state investment bank initiative

On the 23rd I released my state investment bank initiative to the press. The SIB would originally be funded by a $10 billion bond issue. That $10 billion is the amount that the lottery would be leased for.

I propose that the bond issue be used to pay for the $1.5 billion needed to receive the $6 billion from the Federal Government for highway and bridge improvements. $250,000,000 would be used to pay for the bond issue, $1.5 billion to pay back the teachers pension, $2,000,000,000 to pay the Medicaid bills still on the books and $400,000,000 to pay the maintenance for two years on the $20 billion debt previously issued to the State.

This would leave $4.35 billion left to pay for the tax credits issued to businesses for job creation. This would also free up appropriations previously in the budget to perhaps start new programs in the economic development area.

I know it is risky in this economic climate and I am concerned about a total $30 billion bond debt for Illinois if this goes through. The main objective is not to squander the money. The SIB would help monitor this bond issue more closely.

If elected I will pursue this initiative in hopes that Illinois can create jobs and help the budget crisis.
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