Chicago alderman slams Johnson's $830M bond proposal as city council stalls final vote

CHICAGO - Chicago aldermen pushed back on Wednesday and stalled a final vote on Mayor Brandon Johnson's planned $830 million bond proposal.

What we know:

The bond would pay for various capital projects, but many are concerned over its long-term costs.

According to initial estimates, the total cost to repay the bond is about $2 billion. However, the city would only pay interest for the first 19 years. 

Principal payments would not start until 2045 — a cost that would grow from $27 million to about $129 million by the debt's due date.  

What they're saying:

Ald. Pat Dowell of the 3rd Ward was in support of the bond proposal, saying in part: 

"I urge you to look at the current position that the city is in and the necessity this bond issuance holds in ensuring the  safe and continued growth of our city.  We've been issuing GO bonds year after year to ensure that our city continues to improve every day. This ordinance represents a continued commitment to the people of Chicago that we hold their standard of living paramount."

However, some, including 34th Ward Ald. Bill Conway, argue that the bond would be a major mistake.

"You were all sent here to not make the same can-kicking decisions that our predecessors made, and I can't overstate that those who came before us made some terrible, awful decisions that we are here paying for today."

What's next:

After more than 30 minutes of debate, Aldermen Anthony Beale and Ray Lopez used a parliamentary maneuver to put off the vote until the council's next meeting.