Stroger Approves County Loan
By Kevin Robinson in News on Jun 19, 2008 4:20PM
Todd Stroger cast a rare tie-breaking vote Tuesday, approving a measure that will loan Cook County $150 million until the sales tax hike takes effect. “I think this is a slap in the face of the people who are going to be paying the sales taxes starting July 1,” said Commissioner Larry Suffredin, who voted for the borrowing resolution and the tax hike back in February. Suffredin also said he's concerned because commissioners were not told what the exact interest rate or fees are, or which bond firms will handle the loan.
The loan will cost taxpayers an additional $9 million in fees and interest, and is expected to be paid back by December 2009. But not to worry—the county will have plenty of money to cover that by then. The tax hike is expected to bring in $426 million in new revenue the first full year that is in effect. That's more than the $234 million deficit the county was facing before the increase.
Photo by swanksalot