The proposed settlement would cost Chicago $38.75 million, with $26.75 being paid out in refunds and $12 million written off for those who never paid their tickets.
An Illinois appeals court upheld a temporary restraining order on Cook County’s proposed sweetened beverage tax. Cook County officials claim 1,100 jobs will be lost if the tax does not go into effect.
Chicago Mayor Rahm Emanuel expressed little concern over Moody’s Investors Service’s announcement that it might downgrade Chicago’s already-junk-rated bonds over CPS budget problems.
Chicago Public Schools has issued an additional $500 million in long-term high-interest bonds, following $387 million the district borrowed from JPMorgan in June.
In two separate deals with JPMorgan, CPS borrowed $387M to make a teacher pension payment at end of June and as a result of the deal, will accumulate at least $7M in interest.
Municipal leaders have expressed concerns about the anti-competitive, job-killing effects of Cook County’s minimum wage increases and new sick leave law and are using home rule authority to exempt their communities from the requirements.
The Education Freedom Tax Credit, also known as the Federal Scholarship Tax Credit, will give Illinois students access to donor money if the state opts into the program.