned over its long-term costs.

According to initial estimates, the total cost to repay the bond is about $2 billion. However, the city would only pay interest for the first 19 years. 

Principal payments would not start until 2045 — a cost that would grow from $27 million to about $129 million by the debt's due date.  

Johnson and his senior aides say they have agreed to tighten language prohibiting the infrastructure borrowing funds from being used for operational expenses at Chicago Public Schools. 

What's next:

The Chicago City Council is expected to vote on the bond proposal at Wednesday's meeting.