IL Gov. to borrow up to $6 billion to pay off late bills - Tri-State News, Weather & Sports

IL Gov. to borrow up to $6 billion to pay off late bills

(WFIE) (WFIE)
ILLINOIS (WFIE) -

Illinois Governor Bruce Rauner said his administration will borrow money at a lower interest rate to pay off some of the state's overdue bills.

Gov. Rauner announced on Thursday he will take advantage of the authority the Legislature included in the budget approved in July. 

Right now, the state has $15 billion in past-due bills largely because of a two-year stalemate over an annual budget that ended a plan lawmakers approved over Rauner's veto.

The state has the nation's worst credit rating, but officials believe they could borrow up to $6 billion at a rate of 6 percent or lower.

Rauner's office said details are being worked out. 

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