Illinois law allows cities and towns to rack up huge debts

The lack of state laws governing how towns, cities and suburbs can borrow money has led to many taxpayers paying huge municipal taxes because city officials were careless with spending.  A Tribune investigation showed that town after town was heavily in debt from borrowing money for projects and ventures that were clearly beyond the scope of city government.

Individual taxpayers and businesses are then forced to pay enormous tax bills to cover the debt incurred by city officials.  Often, taxpayers had no say in how the borrowed money would be spent or even if the city should borrow the money.

For more details, you can read, “Towns borrow, you pay.”

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