Bonds valued at up to $US1.5 billion will be issued under Mayor Rahm Emanuel's proposal to bring a museum, proposed by Star Wars filmmaker George Lucas, to Chicago.
The museum will feature Lucas' collection of paintings, illustrations and digital art.
The bonds will be issued by the Metropolitan Pier and Exposition Authority for the museum and the replacement of a big part of its McCormick Place convention centre that would be razed for the project, the city says.
Lucas will contribute $US743 million to the authority for the museum.
The financing plan also calls for the extension of taxes and millions of dollars from the state of Illinois, which is also low on revenue. A spokeswoman for Governor Bruce Rauner said the proposal was under review.
Reuters
