Progress Illinois News
4 January 2016
The state of Illinois is looking to borrow $480 million in January to cover road construction and other transportation-related costs, according to Gov. Bruce Rauner’s office.
“Road construction and transit improvements are key factors in growing the Illinois economy, which is why Illinois is planning a bond sale in January,” Rauner spokeswoman Catherine Kelly told the Chicago Tribune in a statement.
The administration’s borrowing plan comes during the seventh month of the state budget impasse.
The governor’s office said it “will take the lowest rate offered” as part of the borrowing proposal, adding that there is “sufficient dedicated revenues to cover the payments.”