CHICAGO — Chicago plans at least $1.5 billion of borrowing later this year and in 2014 primarily to fund infrastructure work but it will come at a higher cost due to the city's credit rating deterioration over its pension woes, Chicago's chief financial officer Lois Scott warned city council members.

The city plans to issue general obligation paper, water and sewer revenue-backed bonds, and Midway airport debt. The level could rise depending on refunding opportunities, the finance department said in an email Thursday outlining planned financings.

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