Chicago to borrow nearly $2B for city needs

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The City of Chicago is about to learn the price of its recent credit downgrade.

City aldermen agreed to borrow almost $2 billion for capital improvement projects, upgrades to Midway Airport, lawsuit settlements and debt payments.

Typically a lower bond rating means higher borrowing costs; this one may cost taxpayers an extra $20 million a year.

Moody’s Investor Services dropped Chicago’s bond rating three notches last July — the worst one-time downgrade in city history.

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