CHICAGO — Illinois Gov. Pat Quinn signed into law July 22 a $1.1 billion bond-financed capital program to fund transportation projects.
The four-year road and bridge plan expands upon state construction spending being completed under the state's $31 billion capital program.
The package taps into revenues that are becoming available as debt issued under the $12 billion 1999 Illinois FIRST capital program is repaid. Vehicle registration and title transfer fees and alcohol taxes were raised to finance the original borrowing. The legislation signed by Quinn authorizes general obligation borrowing.
Lawmakers approved the new borrowing during their recent spring session. The package earmarks $1 billion for road and bridge projects and $100 million for local government street repairs. Officials said the funding would mostly go to "shovel ready" projects in the state's five-year transportation program.
Quinn said in a statement the new package would finance 210 projects and create more than 14,000 jobs.
"With this investment in our state's infrastructure, we are immediately putting people to work, making our world-class transportation system even stronger and generating economic development far into the future," Quinn said.
