Illinois has borrowed $550 million for construction at what Gov. Bruce Rauner's administration says is a record-low interest rate despite the state's beleaguered financial position. Rauner's office announced it sold $550 million in bonds at an interest rate of 3.7%. That's below the 4% interest offered when it sold for $480 million in January.
Rauner spokeswoman Catherine Kelly contends it's the lowest interest rate in history among similarly situated general obligation bonds.
Of the proceeds, $330 million would go toward mass transit projects, $200 million to road construction and $20 million for other infrastructure.
But spending the money still requires authorization by the General Assembly. The Democratic-controlled Legislature adjourned May 31 without reaching a budget agreement with Republican Rauner for the second straight year.
