February 5, 2014 / 11:36 PM / 4 years ago

Chicago city council OKs plan to sell bonds

CHICAGO, Feb 5 (Reuters) - Chicago plans to sell about $650 million of general obligation bonds in the first half of 2014 after the city council approved the deals on Wednesday.

Kelley Quinn, a city spokeswoman, said $450 million of new and refunding GO bonds are slated to be priced through Wells Fargo this month or in March. Another $200 million of new GO bonds will price through Loop Capital Markets in March or April.

The deals will mark Chicago's first GO bond issues since 2012 and the first since Moody's Investors Service dropped the city's credit rating three notches to A3 in July due to large and growing pension liabilities and related budget pressures.

The city council also gave the green light to the sale of about $550 million of revenue bonds for Midway Airport that will be priced through Barclays Capital, according to Quinn.

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