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Report: Bad Bond Rating Could Cost IL $551 Million
CHICAGO (AP) -- Illinois taxpayers will have to shell out an extra $551 million to cover the cost of borrowing because of the state's deteriorating bond rating.

That's according to a new report released today by the Civic Federation of Chicago.

The nonpartisan research group analyzed $9.6 billion in borrowing by Illinois over the last year. It compared it to interest being paid by other state and local governments with bond ratings comparable to Illinois' before it was lowered.

The group's president Laurence Msall calls it a "catastrophe" for Illinois because that extra money could have been spent on other needs and services.

Gov. Pat Quinn's administration defends the borrowing because some of it is being used improve infrastructure likes roads, schools and bridges.

(Copyright 2010 by The Associated Press. All Rights Reserved.)
08 31 10 by Newsroom
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