Illinois Gov. Pat Quinn has appointed his senior fiscal adviser David Vaught to the state's top fiscal post amid dire warnings from the comptroller that the state faces a cash-flow crisis with $3 billion in unpaid bills.
Illinois announced yesterday plans to competitively sell $400 million of new-money general obligation bonds on Sept. 16, the first leg of borrowing to finance shovel-ready road and bridge projects that are part of a $31 billion capital program.
The Board of Trustees of Eastern Illinois University later this month will sell $85.9 million of mostly taxable certificates of participation under the Build America Bond program to finance the third phase of its 14-year-old conservation overhaul, which includes construction of a new alternative energy plant.
Illinois yesterday sold $1.25 billion of general obligation cash-flow certificates at a blended interest rate of 1% in a sale that followed Standard & Poor's decision to shift the state's GO outlook to negative.
In a borrowing previously stalled last June by a legislative impasse over the fiscal 2010 budget, Illinois will competitively sell $1.25 billion of general obligation cash-flow certificates on Thursday to pay down bills carried over from last year.