Chicago mayor to leave pension bond decision to successor
Chicago will not immediately pursue the issuance of up to $10 billion of pension bonds to buoy its underfunded retirement system, under steps Mayor Rahm Emanuel will outline to the city council on Wednesday, a city hall source said on Tuesday. Instead, Emanuel, who is not seeking a third term in office next year, will work with aldermen to create a structure for the debt, leaving it up to them and the next mayor to decide whether to issue the bonds, the source added.
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