Cook County Reportedly Pursuing a Loan

April 3, 2006

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Cook County Board President John Stroger's office denies reports the county is pursuing a $200 million loan.

Crain's Chicago Business reports the county recently talked to a major Chicago bank about securing a short-term loan to cover a looming cash shortage.

That drew a flat denial from Stroger's office, but Commissioner Mike Quigley isn't convinced.

He says he's fairly confident the county is looking into the loan -- and he will raise the issue at Wednesday's board meeting.

""The longer that someone tells you that there might be a problem, the less time you have to react, the less time it gives you to rationally think about a solution,"" he says. ""Short-term, panicked, brinksmanship decision-making never works well.""

Stroger's office says it's too soon to know whether the county would be able to stick to its $3.1 billion budget.

Two other commissioners say months ago they were skeptical of Stroger's revenue projections included in the budget."