(Chicago, IL) — December 3, 2009. December 2, 2009. Governor Pat Quinn yesterday signed a bill that allows the State to issue $488 million in federal-supported bonds to fund critical capital projects, such as roads, bridges and schools.
This funding is part of Quinn’s capital construction bill signed in July. Quinn estimates the capital program will retain and generate about 439,000 jobs over the next six years.
“This important legislation gives us the financing tools needed to move forward with school construction and other capital projects that will put people to work and help get our economy going,” said Quinn.
Senate Bill 1514 allows for the procurement and payment of Build America Bonds and Qualified School Construction Bonds, programs initiated by the American Recovery and Reinvestment Act of 2009. The legislation was sponsored by State Sen. Louis Viverito (D-Burbank) and State Rep. Dan Burke (D-Chicago).
Under the program, the federal government will reimburse Illinois for 35 percent of the bond’s total interest paid to investors. The State expects to issue its first Build America Bonds in the first quarter of calendar 2010.
That’s a good deal.