Rauner administration plans to borrow $480 mil for construction

SPRINGFIELD (AP) — Gov. Bruce Rauner’s administration plans to borrow $480 million this month to pay for construction projects.

(Credit: Ingram Publishing)
(Credit: Ingram Publishing)

The state plans to conduct the general obligation bond sale on Jan. 14, Rauner spokeswoman Catherine Kelly said Sunday. The money would be used for road and transit projects and to pay related costs, she said.

“Road construction and transit improvements are key factors in growing the Illinois economy, which is why Illinois is planning a bond sale in January,” Kelly said in a statement.

She noted that despite the impasse that’s left Illinois without a complete budget since July 1, the three major credit rating agencies have not lowered the state’s general bond rating.