CHICAGO – The Chicago City Council approved the creation of a new special purpose corporation to securitize city sales taxes and gave it authority to refund up to $3 billion of existing debt with the aim of trimming debt service costs.

Approval came Wednesday after a spirited, mostly cordial, debate among aldermen. Skeptics voiced misgivings over whether the promised savings were too good to be true and posed longer term risks and said they wanted more time and a third-party vetting.

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