The Civic Federation’s “Cost of the Crisis” report is the focus of this article. The Federation says that because of the State of Illinois’ declining bond ratings, taxpayers may have to pay an additional $551.3 million in extra borrowing costs on recently secured debt.
In this blog post, Greg Hinz examines the Civic Federation’s “Cost of the Crisis” report that found Illinois’ declining bond ratings may cost the State $551.3 million in additional interest costs for debt issued between September 2009 and July 2010.
This news article discusses the Civic Federation’s “Cost of the Crisis” report. The article focuses on the report’s finding that because of the State of Illinois’ high cost of borrowing due to recent downgrades to its bond ratings, the State may have to pay an additional $551.3 million in debt service costs.
Don Wade and Roma interview Civic Federation President Laurence Msall about the Civic Federation’s “Cost of the Crisis” report. Mr. Msall said State of Illinois taxpayers will pay an additional $551.3 million more in debt service on bonds due to downgrades to the State’s credit ratings. To restore fiscal solvency, Mr. Msall says the State must make major cuts and balance the budget without taking…
(CHICAGO) The Civic Federation released today a comparative analysis of the cost of the $9.6 billion in bonds the State of Illinois issued between September 2009 and July 2010. The report estimated that Illinois government may pay as much as $551.3 million extra for its borrowing as a consequence of its deteriorating bond rating. The full report is available at www.civicfed.org. “Due to…
This issue brief provides a comparative analysis of the cost of the $9.6 billion in bonds the State of Illinois issued between September 2009 and July 2010. The report estimates that Illinois government may pay as much as $551.3 million extra for its borrowing as a consequence of its deteriorating bond rating. The report found that the extra borrowing cost will continue to stress future budgets…
In a discussion on the Fox Chicago Sunday news program about the City of Chicago’s budget shortfall, Civic Federation President Laurence Msall discusses the effect that privatization of some City services may have on closing the gap.
A recent report shows that nearly all the bond subsidies promised under the Build America Bond (BAB) program are being paid by the federal government to issuers applying for the credit without significant administrative delay. The BAB subsidy, equal to 35% of the interest cost of qualified municipal bonds, was pledged as part of the American Recovery and Reinvestment Act of 2009. The program was…
This article explores findings in the Civic Federation’s analysis of Chicago Public Schools’ $6.5 billion FY2011 proposed budget. It notes the Federation’s opposition to the District’s plans to deplete its reserve funds and take a partial pension holiday to close a budget deficit.
In this news segment, Civic Federation President Laurence Msall explains the Civic Federation’s analysis of Chicago Public Schools’ FY2011 proposed budget.
