State Floating Bonds For Old Bills

The Rauner administration is heading to the bond market today to borrow six-billion-dollars to pay some of the state’s 16-billion-dollar backlog of bills. The pile of bills was coming down when Rauner took office, but grew again during the budget impasse that lasted until this summer. By borrowing to pay off some of the bills, even at rates exceeding four-percent, the state will actually save money, since state law requires vendors to be paid a penalty of up to 12-percent when the state fails to pay them.

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