CHICAGO — Illinois Gov. Pat Quinn on Friday signed legislation authorizing the issuance of up to $2.4 billion in revenue bonds to pay off federal loans to fund the state’s unemployment insurance program.
SB 72 takes effect immediately after receiving the governor’s signature. The legislation bolsters an existing $1.4 billion authorization by an additional $1 billion. Finance officials have not commented on borrowing plans but several sources said it was expected that the state would soon issue a request for proposals for underwriters to establish a finance team.