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Latest sign of Chicago financial stress: City debt up by $1B

from Chicago Tribune

The amount of overall Chicago debt to be paid off with future city property tax collections rose by more than $1 billion last year — marking yet another troubling financial trend for Mayor Rahm Emanuel as he tries to right the financial ship. But there's a bit of a silver lining in that cloud — the bulk of the new borrowing was done to execute Emanuel's plan to rid the city of risky borrowing deals that could have resulted in even bigger financial troubles down the road. more

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