(The Center Square) – Chicago Mayor Brandon Johnson is insisting that his reworked $830 million bond issue is critical to city infrastructure.
Chicago Chief Financial Officer Jill Jaworski said Tuesday that language in the mayor’s proposal has been changed so that bond funds could only be used for capital projects.
The move came after the mayor faced opposition from aldermen, who may consider the issue at a meeting scheduled Wednesday at City Hall.
“This funding is needed to maintain the critical public safety and public infrastructure systems that our residents rely upon,” Johnson said.
The mayor said the need for investment is critical.
“So doing maintenance on a bridge is much more affordable than repairing for a bridge collapse. The bond funds will also go towards the Department of Water Management’s water and sewer main upgrades as well as replacements to lead service lines,” Johnson added.
The mayor spoke with reporters a day after a new poll placed his approval rating at a new low. In a survey of nearly 700 likely Chicago voters last week, 3M Strategies found that almost 80% of respondents disapproved of the job Johnson was doing.
City council members have offered more heated responses to the mayor’s push for more borrowing in recent days. Aldermen had already expressed concerns about the bond proposal after last year’s budget debate was followed by a credit downgrade for the city.
Alderman Brendan Reilly called the mayor’s $830 million bond issue “totally idiotic and fiscally derelict” in a post on X.
“No alderperson should vote for this complete nonsense,” Reilly posted.
Ward 3 Alderman Pat Dowell, a mayoral ally and chair of the city council’s finance committee, issued a statement to her constituents last Friday.
“We cannot delay in issuing these bonds, because any delay deprives Chicagoans of the infrastructure they rely on every day. With a construction season that is already numbered, delaying infrastructure improvements creates a snowball effect of construction delays leaving aging infrastructure under construction and under adverse conditions. Aldermen have a duty to the residents of this city to provide them with the safe, accessible, and vital infrastructure that makes Chicago what it is. Those speaking against this issuance without providing an alternative plan or understanding the impact on Chicagoans should do so knowing that nothing short of the safety and accessibility of our City is at stake,” Dowell said.
Alderman Ray Lopez countered that nothing in the bond deal is necessary, because the mayor already has multiple bond authorities dating back to his predecessor, Lori Lightfoot. Lopez cited bond deals from 2020 for $2.35 billion, 2021 for $660 million and 2022 for $1.85 billion. He said the funds should provide for everything the mayor claims to need until 2027.
When asked what the city could do to improve its financial situation and avoid additional credit downgrades, the mayor again pushed for progressive revenue.
“What I have repeatedly called for is for our city and our state to come together to ensure that working people are protected. The way we do that is we have to challenge these large corporations. The ultra-rich in this city and this state have to do more,” Johnson said.
