Many Chicago suburbs borrowing big — and taxpayers could end up paying the price (Chicago Tribune)

December 9, 2012 – Glenwood Mayor Kerry Durkin knows the dangers of gambling with taxpayer money: A reminder looms just across a bank of trees from Village Hall. Taxpayers in the south suburb have long had to subsidize a golf course that officials bought more than a decade ago. And to try to lessen the losses, the town recently doubled down, borrowing big again to build a new clubhouse. That borrowing — coupled with plummeting property values — pushed Glenwood into a growing list of Chicago-area cities and villages with debt levels once barred by state laws meant to safeguard taxpayers. Though much public attention has focused on soaring state and national debt, the increase in local IOUs has sparked worries that the next generation in some communities will face crushing tax hikes.

Link to Full Article: http://articles.chicagotribune.com/2012-12-09/news/ct-met-debt-rates-20121209_1_municipal-debt-property-values-taxpayer-money

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