Fed Aid Helps Illinois Cut Unpaid Bills to Lowest in Five Years – Bloomberg

The state used $1.2 billion of proceeds from a short-term Fed loan to help pay down the bills, said Carol Knowles, a spokesperson for the Governor’s Office of Budget and Management. The Fed established its Municipal Liquidity Facility to help state and local governments bridge funding gaps created by the pandemic.
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debtsor
5 years ago

“The state used $1.2 billion of proceeds from a short-term Fed loan to help pay down the bills”

So stealing from peter to pay paul. Just great.

Richard Poo Millersky
5 years ago

Is Carol Knowles related to Beyonce Knowles or James Knowles III? ?

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Mark Glennon on AM560’s Morning Answer: Chicago pension buyout plan mostly shifts debt rather than eliminating it, property tax surge doubles inflation over three decades

Chicago’s political leadership is floating a pension buyout program as evidence it is seriously addressing the city’s thirty-six-billion-dollar unfunded pension liability, but Mark Glennon, founder of the Illinois policy research organization Wirepoints, said that the proposal moves debt from one column to another rather than reducing it, and that the broader fiscal picture facing the city continues to deteriorate across every measurable dimension. Audio here.

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