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State Pays off Some Creditors
(IRN)-The state will soon satisfy all its creditors, from last year.

The state has about $1.4 billion in bills owed from last fiscal year, to school districts, universities, medical providers and human service agencies. Fiscal Year 2010 ended June 30.

Governor Pat Quinn says getting these creditors paid will be good for the state's economy. "The key is we want to keep all the vendors going, working, the employees working. [It's a] tough time at the holidays, we don't want anybody to be laid off. We want to get our economy back to full recovery," the governor said at a media availability Thursday morning in Chicago.

The state is paying the bills with a bond issue backed by proceeds from the 1998 tobacco settlement. The governor says he recognizes that this doesn't make the problem go away, nor does it address the $5.3 billion the state is already behind in paying this year's bills.

(Source: Illinois Radio Network)
12 09 10 by Newsroom
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