CHICAGO – The political and financial dysfunction of Illinois cost the state $12 million on Thursday's $550 million bond pricing compared to its previous sale in January, a new report said.

The relative penalty rises to $70 million when the new sale's results are held up against a decade-old sale that benefitted from double-A level ratings, according to an academic analysis published Friday that seeks to put a dollar figure on the financial toll of the state's widening spreads.

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