CHICAGO — The Chicago City Council yesterday approved up to $2.85 billion of general obligation and airport bonds slated for sale in early 2010 and signed off on a settlement with a neighboring suburb that ends its litigation against the $8 billion expansion of O’Hare International Airport.

The ordinances allow Chicago to issue up to $875 million of new-money and refunding GOs, up to $1.5 billion of new-money and refunding O’Hare general airport revenue bonds, and up to $500 million of Midway Airport revenue refunding bonds. The city expects to sell the GOs and Midway debt in January and the O’Hare bonds later in the first quarter of 2010, finance officials said.

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