CHICAGO —  The Chicago City Council yesterday approved the issuance of up to $2.2 billion of revenue and general obligation bonds to raise new money for infrastructure and wastewater projects, to refund existing debt for savings, and to restructure some insured variable-rate debt that’s been hit with higher interest rates.

The council approved ordinances authorizing the sale of up to $900 million of new-money and refunding GO debt, up to $700 million of new-money and refunding wastewater revenue bonds, and up to $600 million of O’Hare International Airport general airport refunding bonds. The city doesn’t anticipate tapping the full authority in any of the ordinances, but sought room in each should additional refunding opportunities arise.

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