A cash-strapped Chicago Public Schools seeks to issue almost $1 billion in new bonds, the district announced in a public notice Tuesday.

That’s as the Chicago Teachers Union, angry that CPS’ projections for a balanced budget count on union concessions, offers strike training this weekend.

Illinois Comptroller Leslie Munger — who faces a tough election this November — said at a Governor’s Day State Fair rally on Wednesday that she’ll work to freeze legislators pay until a “balanced, full year budget” has passed.

Lawmakers’ paychecks have already been delayed, but not entirely suspended, due to the year-long budget impasse that saw some resolution in July in the form of a stopgap budget to fund the state through the year.

Chicago homeowners are getting crushed by huge tax hikes. Many now find their property tax bills to be higher than their home mortgages payments.

How can Chicago Public Schools consider paying for new buildings and annexes when it cannot manage to pay for the schools it already has?

That was the gist of the questions posed to CPS officials at a brief capital budget hearing Wednesday evening, one of a series of meetings this week that happened to finish an hour ahead of schedule.

Madison County voters will vote on three tax-related referendums this fall, two of which are newly-added “advisory” votes aimed at Springfield.

The Madison County Board voted Wednesday to put two more advisory referendums on the November ballot, which Board Chairman Alan Dunstan said were proposed as “real property tax reform.” He said reducing the property tax burden in Illinois means adequately addressing education funding from the state, eliminating unfunded mandates imposed on local government and school districts, and controlling costs.

“The Illinois Constitution requires the state provide for the primary funding for public education,” Dunstan said. “The state does not meet this obligation, only providing 28 percent, forcing school districts to rely on property taxes to pay for public education.”

A former treasurer of the union representing employees at the Vienna Correctional Center pleaded guilty on Wednesday to charges of embezzling about $30,000 from the union.

Jeffrey Magelitz, 44, of Chester, pleaded guilty in federal court to a two-count indictment that charged him with embezzlement and theft from a labor union and for filing a false report with the U.S. Department of Labor, according to a news release from the U.S. Attorney’s Office.

Magelitz was the former treasurer of the American Federation of State, County and Municipal Employees Local 415 in Vienna from January 2012 to June 2013.

Detroit left a bitter aftertaste for bondholders.

Under the city’s plan to shed $7 billion in debt, Detroit reached settlements with its pensioners that left intact public safety monthly checks and cut 4.5% for general employees. Their cost-of-living increases were reduced or eliminated. They did see a big cut in the form of retiree health-care benefits, which were trimmed by nearly 90%, allowing the city to shed a $4 billion obligation.

Unlimited-tax general obligation bondholders, meanwhile, agreed to a 26% cut – with the money going to pensioners – and limited-tax GO holders took a 66% cut. Holders of $1.5 billion of certificates of participation saw a 14% cash recovery as well as a groundbreaking package of vacant land, asset leases, and development deals.

Mayor Rahm Emanuel wants Chicagoans to pay hundreds of dollars in higher utility taxes to shore up one of the city’s bankrupt pension funds, and Crain’s editorial board agrees. Both are working under the premise that it is “responsible” to throw money at a problem rather than enact real reforms to a broken pension system.

Hiding behind the recent Illinois Supreme Court ruling creates a perception that the ruling foreclosed on all options for pension reform. With legislative action, new employees could go into a 401(k)-style program or existing employees could voluntarily opt out of the pension system. If nothing else, these reforms show that our elected officials are serious about fixing the problem and putting an expiration date on the city’s ongoing pension crisis. Then we won’t have to hide behind the delusion that “we are done with tax increases.”

Emanuel instituted a water and sewer rate increase in 2011, and every year since these bills have gotten higher. He also raised property taxes by a record $425 million last year—and the first installments of these higher property tax bills hit mailboxes in July. Another $475 million in property tax increases are on the way by 2019.