CHICAGO – Illinois expects to close out fiscal 2013 with $1.3 billion more in income tax revenue than previously projected, offering investors a rare bit of positive state financial news just before a $300 million sales tax backed bond sale Thursday.

Gov. Pat Quinn announced the revised projection on Tuesday, and said the unexpected revenue would go to pay down the state’s bill backlog, which stood at $9 billion at the end of the last fiscal year. The state’s underfunded pension system and bill backlog are the two primary strains on Illinois’s single A general obligation ratings.

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