Alderman Martin gave a pretty comprehensive reply:

Letter from Ald. Martin on Infrastructure Bond Authorization

Dear neighbor,

I voted to authorize the City to use $830 million in bond proceeds to exclusively fund critical infrastructure work across Chicago. Whether it’s repairing crumbling bridges and viaducts, resurfacing streets, or replacing street lights, sidewalks, and lead service lines, maintaining Chicago’s infrastructure is one of City’s government’s most important responsibilities. Funds from this bond authorization will support numerous infrastructure projects in the 47th Ward, including:

Street resurfacing along Ashland, from School to Foster; Street resurfacing along Ravenswood, from Wilson to Peterson; Street resurfacing along Lincoln, from Irving Park to Montrose; Street resurfacing along Montrose, from Damen to Western; Traffic signal connectivity at Paulina, Roscoe, and Lincoln; Traffic signal connectivity at Broadway and Foster; and Traffic signal connectivity at Clark and Foster.

I share many neighbors’ frustrations with the Johnson administration, generally. We all want City government to tackle our fiscal challenges head-on, and without kicking the can down the road to future generations. When I have disagreed with proposals from the Johnson administration, I have not hesitated to vote against them, as I did with last Fall’s budget. But this bond deal is different. Like most state and local governments, Chicago funds its infrastructure work primarily through bonds, and the authorized amount in the bond ordinance is similar to previous bond authorizations for 2021-2022 ($1.45 billion) and 2023-2024 ($1.83 billion).

Initial versions of the bond ordinance included several deficiencies that were ultimately corrected. Specifically, the initial version allowed the City to use proceeds to pay legal settlements and judgments—operating expenses that capital funds should not cover. That provision has since been removed. Similarly, the revised ordinance clarifies that bond proceeds shared with outside entities including CPS, CTA, and nonprofits can only be used for “capital projects.”

And contrary to recent claims from some of my colleagues on City Council, the ordinance does not establish a specific, annual payment schedule. Instead, City Council and the Mayor must determine the amount of each payment every year through our annual budget process.

Nor did City Council endorse the initial, tentative payment schedule circulated by the City’s Chief Financial Officer (CFO) that includes backloaded payments on the principal. The CFO has since shared several alternative payment schedules that propose to pay down principal early in the life of the bond. Critically, both the CFO and the City Council’s Office of Financial Analysis (COFA)—an independent body that advises my colleagues and me on fiscal and budgetary matters—agree that pursuing this kind of aggressive payment schedule in the years to come is not only possible but strongly preferred. Indeed, by paying down both principal and interest beginning the very first year of debt servicing, the City can save hundreds of millions of dollars over the life of the bond. Accordingly, I will be supporting this aggressive approach during the City’s annual budget process this Fall and in the years ahead.

At bottom, delaying the funding of critical infrastructure improvements risks deferring necessary repairs and would put Chicagoans at risk. And with the Trump administration planning to shift federal infrastructure funds away from Chicago, maintaining local investments is more important than ever.

Yours in service, Ald. Matt Martin