Wednesday, January 27, 2010

Illinois enters a state of insolvency

Crain has given Illinois taxpayers a fearful look forward. 

[Illinois] meet classic definitions of insolvency: Its liabilities far exceed its assets, and it's not generating enough cash to pay its bills. Private companies in similar circumstances often shut down or file for bankruptcy protection.

Legal experts say the protections of the federal bankruptcy code are available to cities and counties but not states.

At some point, unpaid vendors will stop bidding on state contracts, investors will refuse to buy Illinois bonds and state employees will get paid in scrip, as California did last year.

"The crisis will come when you see state institutions shutting down because they can't pay their employees,"

State tax receipts from July through December last year were running more than $1 billion behind 2008,

But California was forced to seek a federal guarantee for its borrowing last year when credit dried up. It didn't get the guarantee, and state officials are now seeking a $6.9-billion federal bailout.

Click on the following for m ore details:  Illinois enters a state of insolvency | Crain's Chicago Business

Candlewick Lake subdivision explores incorporation

In order to become a municipality, the village needs a public road, so incorporation cannot take place with the gates in place, which keep the roads private.

approximate $500,000 from the State of Illinois that could have gone to Candlewick if it were a municipality, but which went instead to Boone County

could incorporate, they may be able to purchase the water/sewer system though eminent domain and begin to lower the amounts the residents pay for these services.

Click on the following for more details:  The Belvidere Daily Republican. - Candlewick Lake subdivision explores incorporation

UPDATE on Campaign funding for judge

Three old names on the political front are running in the Republican primary for Judge of  the new 17th Circuit Court:  David A. Englund, James P. Hursh and Ron Wait.  Mr. Wait has just notified Illinois Board of Election that he has loaned his campaign another $25,000.  See the Schedule A-1 below.

As mandated by law the three candidates have submitted required schedules of contributions and expenditures for the last six months to the State Board of Election.  Their respective filings are available at: http://boonecountywatchdog.blogspot.com/search?updated-max=2010-01-22T21%3A13%3A00-08%3A00&max-results=7

As a convenience the following is an updated summary of their filings.

David A.Englund:  Mr. Englund has expended $19,074 on the campaign as of 12-31-2009.   In addition there are in-kind contributions (internet ads) of approximated $2500 given by Berman Stephen of Hanover, MD and approximately $6220 of in-kind contributions paid by the candidate. Thus far the campaign is  financed almost completely by a $50,000 loan from Mr. Englund’s personal funds. There was $31,100 of remaining funds as of 12-31-2009.

Mr. Englund ran successfully for re-election to the 16th district in 1994, a total of $15,000 was expended based upon filings available at the Board of Elections.

James P. Hursh: Mr. Hursh has expended $15,856 on the campaign as of 12-31-2009. In kind contribution of $270. Total receipts consists of $18,351 in individual contributions and a $5,000 loan from Ralph and Beverly Hursh.  $10,000 of the contributions was from the candidate himself.  Other major contributors include: R Robert Funderburg ($1,000), Retired Judge Angus More of Rockford($1,000), Jody and Kathy Goad,($300),  Kent Kniep ($250), Dave and Amy Gallano ($210), Gerald and Carol Rowe ($160).  Jack Wolf Chrysler made an in-kind contribution of $250.  There was $7,495 of remaining funds as of 12-31-2009.

Ron Wait:  Mr. Wait has expended $22,230 on the campaign as of 12-31-2009.  The entire campaign has been financed by a $80,000 and now an additional $25,000 loan from the candidate.

During the period 7-1 to 12-31-2009, Mr. Wait was also actively soliciting funds under the CITIZENS FOR RON WAIT, a political committee which existed since 1982.  That committee has the stated purpose to elect Ron Wait to 68th Representative District in the General Assembly.  The required disclosure items for that committee are also shown below.  There is a sizeable list of large contributors.   This listing is available by clicking on the smaller photocopies.  Also see the $4,000 transfer in’s from corporate sponsors also on small photocopy.  It is difficult to determine what affect this committee has had on the campaign for judge.  Expenditures exceeded revenue and only $2,054 cash is now available.  During the period the committee owed a loan of $51,000 from the candidate which is unchanged from the previous period.   

Wait Campaign 9

Click on above photocopy to enlarge.