CHICAGO — After more than two decades in office, Chicago Mayor Richard Daley on Monday hands the reins over to Rahm Emanuel, leaving behind a legacy highlighted by major bond-financed projects and infrastructure investment, but marred by the city’s daunting fiscal challenges.

“Mayor Daley was a builder and his number one goal was to enhance the city’s world-class status, but he is leaving the bills behind,” said Richard Ciccarone, chief research officer at McDonnell Investment Management LLC. “The new mayor is going to have to be a warrior and a conciliator” to tackle the city’s fiscal challenges publicly and politically, he said.

Subscribe Now

Independent and authoritative analysis and perspective for the bond buying industry.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.