chicago plan announce wednesday mayor office chicago would create new entity issue bond back city share illinois sales tax collections effort reduce borrow cost mayor rahm emanuel unveil plan city annual investors conference say much financially viable chicago chronic structural budget deficit huge unfunded pension liability total 35.76 billion end 2016 push city general obligation go credit rat low end investment grade junk level result investors demand high interest rat city debt illinois fiscal 2018 illinois budget enact last month include provision allow home-rule local governments like chicago assign state revenue entity purpose issue debt carole brown chicago chief financial officer say state sales tax dollars would flow first new entity meet debt service requirements revenue release city general fund state law also create statutory lien would shield bond bankruptcy file illinois local governments currently allow pursue one reason expect market view new debt favorably get high rat think cost differential go bond great brown say ordinance create program introduce city council fall accord brown pass chicago would initially refund expensive go debt outstanding sales tax revenue bond say note new york philadelphia washington similarly structure debt program credit standpoint positive say richard ciccarone head merritt research service provide research data relate municipal bond add public policy standpoint move could tie revenue city may need operations report last month fitch rat say debt issue new structure could attain rat high city current go rat chicago 9.8 billion outstanding go bond rat bbb-plus standard poor bbb-minus fitch ba1 moody investors service chicago tout new debt structure aim save money