|
The two lawmakers will host an
open house from 1 to 3 p.m. that day for area residents to meet with
them informally and see the new office.
According to Bomke, the office
will allow him and Rep. Brauer to better serve their constituents in
Logan and Menard counties.
"Opening an office in Lincoln
is something we both pledged to do while running for office and
something we want to do," said Bomke. "There is no substitute for
talking with constituents and finding out exactly what their
concerns are. Opening a second office makes us both that much more
accessible."
The office will be located in
the Logan County Farm Bureau building at 124 McLean Street in
Lincoln. Bomke and Brauer will have office hours in the Farm Bureau
office every Friday from 1 to 4:30 p.m. The phone number will be
(217) 732-4433 and the fax number will be (217) 782-5406.
"Senator Bomke and I hope this
second office will give us the opportunity to talk with constituents
who otherwise wouldn't have come to see us in person in
Springfield," said Brauer. "We want to make it as convenient as
possible for all of the residents in our district to meet with us
and discuss whatever concerns they have. Whether by mail, phone,
e-mail or in person, we both encourage area residents to contact us
and let us know their thoughts on issues facing our area."
[to top of second column in this
article] |
Bomke will still be available
Monday-Thursday at his Capitol office, 105D State House,
Springfield, IL 62706; (217) 782-0228; fax (217) 782-5406. The
senator can also be reached by e-mail at
senator_bomke@yahoo.com.
Brauer's Springfield office is
on the first floor of the Stratton Office Building, Room 1128-E,
Springfield, IL 62706. He can be reached at (217) 782-0053, fax
number (217) 782-0897 and at
Brauer100th@aol.com
Lori
Bottrell from Sen. Bomke's office and Della Thomas from Rep.
Brauer's office will alternate staffing of the office on Fridays.
[News release] |
|
If Blagojevich's proposal is enacted,
the state could experience budget relief of close to $2 billion over
the course of this fiscal year and the next, thereby helping to
close a large portion of the state's deficit.
"This is a creative, yet commonsense
approach," Blagojevich said Wednesday. "It represents a new -- and a
better -- way of doing business."
The governor said that he would urge
lawmakers to enact legislation calling for an increase in general
obligation bond authority and for permission to use those proceeds
to fund pension obligations of the five state retirement systems.
Blagojevich emphasized that pension
refinancing presents an opportunity to significantly slash the
state's current budget deficit by approximately $300 million during
the remainder of fiscal year 2003 and by another $1.6 billion during
upcoming fiscal year 2004.
Normally, state contributions to the
pension funds are paid primarily through the General Revenue Fund.
Under this proposal, however, contributions for the remainder of
fiscal 2003 and all of fiscal 2004 would be covered by the newly
offered bonds instead.
Under the governor's proposal, proceeds
from the bonds, rather than funds taken out of GRF, will be used to
make payments owed for the current and next fiscal year, resulting
in $1.9 billion of deficit relief.
"By taking this step today, we can
address our state's current fiscal crisis," he said.
In addition, the proposal offers
long-term possibilities for savings to the state by effectively
lowering the interest on the state's current 42-year $35 billion
obligation, which stands at 8-8.5 percent. Through the use of new
pension obligation bonds financed at current market rates, the state
can effectively reduce interest costs on a portion of the obligation
to around 6 percent.
As a result, the state could enjoy
long-term savings of around 10 percent or more over the life of the
bonds. Annual savings would depend on the structure and terms of the
bonds.
[to top of second column in
this article] |
Blagojevich said that the proposal
demonstrates that his administration "is committed to responsible
spending and to fulfilling our sworn responsibility to the people
who have worked hard to serve the people of Illinois."
The governor and his budget director,
John Filan, unveiled the proposal at press conferences in Chicago
and Springfield and were joined by business and civic leaders
supporting the plan.
If no changes are made, Illinois'
annual pension burdens will increase by as much as a billion dollars
per year by 2007.
Blagojevich said that the concept
should sound familiar to many homeowners who take advantage of
opportunities to refinance their mortgages. After the bonds are
issued, a certain portion of pension obligation will likely remain
at the original interest rates of 8-8.5 percent. However, another
portion of the obligation (representing the amount offered in bonds)
will be set at the rate of approximately 6 percent, allowing
taxpayers -- like homeowners who have refinanced a mortgage -- to
benefit from the reduced financial burden.
While the proceeds from the proposal
could help erase a large share of the state's nearly $5 billion
deficit, Blagojevich stressed that refinancing the pension
obligation would be appropriate regardless of the state's fiscal
challenges.
"I would just as strongly promote this
idea if I had inherited a surplus or a balanced budget rather than
the largest deficit in state history," he said.
Several independent groups offered
their support for the plan. In Springfield, the governor was to be
joined by representatives from the Illinois Retail Merchants
Association, the Taxpayers' Federation of Illinois, the Illinois
Manufacturers Association and the Governor's Council of Economic
Advisers.
Scheduled to
appear with Blagojevich in Chicago were representatives of the
Illinois Retail Merchants Association, the Illinois Manufacturers
Association, the Chicagoland Chamber of Commerce, the Chicago Civic
Federation, the Illinois Chamber of Commerce and the Illinois
Hispanic Chamber of Commerce.
[Illinois
Government News Network
press release] |
