The Emanuel administration is proposing to borrow a much as $3 billion for the city.
According to Chicago Tonight, that money would cover a variety of projects as well as the refinancing of city debt and "scoop and toss" debt restructuring, among other uses.
The borrowing package, proposed just months after the city approved a record $588 million property tax hike set to be phased in over four years and $125 million in new fees, could go up for a vote at next Wednesday's council meeting.
"I'm trying to put in place a responsible budget policy for the city to get our ratings up, to lower cost of capital, to ease our debt burden," stated Chief Financial Officer Carole Brown. "This is not being done on a rash, not-well-thought-out basis."
Also at next week's council meeting, aldermen plan to bring up for a vote a stalled ordinance seeking to merge the offices of the city's Legislative Inspector General and Inspector General. The push to force a vote on the measure is backed by 27 aldermen.
Faisal Khan's LIG term ended in mid-November. Aldermen have been debating whether to select a new LIG or merge the two watchdog offices.