As the budget impasse rages on in Illinois, Gov. Bruce Rauner's administration is expected to conduct a $550 million bond sale next week.

The state's general obligation bond sale is planned for June 16 and will include a competitive bidding process. It comes after the state borrowed $480 million in January to cover road construction and other transportation-related costs and as Illinois nears the one-year mark without a full budget.  

The regular Illinois legislative session ended May 31 without a budget agreement. 

The $550 million borrowing proposal explains that the budget impasse has "materially adversely affected" the state's fiscal situation.