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Quinn Signs Stimulus-Related Funding Bill Into Law
Gov. Pat Quinn has signed into law a bill that allows the state to issue federal stimulus-supported Build America bonds and Qualified School Construction bonds.

The money will be used to pay for capital projects such as roads, bridges and schools to support the governor's capital plan that was signed into law earlier this year.

The bill allows for the procurement and payment of the bonds, which were initiated as part of the federal stimulus plan.

Qualified School Construction Bonds can be used for construction, rehabilitation or repair of public school facilities. The incentive is that they are tax-exempt and provide federal income tax credits in lieu of interest to the purchaser. The state expects to issue up to $488 million in Qualified School Construction bonds by March 2010.

The Build America Bonds allows the state to issue those bonds and the money can be used for any capital expenditure. Under this program, the federal government will reimburse Illinois for 35 percent of the bonds' total interest paid to investors.

(Illinois Radio Network)
12 07 09 by Newsroom
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