State’s bad bond rating costs taxpayers $551M

By Kathy Bergen
Posted Aug. 30, 2010 at 12:01 a.m.

Illinois residents will pay as much as $551.3 million extra for the state’s borrowing over the last year because of its deteriorating bond rating, according to an analysis by the Civic Federation to be released Monday.

“Due to Springfield’s failure to stabilize Illinois’ finances, Illinois residents will pay nearly 21 percent more for one year of borrowing than they would have if the state had maintained its credit ratings,” said Laurence Msall, president of the nonpartisan research organization.
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