(Springfield, IL) — June 9, 2010. With Illinois’ fiscal crisis continuing unabated, Governor Pat Quinn today signed legislation into law to enable Illinois community colleges to borrow money to pay its bills while awaiting already-authorized state funding.
And they’ll be waiting a long, long, long, long time. Did I mention long?
“We must give our community colleges all the tools and resources necessary to manage their checkbooks in these tough economic times,” said Quinn.
The legislation, Senate Bill 2615, sponsored by State Senator Gary Forby (D-Benton) and State Rep. John Bradley (D-Marion), allows community colleges for the next three years to issue double the amount of bonds than currently permitted. The legislation also permits community college districts to establish a line of credit, which is subject to amount, repayment and interest restrictions.
Under the new law, a community college’s board of trustees must pass a resolution to allow the borrowing. The legislation passed the Illinois General Assembly with bi-partisan support and takes effect immediately.
Yesterday, Quinn also signed Senate Bill 642 to allow state universities to borrow money equal to the amount of vouchers that have been submitted to the state but remain unpaid for fiscal year 2010.
Quinn also signed House Bill 4972, sponsored by State Senator Edward Maloney (D-Chicago) and State Rep. Cynthia Soto (D-Chicago), to allow the Illinois Community College Board to limit some travel reimbursements.
Another band-aid applied to budget crisis.