Chicago Mayor wants to borrow $830 Million as cities credit rating takes huge hit

Chicago Mayor Brandon Johnson asked the city to take out $830 million in bonds just one day after Chicago’s credit rating hit near-junk status, according to Standard & Poor’s Global.

Johnson claims the bonds are for infrastructure and capital improvements, but there is broad language in how the money could be spent. He could use it for the contract his former coworkers at the Chicago Teachers Union are seeking.

In listing acceptable uses for funds, the ordinance includes “loans or grants to assist individuals, not-for-profit organizations, or educational or cultural institutions, or for-profit organizations, or to assist other municipal corporations, units of local government, school districts, the State or the United States of America.”