CHICAGO (CBS) — Mayor Rahm Emanuel on Friday said Gov. Bruce Rauner should be ashamed of himself if he was trying to thwart the Chicago Public Schools’ $725 million borrowing plan this week by repeatedly pushing for a state takeover of the school system, and suggesting the district be allowed to file for bankruptcy.
The massive bond sale will cost the district a whopping 8.5 percent interest rate – nearly double what the state paid when it sold bonds earlier this month.READ MORE: Moderna Says Third COVID Vaccine Booster Shot ‘Likely To Be Necessary’ This Fall Due To Delta Variant
CPS initially planned an $875 million bond deal at a lower interest rate, before it had to be delayed amid Rauner’s talk of taking over the district and possible bankruptcy.
The mayor didn’t accuse the governor of specifically trying to affect deal, but he pointed out Rauner is familiar with high finance, and said the governor’s words didn’t help the high-interest transaction.
“I think if you go back and look at Bloomberg and other comments when the governor made it, it affected certain things, and I don’t think it was helpful,” he said. “If it was intentional, it’s shameful.”READ MORE: Boy, 15, Charged In Hyde Park Carjacking, Chinatown Armed Robbery