CHICAGO – With two its pension funds headed toward insolvency and a $600 million spike in contributions looming for the other two, Chicago is ratcheting up pressure on state lawmakers to tackle legislation that both overhauls pensions and delays a costly reckoning in 2016.

“The Chicago economy cannot sustain” huge property or other tax increases to support its pension funds without reform, the city’s chief financial officer Lois Scott said during her keynote address to the National Bond Lawyers Association’s Annual Bond Attorneys Workshop here Wednesday. “What companies would relocate or stay here if we cannot provide some level of financial security and stability” on taxes. Officials have said the same holds true for residents.

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