Chicago to borrow $220M for pension payments

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CHICAGO — Chicago will have to borrow another $220 million to make its police and fire pension payments.

The city is having trouble balancing its budget, thanks in part to the ongoing budget impasse in Springfield; money that might otherwise be allocated for Chicago is being held up.

The pension payment isn’t due until the end of the year, but the city had to meet a March deadline for having the cash in its treasury.