The go-ahead has been given in Illinois to move forward with $1.6 billion in road, rail and transit work throughout the state.
Gov. Pat Quinn signed into law a bill Tuesday, July 10, to provide bonds to continue funding the Illinois Jobs Now capital improvement program. The six-year, $31 billion program was approved by Quinn in 2009. State lawmakers and the governor regularly must endorse legislation to authorize new borrowing.
In effect, the state is borrowing money and will repay it over the next two or three decades. Revenue to repay the debt is created by charging more for licenses and registrations. Higher taxes and a vast expansion of legalized gambling will also be relied on.
The governor touted an estimated 18,400 jobs that will be created or supported through this next phase of the program.