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Chicago city council pitched on pension obligation bonds

from Bond Buyer

Chicago Mayor Rahm Emanuel's administration estimates a $10 billion pension obligation bond sale could generate more than $6 billion in long-term savings for the city. “In today’s market, we estimate that a hypothetical issuance of fund stabilization bonds could generate more than $6 billion in gross savings” and “reduce the amount needed for revenue increases,” according to a handout distributed at meetings Chief Financial Officer Carole Brown held with council members Thursday. more

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