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As fiscal storm clouds gather, Chicago seeks a questionable shelter

from Crain's Chicago Business

When Chicago issued half a billion dollars in new bonds late last year, some investors balked, though the offering was designed to protect them by guaranteeing that they would be paid with tax revenues that Illinois sends to its biggest city. “It’s an untested model,” the research head at Gurtin, a municipal bond firm, said of the offering — Chicago’s first under a new state law. more

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