Report: Chicago-area city debt rates are climbing


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Posted Online: Dec. 09, 2012, 8:05 am
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CHICAGO (AP) A published report says at least 52 towns in the Chicago area have debt that exceeds 5 percent of the community's property tax base.

The Chicago Tribune reports in its Sunday editions on its analysis of municipal debt in more than 270 communities in Cook, DuPage, Kane, Lake, McHenry and Will counties.

The Tribune looked at general obligation bonds, which are big loans that cities promise to pay off even if it means raising taxes.

Until 1970, taxpayer-backed debt couldn't exceed 5 percent of a community's property tax base. A rewrite of the Illinois Constitution that year lifted the cap on borrowing.

Communities borrowed money for park and street upgrades, to buy and improve a golf course, and to build a new public works facility.














 




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  Today is Wednesday, April 16, the 106th day of 2014. There are 259 days left in the year.
1864 -- 150 years ago: Yesterday some bold thief stole a full bolt of calico from a box in front of Wadsworth's store, where it was on exhibition.
1889 -- 125 years ago: A team belonging to Peter Priese got away from its driver and made a mad run across the Rock Island Bridge. The driver was thrown from his seat but not hurt.
1914 -- 100 years ago: Carlton Taylor was appointed district deputy grand master for the 14th
Masonic District of Illinois.
1939 -- 75 years ago: Moline's million dollar municipal airport was dedicated to air transportation and the national defense by Lt. Gov. John Stelle.
1964 -- 50 years ago: THE ARGUS will be election headquarters for Rock Island County tomorrow night, and the public is invited to watch the operation. The closing of the polls at 6 p.m. will mark the start of open house in the newsroom. Visitors will see staff members receiving, tabulating and posting returns.
1989 -- 25 years ago: Few bricks actually tumbled, but no one seemed to mind as about 1,000 people gathered to celebrate the formal start of demolition at the site of a downtown civic center.




(More History)