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 Monday, Sept. 1, the 244th day of 2014. There are 121 days left in the year.

1864 -- 150 years ago: We are informed by J.H. Hull that the reason the street sprinkler was not at work yesterday settling the dust on the streets, was because one of his horses was injured.
1889 -- 125 years ago: Bonnie McGregor, a fleet-footed stallion owned by S.W. Wheelock of this community, covered himself with glory at Lexington, Ky, when he ran a mile in 2:13 1/2. The horse's value was estimated as at least $50,000.
1914 -- 100 years ago: Troops are pouring into Paris to prepare for defense of the city. The German army is reported to be only 60 miles from the capital of France.
1939 -- 75 years ago: The German army has invaded Poland in undeclared warfare. Poland has appealed to Great Britain and France for aid.
1964 -- 50 years ago: Publication of a plant newspaper, the Farmall Works News, has been launched at the Rock Island IHC factory and replaces a managerial newsletter.
1989 -- 25 years ago: Officials predict Monday's Rock Island Labor Parade will be the biggest and best ever. Last minute work continues on floats and costumes for the parade, which steps off a 9:30 a.m.




(More History)