More than $500 million in interest over 30 years is tied to the $745 million in taxable bonds sold by the city of Chicago on Wednesday, reported the Chicago Tribune.
The interest rates being paid by the city are close to 8 percent, according to the newspaper. It has become more expensive for the city of Chicago to borrow due to its poor credit rating.
The $745 million loan is a component of the $1.1 billion in new borrowing approved by the Chicago City Council last month. The borrowing package is meant to restructure the city's debt and pay down bills, including costs from the Daley administration.