Chicago council approves higher vote threshold for new debt

Council raises the threshold

The Chicago City Council approved a measure requiring broader agreement before the city takes on new debt or issues bonds. The measure passed 32-15.

Under the proposal, debt-related measures would need support from three-fifths of the 50-member council. That means at least 30 aldermen would have to vote yes before Chicago could authorize new borrowing.

Alderman Marty Quinn, the measure’s sponsor, said the requirement is intended as a long-term policy applying to every mayor, rather than a restriction aimed only at the current administration. He pointed to the Illinois General Assembly’s three-fifths requirement for debt matters as a model for the city.

Alderman Bill Conway of the 34th Ward said the higher threshold would require wider council support for borrowing. He said Chicago expects to spend about billion on debt service this year and warned that growing payments could limit funding for parks, schools, roads, police officers and mental health clinics.

Mayor weighs next step

Mayor Brandon Johnson criticized the measure as an added layer of government procedure that could interfere with economic growth. He also faulted aldermen who supported the new threshold after previously voting to borrow money to close a budget deficit.

Johnson defended his administration’s use of economic development bonds, saying the borrowing has supported small businesses and commercial corridors in neighborhoods including Little Village and Austin.

The mayor had not said whether he would veto the measure or let it take effect. If he vetoes it, supporters would need two more votes than the 32 cast for passage to reach the 34 votes needed for an override.