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 Thursday, July 24, the 205th day of 2014. There are 160 days left in the year.

1864 -- 150 years ago: The Rev. R.J. Humphrey, once a clergyman in this city, was reported killed in a quarrel in New Orleans.
1889 -- 125 years ago: The Rock Island Citizens Improvement Association held a special meeting to consider the proposition of consolidating Rock Island and Moline.
1914 -- 100 years ago: The home of A. Freeman, 806 3rd Ave., was entered by a burglar while a circus parade was in progress and about $100 worth of jewelry and $5 in cash were taken.
1939 -- 75 years ago: The million dollar dredge, Rock Island, of the Rock Island district of United States engineers will be in this area this week to deepen the channel at the site of the new Rock Island-Davenport bridge.
1964 -- 50 years ago: The Argus "walked" to a 13-0 victory over American Container Corporation last night to clinch the championship of Rock Island's A Softball League at Northwest Douglas Park.
1989 -- 25 years ago: The Immediate Care Center emergency medical office at South Park Mall is moving back to United Medical Center on Sept. 1. After nearly six years in operation at the mall, Care Center employees are upset by UMC's decision. The center is used by 700 to 800 people each month.








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