Illinois lawmakers opened door to risky CPS bond deals
The legislation paving the way for Chicago Public Schools to issue $1 billion in risky debt arrived on the Senate floor with little explanation. The sponsor, Sen. John Cullerton, told...
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Banks kept CPS in shaky bond market
As investors across the country grew disenchanted with the risky auction-rate bond market in summer 2007, Bank of America officials became concerned that more trouble might lie ahead. Auction-rate securities...
Risky bonds prove costly for Chicago Public Schools
Fresh from the world of high-stakes trading, David Vitale arrived at Chicago Public Schools a decade ago with a plan to transform the way it borrowed money. With the district...
How the Tribune analyzed CPS’ bond deals
When Chicago Public Schools officials embraced auction-rate borrowing over traditional fixed-rate bonds, their goal was to save money for the financially strapped district. From 2003 through 2007, the district issued...
CPS resisted sharing financial data with public
Chicago Public Schools' spending is financed by taxpayer dollars, but it took months of effort by Tribune reporters and attorneys to obtain details about the district's borrowing history and how...
Emanuel borrowing has steep price tag
Mayor Rahm Emanuel's administration sold more than $883 million in bonds this week to pay bills and maintain services, a strategy that will cost taxpayers down the road but lets...
Mayor seeks to borrow up to $900 million more
In a move that will add to the city's mountain of debt, Mayor Rahm Emanuel won support Monday from the City Council's Finance Committee to issue up to $900 million...
Emanuel seeks to borrow $900 million
Mayor Rahm Emanuel's administration is making preparations to issue up to $900 million in bonds this year to lower some of its borrowing costs, push other debt off into the...
Emanuel seeks to borrow $900 million
Mayor Rahm Emanuel's administration is making preparations to issue up to $900 million in bonds this year to lower some of its borrowing costs, push other debt off into the...
Mayor seeks to borrow up to $900 million more
In a move that will add to the city's mountain of debt, Mayor Rahm Emanuel won support Monday from the City Council's Finance Committee to issue up to $900 million...