Build Illinois Bonds

Shields, Yuette
February 2005
Bond Buyer;2/2/2005, Vol. 351 Issue 32062, p31
Trade Publication
The article informs that Illinois will competitively sell $75 million of new-money sales-tax backed bonds to help finance already approved capital projects. The bonds are being sold under the Build Illinois program, which taps the state's sales tax as a security for $2.12 billion of outstanding debt. The bonds are rated Aa3 by Moody's Investors Service and AA by Fitch Ratings and Standard & Poor's. Debt issuance in Illinois has slowed due in part to the lack of a capital budget. An $11 billion capital budget was put on hold last year after Governor Rod Blagojevich told lawmakers, who had rejected some tax increases, that they would have to come up with the revenue to pay for a new program before approving one.


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