State Budget Crisis Costing State Millions In Bond Yields

(Champaign, IL) — According to a new study from the University of Illinois, the state budget crisis caused the state to lose 53-million-dollars in a recent bond sale. The analysis by the U. of I.’s Institute of Government and Public Affairs says that when the state sold 480-million-dollars in general obligation bonds, the yield was 53-million-dollars less than it would have been without the higher interest rate the state had to pay because of its poor financial condition. The study projected that the estimated losses could grow to more than 400-million-dollars a year if the stalemate continues.