Local News

Future Bond Sale Could Cost Taxpayer More

Illinois taxpayers can expect to see increased costs for the state borrowing money for general obligations and capital needs.

Bloomberg News reports that a $1 billion offering of 25-year tax-exempt bonds would cost about $175 million more than what it cost for the same offering in 2014.

Illinois recently saw its credit rating downgraded by two different ratings agencies and also announced it will miss the pension payment for November.

Though Bloomberg reports the state is expected to offer bonds in the current fiscal year, it’s still uncertain when that sale would occur.

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