CHICAGO -- The city of Chicago plans to pound a stake through the heart of its only bond default tomorrow by issuing $102.6 million of current refunding revenue bonds for the Chicago-Calumet Skyway.

Proceeds from the issue will be used to redeem $90.2 million of outstanding skyway bonds that have been in default since 1963. Holders of the defaulted bonds will be paid 101% of principal on July 1 in accordance with the original skyway bond ordinance that dates back to the 1950s. And, the city will lay to rest its only default on a revenue or general obligation bond since at least the 1930s.

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