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Chicago Borrows $220 Million for Pension Payments
Chicago Tribune 
Mar. 22, 2016 "The city drew the money down from its $900 million line of short-term credit, which is akin to putting the tab on a credit card. The loan carries an interest rate of about 3 percent.... [T]he city is required to find the money to make the police and fire pension contributions, which increased dramatically this year, to start closing a combined $12.2 billion shortfall in the two pension funds." MORE >> |
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