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Hynes Doesn't Yet Know About Possible State Borrowing
The Illinois comptroller says he hasn’t formed an opinion yet on the governor's plan to borrow $900 million, because he hasn't seen the details yet.

Comptroller Dan Hynes says the state does need the cash, because it has a stack of bills worth $3.5 billion that it lacks the money to pay. But he says the governor has not yet communicated with the comptroller's office regarding specifics of the plan, such as when and how it would be repaid, and what the cost of borrowing would be, so Hynes says he cannot have an opinion or sign off on it.

The comptroller and treasurer must sign off on this type of borrowing; approval from the General Assembly is not needed.

Gov. Pat Quinn announced the borrowing idea last week, saying the plan would be to pay it back by the end of the fiscal year, June 30. The state already borrowed $1 billion in May and $1.25 billion in August.

Hynes and Quinn are facing each other in the Democratic primary for governor, but Hynes insists he'll do the responsible thing as comptroller on the borrowing question, regardless of political implications.

(Illinois Radio Network)
11 05 09 by Newsroom
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