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 Tuesday, July 29, the 210th day of 2014. There are 155 days left in the year.

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1889 -- 125 years ago: James Normoyle arrived home after graduating from West Point with honors in the class of 1889. He was to report to Fort Brady, Mich., as second lieutenant in the 23rd Infantry.
1914 -- 100 years ago: Austria Hungary declared war on Serbia. Germany and Austria refused an invitation of Sir Edward Grey to join Great Britain at a mediation conference.
1939 -- 75 years ago: Dr. William Mayo, the last of the three famous Mayo brother surgeons, died at the age of 78.
1964 -- 50 years ago: One of the biggest horse shows of the season was held yesterday at Hillandale Arena on Knoxville Road under the sponsorship of the Illowa Horsemen's Club.
1989 -- 25 years ago: Davenport is like a gigantic carnival this weekend with the Bix Arts Fest taking over 12 square blocks of the downtown area. A festive atmosphere prevailed Friday as thousands of people turned out to sample what the Arts Fest has to offer.








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