Illinois sells $1.5 billion in bonds to pay unpaid bills

Illinois sells $1.5 billion in bonds to pay unpaid bills

CHICAGO, IL (KFVS) - According to the Illinois governor's office, the state has sold $1.5 billion in bonds to pay down a portion of the state's $15 billion in unpaid bills.

Proceeds from the Oct. 18 bond sale will be used to help cut the state's debt in half by June 2018.

That is along with funds from the planned sale of $4.5 billion general obligation bonds sometime next week.

The bonds were sold competitively in three separate bids, according to the governor's office.

"The state received strong bids today for its bonds and is pleased with the market's favorable reception of the sale," said Scott Harry, director of the Governor's Office of Management and Budget. "This bodes well for the state's financing coming next week."

The state will return to the capital markets later this year with a $750 million general obligation bond issue for 2018 capital projects.

That will also be sold competitively.

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