Chicago may face new financial problems - FOX 32 News Chicago

Chicago may face new financial problems

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CHICAGO (FOX 32 News) -

The city of Chicago could be facing a big new financial problem thanks to a bad bet made by the Daley Administration back in 1999.

The Chicago Sun-Times reports the Daley Administtration agreed to make a risky loan that required the city to maintain a reasonable credit rating. That rating has been dropping steadily because of a long list of financial problems.

Now, the city could be forced to pay investors in city bonds a $110 million penalty if the rating is cut one notch. It could owe up to almost $200 million if it is cut by two notches, the Chicago Sun Times reports.

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