Chicago Seeks Authorization to Sell Up to $830 Million in Bonds

Chicago Mayor Brandon Johnson wants to sell as much as $830 million in general obligation bonds, filing an ordinance to approve the borrowing one day after S&P Global Ratings cut the city’s credit rating.

The proceeds of the proposed sale would help finance “improvements to public rights-of-way, infrastructure and transportation, loans and grants, acquisition of property, construction and maintenance of public buildings, economic programs, lead service line replacements, and funding of judgments, settlements and escrow accounts payable by the City,” according to city documents.

The bond authorization needs city council approval.

On Tuesday, S&P lowered Chicago’s credit grade ...