Chicago mayor unveils initial fiscal reforms

Reuters News
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Posted: Apr 29, 2015 3:23 PM

CHICAGO (Reuters) - Chicago Mayor Rahm Emanuel announced on Wednesday initial steps to address the city's financial problems, including reforms to long-used debt practices.

The mayor, who won a second term in office earlier this month, said Chicago will end bond restructurings that push out debt payments to future years as well as the use of interest-rate swaps. His plan also calls for restructuring some variable-rate bonds to fixed-rate mode and funding legal settlements with operating revenue instead of debt.

Emanuel said the steps will bring "fiscal sanity" to the city budget.

(Reporting By Karen Pierog; Editing by Richard Chang)