Chicago to Sell Debt From Unpaid Fees Despite Uncertain Buyers

Chicago is seeking to sell about $1 billion in debt the city is owed from things like unpaid parking tickets even as a top finance official warns the unprecedented offering is expected to be costly with uncertain investor appetite.

The sale is the first of its kind for the third largest city in the US, and has never been done at this scale and scope as far as the administration under Mayor Brandon Johnson knows, Chicago Comptroller Michael Belsky told council members in a letter last week. Despite the uncertainty, Chicago is pursuing the sale of outstanding debt owed to ...