City Council created a new, independent finance authority to issue debt using sales tax receipts on the city’s behalf on Wednesday. Credit: Claudia Morell

In a divided roll call vote of 43 to 5, the Chicago City Council authorized the creation of a new, independent finance authority to issue debt on the city’s behalf. The ordinance takes effect immediately and authorizes the first round of borrowing, up to $3 billion in bonds secured by city sales tax revenue.

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