Tue, 26 Feb 2008 15:45:00 EST - (Crain’s) — The chief executive of the Metropolitan Pier and Exposition Authority said Tuesday the agency is headed for a financial crisis unless it gets state permission to refinance its long-term debt to free up money to expand the hotel at McCormick Place.
Juan Ochoa called on attendees ...

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How does this kind of thing happen?

Of course all the public entities get funding, they should budget within their means.