SPRINGFIELD — The 3.5 percent rate the state of Illinois received on its total $6 billion bond offering Wednesday will save taxpayers billions of dollars over the life of the bonds. The state pays up to 12 percent interest on parts of the $16.5 billion backlog now. That is why I urged the Governor to launch the bond sale immediately after legislators passed the budget, giving him the authority to go to market with the bonds. Unfortunately, for two full months, he refused to do so, costing state taxpayers at least $2 million a day or $120 million in additional late payment interest penalties. Under continued pressure, the governor finally relented and agreed to proceed with the sale.
SPRINGFIELD — Comptroller Susana A. Mendoza Wednesday thanked Republican and Democratic members of the Illinois House of Representatives who came together in bipartisan unity to vote 112-0 to override Gov. Bruce Rauner's veto of the Debt Transparency Act.
SPRINGFIELD— Illinois Comptroller Susana Mendoza released a video this afternoon to explain her proposed Debt Transparency Act and urge the public to call their representatives. The Illinois House of Representatives is set to vote Wednesday on whether to override the governor’s veto of the bill. The Debt Transparency Act would require state agencies to report their liabilities to the Office of the Comptroller monthly, instead of annually as is currently the case under the law.