Illinois ponders pension buyout extension funded with $1B of borrowing – The Bond Buyer

llinois would extend two pension buyout programs by two years funded by $1 billion in additional borrowing authority under legislation being advanced during the current session. The existing buyout programs began in 2018 under the administration of former Gov. Bruce Rauner. Gov. J.B. Pritzker and the legislature in 2019 extended it to June 30, 2024. The buyouts are funded by $1 billion in general obligation borrowing capacity, $175 million of which was tapped in the state?s last bond sale last December. Only $115 million in authority remains.