SPRINGFIELD — Stressed by pension debt, other financial issues and the possibility of losing a chunk of their state aid, some Illinois cities want the option to file for bankruptcy.
They’ve found an ally in a Republican lawmaker, who’s proposed legislation to allow municipalities to follow in the footsteps of Detroit and other cities in restructuring debt and paying back creditors. Opponents, however, say there are less drastic, intermediate steps than the “dangerous” path of bankruptcy.
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