Illinois Eying This Spring for First Part of $10B Taxable Sale

Shields, Yvette
April 2003
Bond Buyer;4/11/2003, Vol. 344 Issue 31613, p3
Trade Publication
Illinois could bring the first of three to four tranches of taxable general obligation pension bonds totaling as much as 10 billion dollar to market by late spring, with the remainder likely to sell over the course of the next fiscal year that begins July 1, 2003 state budget officials said this week. The state will use 1.6 billion dollar of the proceeds to meet payments owed in fiscal 2004 and will invest the remainder. The aim is to structure a debt service schedule that remains �revenue neutral� to the general fund. Republican lawmakers criticized the governor's heavy reliance on one-shot sources of revenue to eliminate a 5 billion dollar budget gap without violating his campaign pledge not to raise the sales or income taxes and to protect funding for health and safety programs and education.


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