Word: million
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Dates: during 1970-1979
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Since there were no takers for the school board's $124.6 million in notes, Hannon asked Mayor Byrne to provide a city guarantee for the school board's financing. The mayor, concerned about the city's own credit rating, stalled and appointed a task force of bankers and lawyers to study the matter. Curious about the unexpected pinch, the Securities and Exchange Commission quietly began an inquiry into possible investor fraud in past sales of school notes...
Faced with all this, Hannon stunned the city, and the eleven-member school board, by handing in his resignation. The board had just renewed his four-year contract in September, but he was "tired," he said. He proposed a dramatic $70 million budget cut requiring the elimination of 1,700 jobs and the scaling down of programs for the disadvantaged. Two days later longtime School Board President John Carey also resigned, and left town on vacation, offering no explanation. After lengthy meetings with Mrs. Catherine Rohter, Carey's replacement as school board president, two of Hannon...
With Christmas looming, the shaken school system seemed to be lurching toward a payless payday for 50,000 employees. But at the last moment temporary help came-from Illinois Governor James Thompson and Mayor Byrne. The rescue package calls for $200 million in loans, guaranteed by the city, to give Chicago's board time to come up with a long-term solution to the school system's financial woes-which will almost certainly require tax increases. In effect, Mayor Byrne explained, the school board was in receivership and the city was the credit holder...
...just why, and how much, Chicago's schools had gone into the hole, by week's end nobody could tell. Current deficit estimates still began at Joe Hannon's original $43 million. But tallies of total indebtedness to bondholders and others ran as high as $700 million. There was plenty of blame for everyone, though. Hannon; the mayor, who should have seen the problem coming; and the school board's finance committee, which did not even meet between January 1978 and March 1979, owing to "personality conflict," as one member recalls. Why did the board fail...
...Transportation Authority (M.B.T.A.) wanted them modified by the manufacturer, Boeing Vertol Co. In September, after a year of futile negotiations, Schwartz, a products-liability expert, was hired. Before the M.B.T.A. and Schwartz could agree what his remuneration would be, he extracted from Boeing Vertol a settlement calling for $40 million in cash, including the sizable attorney's fee, in addition to other concessions. The cars originally cost $52.9 million...