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Senate
supports responsible road funding
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[MAY 31, 2005]
SPRINGFIELD -- On
Saturday the Illinois Senate defeated legislation that would have
allowed the state to borrow $2 billion in general obligation bonds
to irresponsibly fund additional road projects, said state
Sen. Larry Bomke, R-Springfield.
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Bomke said that he would like to see additional road maintenance and
construction on the 50th District's roadways, but he maintained that
all road projects must be funded by a dedicated revenue source.
Bomke explained that the legislation, known as
Senate Bill 665, would have allowed state bonding of $2 billion
to fund the projects, a revenue source he calls irresponsible.
"All legislators would like to find a way for our districts to
receive additional funding for road projects," Bomke said. "However,
utilizing bonding as a way to fund these projects is not an
economical -- or responsible -- way to do so. Although I would like
to see the 50th District receive some funding for road repairs, I
cannot support any legislation that would drive Illinois any further
into debt."
Bomke said that the $2 billion borrowing plan, which would have
designated $1.5 billion for projects and $500,000 for debt service,
was only a proposal, and none of the projects, nor the funding
designated for those projects, had been guaranteed. He also
commented that if the Blagojevich administration had not raided $1.2
billion in revenue from the Road Fund two years ago, then the
governor would not have to rely on bonding initiatives to pay for
the proposed road projects in fiscal 2006.
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"If Governor Blagojevich hadn't swept money out of the Road Fund
in the first place, we would have almost enough money to fund the
proposed projects," Bomke said. "This is just one more example of
how this administration's mismanagement of funds and poor fiscal
planning are leading Illinois down a very dark path toward financial
instability. Utilizing bonding as a way to bypass fiscal problems or
the lack of a revenue source is not a responsible financial move --
and one that is being made at the expense of our future generations,
who will be forced to repay the debt the Blagojevich administration
has saddled Illinois with."
[News release from
Sen. Larry Bomke]
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