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The measure, having passed 32-15, would require at least 60% of
aldermen, or a three-fifths vote by the 50-member council, in
order to approve any new borrowing for the city.
Alderman Bill Conway from the 34th Ward said that the goal of
the measure is to require broader support for city borrowing and
spending before measures pass, as debt has racked up over many
decades.
“Our debt load is a really a silent killer on our budget. This
year we're going to spend about $2 billion on debt service and
that number will increase next year,” Conway said. “The risk we
are facing going forward is becoming too tied up in paying the
interest on the taxpayers' credit card that will crowd out our
ability to fund parks and schools and roads and police officers
and mental health clinics.”
Sponsor Alderman Marty Quinn said he supports a more independent
city council, but the measure was solely about requiring more
responsibility by public officials for the city’s taxpayers.
“This ordinance is about sound policy and doing the best for our
residents. This proposal does not apply to one mayor. This is a
long-term plan that would apply to all Chicago mayors moving
forward,” Quinn said. “A three-fifths vote is required in the
Illinois General Assembly on all debt related matters. It's a
smart and solid practice that I believe the city should also
adopt. I see this as a win for the people of Chicago.”
The mayor was critical of the measure and pointed to hypocrisy
of some aldermen previously approving debt in the past for
issues they supported, and referred to the measure as the
“three-fifths compromise,” the wording historically used
referring to the agreement made about a state’s enslaved
population counting toward congressional representation.
“What I do find ironic though is that there are members who led
this three-fifths compromise who voted to borrow debt to close
the budget deficit,” Johnson said. “I don't find this to be a
useful way to grow our economy. The last thing that people want
of government is to get in the way of itself.”
Questioned on his word choice, Johnson pointed to the use of
economic development bonds by his administration being used
mainly in underprivileged and historically non-white
neighborhoods.
“That economic development bond has allowed us to grow small
businesses. The economic corridors, whether it's in Little
Village or whether it's in Austin, Chicago Avenue or 22nd
Street, Cottage Grove, right? The top employer outside of
government in the neighborhoods are black and brown business
owners,” Johnson said.
Johnson wouldn’t say if he’d veto the measure or let it take
effect after the council’s meeting Tuesday, but the council
would only need to pick up two additional votes to override a
potential veto.
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