Illinois officials say this week’s bond sale went better than expected, but traders say the state is still paying a higher interest rate than any other state in the country.Illinois bonds are rated the worst in the country by Moody’s – reflecting the state’s inability to pay
The State of Illinois will find out this week how willing investors are to buy the state’s bonds, which are rated the lowest in the country by Moody’s. The state plans to sell $3.7 billion worth of bonds as early as tomorrow to make this year’s pension payment.
Former Chicago police Cmdr. Jon Burge will get to keep his public pension benefits, despite a federal conviction for lying about the torture of criminal suspects, a police pension board voted Thursday.
Illinois legislators return to Springfield this week as the fall veto session continues. One key issue facing the state senate is a plan to borrow $4 billion for the pension system.Democratic Gov. Pat Quinn says he's trying to get Republicans to support for the plan.