Bill allows Illinois local government to get loans from state climate bank – Center Square

the Illinois Finance Authority Climate Bank is a government agency that pursues federal taxpayer dollars to combat climate change. State Sen. Rachel Ventura said local governments can go to the taxpayer-funded IFA Climate Bank instead of the bond market and secure lower interest rates.
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Frank Miller
1 year ago

“The potential of this public banking model for other states is huge. California’s population is more than 50 times that of North Dakota. California has over $200 billion stashed in a variety of funds identified in its 2012 Comprehensive Annual Financial Report (CAFR), including $58 billion managed by the Treasurer in a Pooled Money Investment Account earning a meager 0.264% annually. California also has over $400 billion in its pension funds (CalPERS and CalSTRS). This money is earmarked for specific purposes and cannot be spent on the state budget, but it can be invested. A portion could be invested as… Read more »

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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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