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Bond Issues v. Taxation in Chicago

Category: Local Questions & Answers

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Photo of Tchad E.

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07/24/2008 Tchad "Am I Christian?  Well, maybe Dior...." E. says:

I am back home for a while and noticed something in the local newspapers.

It seems that when public works need to be done down here, there is a real resistance to taxation as funding.  Instead, there is a massive bond issue that funds the project.  Lately, this is being talked about as it relates to building a new high school and other downtown projects.

This makes so much sense to me.  Instead of taking the money without paying it back in kind, they are acknowledging that it is your money and going from there. I try to follow Chicago politics, but the political culture seems so much less direct and transparent in Chicago.  That may be a grand understatement, but...

My question is:  Are bond issues ever used in Chicago to raise money for civic projects and infrastructure?  Am I just missing something up there?  It seems so smart.

I am really ignorant about this as it relates to Chicago.

Info?
Photo of Dan M.

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07/24/2008 Dan "de facto Consigliere" M. says:

Tchad-
I believe the mindset in City Hall is:

"Why should I pay you interest for giving me money, when I can just raise your taxes and take it?"

If that's not the written policy, I'm thinking its close to the unwritten policy.
Photo of Tchad E.

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07/24/2008 Tchad "Am I Christian?  Well, maybe Dior...." E. says:

It is just kind of strange how fair it is here - both for the city and the citizens.  

Well, that and everyone down here has firearms.  We don't want an insurrection, now do we?

If anybody has links to articles or sites that would help me understand it better in Chicago, please link me up.
Photo of Dane K.

Elite '08

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07/24/2008 Dane K. says:

a bond issue is essentially a tax levied to pay it back, though...  if it's anything there like it was where i grew up, everyone would be a big cheerleader for it, then when it came time to voting whether ot pass it or not, it'd never pass because the voters were mostly old people and old people have little incentive to pay more taxes
Photo of Pinaki S.

Elite '08

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07/24/2008 Pinaki "Generic Indian Guy" S. says:

I've never heard of a large metro area having a bond referendum. Most towns have "levies" on properties, which are really just higher property taxes.
Photo of D'Elited D.

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07/24/2008 D'Elited D. says:

They use bond projects to fund Navy Pier - but I believe that is more or less grandfathered in.

Everything else - tax the shit out of everything so Daley and Stroger don't have to "owe" his cronies anything after their initial bribes.

They built the Golden Gate Bridge in San Fran with bond issues - but them were the good old days.
Photo of Tony G.

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07/24/2008 Tony "Oh Crap!" G. says:

Guys,

Chicago is the king of governmental bonds. We have tremendous debt. The city's use of bonds is in the news all the time, most recently with the purchase of a hospital on the South Side (I forgot the name). Here we are placing ourselves in multi-million dollar debt to make way for the Olympic village. As far as transparency, you can make a Freedom of Information Request with the city to learn details about its debt.
Photo of Tchad E.

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07/24/2008 Tchad "Am I Christian?  Well, maybe Dior...." E. says:

Like I said, I am ignorant about this.  

I thought that municipal bonds were sold, like savings or other types of bonds.  I thought it was voluntary.

I will talk to folks down here to see how it works.  

But it is interesting to see the county council and city council meetings discussed in the daily newspaper.  When I read the Trib or Sun Times, it always seems like they really do not get into the substance of the meeting or the players involved on a regular basis.  

As far as transparency goes, I should not have to look for the info.  It should be published and disseminated.  But again, maybe it is and I just don't know how to access it.  That is always a possibility.  

Thanks for the responses.
Photo of Dane K.

Elite '08

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07/24/2008 Dane K. says:

you can watch the chicago council meetings live over the internet... the next one is next tuesday i think, 10am..

probably can't do that in small town USA.  somewhere though the minutes are surely easily available too

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