To pay for road, rails and school projects, Illinois will sell $800 million of tax-exempt and taxable general-obligation bonds April 2. The $450 million in tax-exempt securities and $350 million in taxable debt will mature between 2014 to 2038.
This is the first competitive bond sale for Illinois since the state was slapped with the worst credit rating in the nation by Standard & Poor's. On January 30, just days after the downgrade, the state put a $500 million bond sale on hold.
Abdon Pallasch, the governor's assistant budget director, told Bloomberg in an email that the deal increased from $500 million to $800 million because the state has “more projects ready to get under way now at the start of construction season.”
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The state is in debt, so it goes on to borrow millions more to pay for roads and bridges that could be ignored until we get solvent?
If this was a family heavily in debt and borrowed more to build a driveway and a garage it would be highly criticized.
But a family can't just demand more income - like the state will by keeping the tax rate high instead of letting it expire.
Tax-and-spend Democrats at work again in the legislature and executive.
Bob Kastigar
IBEW Local 1220, Chicago
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