"It just keeps getting worse," state
Sen. Peter Roskam, R-Wheaton, said Thursday regarding the mortgage
deal. "The Blagojevich administration is making the taxpayers of
Illinois the victims of predatory lending. What else can you call it
when the terms of a mortgage deal include a huge balloon payment, a
prepayment penalty, a ‘first-priority' payment clause and a
quit-claim deed signed at the closing?"
The attorney general is being asked to
determine the legality of the $200 million borrowing deal,
especially the administration's decision to ignore the Illinois
Procurement Code and the fact that the legislation authorizing the
borrowing failed to receive a three-fifths vote in the General
Ironically, the bank has demanded that
the general counsel for state Central Management Services -- and, if
necessary, its outside counsel -- provide a legal opinion that the
deal is authorized by law and valid. That's a question better
answered by the attorney general.
The deal calls for the state to borrow
$201.8 million from Societe Generale through a mortgage loan secured
by the Thompson Center. The administration financed the $1.8 million
closing costs instead of paying them upfront. So we have to pay that
back over 10 years as well.
The deal requires the state to repay
nearly $300 million -- $14 million per year for 10 years and a
balloon payment of $148 million in 2014. The contract also includes
a quitclaim deed to be signed at the time of closing, to allow for
speedy foreclosure if the state doesn't make a payment.
[to top of second
column in this article]
Brady speaks to Heyworth
I spoke to a great group of young
people March 15 at Heyworth Junior High. A group of more than 70
seventh-graders talked with me about senatorial districts, the
rights and responsibilities of voting, and taking the Constitution
These amazing young men and women also
asked me a number of questions, such as the kind of bills I am
currently sponsoring, the recent proposal by the governor to remove
candy and pop machines in schools, the possibility of the state
raising the driving age to 21, and the reasons I wanted to become a
My thanks to them for being such a good
audience and for taking such an interest in their state government.
treasurer offering economic opportunity workshops
Illinois Treasurer Judy Baar Topinka is
sponsoring a series of Economic Opportunity Partnership Workshops at
four central Illinois locations in May.
The workshop dates and locations are:
May 4, Quincy -- Oakley-Lindsay Center,
Kent Hall, 300 Civic Center Plaza
May 5, Springfield -- Route 66 Hotel
and Conference Center, Hall of States Room, 625 E. St. Joseph St.
May 7, Carlinville -- Holiday Inn,
Portside, Midship & Starboard Rooms, Interstate 55 at Route 108,
May 11, Urbana -- Holiday Inn Hotel &
Conference Center, Salons D, E & F, 1001 Killarney St.
free workshops, but participants must be registered by April 19 to
attend. For more information, contact the Office of State Treasurer
Judy Baar Topinka, Attn.: Economic Opportunity Partnership Workshop,
Division of Economic Opportunity, One West Old State Capitol Plaza,
Suite 814, Springfield, IL 62701.
Sen. Bill Brady]