“Securitization Structure”???

Since Ald. Silverstein does not report to the community about City business, I read the newsletters produced by several other aldermen who aren’t afraid to tell their constituents about issues pending in their wards and before the City Council. This week, thanks to  Ald. Scott Waguespack’s newsletter, I learned that the Council will vote in October on a proposed refinancing of City bonds using sales tax revenue held in a “securitization structure” created for that purpose. Let me quote Ald. Waguespack’s report to residents of his 32nd Ward:

“I also want to provide you with this presentation on a new financing scheme we are voting on in October. This scheme would appropriate all Chicago sales tax revenue to this new “corporation” or special entity to refinance about $3 Billion in bonds.  Since there were no known downsides provided during our briefing, we’re reviewing the scheme and welcome any input.”

The words “no known downsides” should strike terror into the heart of every Chicago taxpayer. There are unpleasant surprises lurking, you can bet, and most of them won’t surface until the plan is approved.

Read the plan for yourself. And if you have any questions or suggestions, don’t bother Ald. Silverstein. She doesn’t like constituent input.

Contact Ald. Waguespack: 773/248-1330  OR  ward32@city of Chicago.org

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