CHICAGO — The Illinois Senate could vote as early as Wednesday on a revamped financing scheme, which includes a cigarette-tax hike that would allow the state to continue issuing bonds and keep a $31 billion capital budget on track ahead of a court decision on the original plan’s ­legality.

The Illinois Supreme Court has agreed to hear on an accelerated basis the state’s appeal of an appellate court decision invalidating the capital budget and the funding streams that support it.

Subscribe Now

Independent and authoritative analysis and perspective for the bond buying industry.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.