CHICAGO — The Chicago City Council’s Finance Committee Tuesday advanced the sale of up to $1 billion of new-money and refunding O’Hare International Airport revenue bonds and debt backed by passenger facility charges to raise funds for the second phase of an $8 billion expansion that has yet to win airline approval.

Citi is the senior manager on the transaction slated for sale late this year or in January. Siebert Brandford Shank & Co. is co-senior manager with another 10 firms serving as co-managers. About 40 % of the transaction will be awarded to minority- or women-owned firms.

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