Study examines Illinois’ ‘financial condition penalty’
The state of Illinois’ Jan. 14 sale of $480 million in general obligation bonds brought the state nearly $53 million less than it could have received had it been in better fiscal shape, according to an analysis released today by the University of Illinois Institute of Government and Public Affairs. The analysis also indicates that this “financial condition penalty” could more than double in future years if the crisis continues. And when future capital needs are included, the estimated penalty could grow to more than $400 million per year, according to the study.
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