Illinois, which shares Moody’s Investors Service’s worst state credit rating with California, has set a Dec. 1 sale for $1.5 billion of tobacco bonds to pay bills and balance its budget, said Kelly Kraft, spokeswoman for Governor Pat Quinn’s office of management and budget.
The bonds, being sold by the Railsplitter Tobacco Settlement Authority, will be backed by money from a 1998 settlement with tobacco companies. The state is raising the cash to help pay leftover fiscal 2010 bills by Dec. 31.
No comments:
Post a Comment