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Illinois law allows state investments to pay down backlog
The bill passed with bipartisan support in 49‑1 Senate vote and 115-0 House vote, but it has critics in municipal market.
“The transaction could optically lower the state’s headline-producing bill backlog” and “could reduce interest costs” but longer term “it also could be the start of a shell game that saddles the treasurer with less liquid, politically charged investments, defers real progress on addressing the bill-backlog, and could amplify Illinois’ fiscal woes if its finances continue to deteriorate,” Lisa Washburn, a managing director at Municipal Market Analytics, wrote in a report on the legislation earlier this year.