The go-ahead follows legislative approval in
January of a sales tax increase to fund operations at
Chicago-area transit agencies, and allow the CTA to
issue about $2 billion in bonds to rescue its troubled
pension and retiree health care trust, the Chicago
Illinois Auditor General William Holland issued a report finding that the CTA and the boards for the agency’s pension and retiree health care plans provided the required reports for review by Holland’s office.
It provides approval for the CTA to sell bonds starting within 120 days as a solution to its underfunded retirement and retiree health care systems.
The state review report is available here .