Read this article - "They would not divulge the source of the borrowing, sure to resemble a payday loan, its exact amount or the interest rate expected to be paid by a district in which its credit card was believed to have been maxed out."
Wall Street flushing billions of dollars of profit from USA public works and public assets? Say it isn't so, New York Times. Read this story and you will see one of the most powerful reasons for having a public bank in Chicago.
CHA stockpiles cash. In 2015 was sitting on a stash of $379 million! Read the story in the Chicago Tribune.
"Taxpayers hit again under Emanuel as CPS hikes property taxes" says the story in the Chicago Tribune. "As it has done for more than two decades, CPS will boost its regular property tax levy to the maximum amount allowed by law. The district also will collect again on a capital improvement property tax enacted last year to finance borrowing for school infrastructure projects. But the biggest jump will come from a new tax expected to generate $250 million to help cover the district's massive teacher pension obligations. CPS officials say the district's total tax increases would cost the owner of a $250,000 home an extra $245."
News stories related to the topics we cover in the book.