"Thanks to the Jump Start capital program, the state of Illinois is
investing in more than 240 road and bridge projects that are under
construction right now," Quinn said. "Today, 858 miles of Illinois
roadways are being made smoother and safer, and thousands of
Illinois men and women are bringing home paychecks."
To speed payment to contractors while the bond issue is under
way, Quinn ordered transfer of $20 million in unspent bond proceeds
to the state's Transportation Fund. "This move will enable the state
of Illinois to fulfill its financial obligations to the contractors
who are helping our state stay on the road to economic recovery," he
Last week, the state finalized the sale of $1.25 billion of
general obligation certificates to address an unprecedented backlog
of unpaid bills from fiscal 2009. The proceeds from that borrowing
allowed the state to meet its financial obligations to vendors who
had provided goods and services to the state and had been forced to
wait months for payment.
The Jump Start capital program is the first phase of Quinn's $31
billion "Illinois Jobs Now!" capital program, Illinois' first
statewide capital construction effort in more than a decade. The
road and bridge projects under construction this summer represent
the fiscal 2009 component of the Jump Start plan.
"Initially, the Department of Transportation anticipated that
these 240-plus projects would cost almost $440 million," said IDOT
Secretary Gary Hannig. "However, bids came in more than $60 million
lower than expected, which means we will be able to fund even more
projects next year."
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Bids for the $400 million in general obligation bonds will be
received on Sept. 16, and the state expects to receive proceeds on
Sept. 23. The bonds will carry a 25-year maturity.
Of the $400 million in bond proceeds, more than $300 million will
be spent on road and bridge construction, and $20 million will be
used to replace the funds transferred Thursday. The remainder will
be used to fund other capital projects already under way. Debt
service on the portion of the bond issue dedicated to road projects
will be paid from the state's Road Fund. The remaining portion will
be paid from the state's General Funds.
Quinn signed the capital program into law on July 13. The plan
will continue to revive the state's ailing economy over the next six
years by creating and retaining more than 439,000 jobs. In addition
to making long-awaited repairs and upgrades to Illinois roads and
bridges, the plan will provide major improvements to transportation
networks, schools and communities.
[Text from news release from
the governor's office]