SPRINGFIELD — Illinois Comptroller Susana A. Mendoza moved quickly today to use proceeds from Illinois' recent General Obligation bond sale to begin paying down a major portion of the state's current $16.7 billion backlog and, critically, stop the clock on a mountain of interest payments accruing on Illinois' late bills, some dating back to 2015.
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.