Gov. Pritzker Announces Retirement Of Outstanding Debt
CHICAGO — Governor JB Pritzker announced $449 million in tobacco bonds have been retired through a defeasance, benefiting taxpayers through debt service savings and interest earnings in an aggregate of $50 million. “Today’s action reflects Illinois’ strong fiscal position and my continued commitment to responsibly manage the state’s financial resources as we pay off the lingering debts from the Great Recession,” said Governor JB Pritzker. “During my administration, we’ve eliminated the state’s multi-billion-dollar bill backlog, built up the state’s Rainy Day fund balance to nearly $2 billion, made $700 million in public pension payments above required amounts, received eight credit upgrades and worked to grow the economy to more than $1 trillion.” The bonds represent what remained of a $1.5 billion debt associated with the Great Recession, dating back to 2010, when the state was struggling with a multi-billion bill
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