Illinois Ready to Unveil Team For $10B Pension Borrowing

Shields, Yvette
April 2003
Bond Buyer;4/24/2003, Vol. 344 Issue 31621, p1
Trade Publication
The article reports about the announcement to be made by Illinois in the fourth week of April 2003 regarding the financial team that will market 10 billion dollars of taxable general obligation pension bonds the state will begin selling in spring of 2003. The state will use the first 1.9 billion dollars to cover payments owed in the fiscal year 2003 and the fiscal year 2004 to its pension funds. Moody's Investors Service Inc., which rates the state Aa2 with a negative outlook, in the third week of April 2003 put the state's general obligation credit for 8.6 billion dollars of debt on its watch list for a possible downgrade. ABN Amro NV employs prominent former state Democratic representative and lobbyist Al Ronan, chairman of Ronan Potts, according to filings with the Municipal Securities Rulemaking Board under the G-38 rule on consultants.


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