Reuters reported Friday that Illinois is considering using the Federal Reserve Bank’s new Municipal Liquidity Facility (MLF) for a pending cash-flow borrowing. The program is for states, cities and other municipalities.
But as we reported earlier, the program is only for solvent states and borrowers must provide a written certification that they are not insolvent.
We’ve been trying to envision the meeting among Pritzker Administration officers and staff when they found that requirement in the paperwork.
This wonderful old cereal commercial comes to mind:
Maybe the Illinois meeting would go something like this:
“I’m not going to sign that. You sign it.”
“No, you sign it.”
“Hey, let’s get JB to sign it. He’ll say anything.”