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SPRINGFIELD – State Senator Steve Stadelman’s (D-Rockford) legislation to help the state invest in construction projects throughout Illinois passed the State Senate on Wednesday.

The legislation allows the state treasurer to invest up to 5% of the state’s investment portfolio into Illinois infrastructure development companies. This change in the law would allow up to $700 million in financing.

“Financing construction projects across out state also means we’re investing in our workers,” Stadelman said. “This legislation will generate good-paying jobs throughout Illinois.”

The legislation encourages more businesses to locate, expand, and remain in Illinois by investing in quality construction development firms with a significant presence within state borders.

“This legislation would create new economic development opportunities for Illinois,” Stadelman said. “The construction industry plays a massive role in our state’s economy. It makes sense to allow the treasurer to invest in these infrastructure projects.”

Senate Bill 117 passed the Illinois Senate without opposition and now goes to the Illinois House of Representatives for further consideration.