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

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.

“This measure creates new economic development opportunities for the state,” Stadelman said. “The construction industry is a key part of our state’s economy, so it only makes sense to allow the treasurer to invest in infrastructure projects.”

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.

“Investing in construction is also investing in workers,” Stadelman said. “This opportunity will create good-paying jobs.”

Senate Bill 3028 passed with a vote of 55-0-0 and now goes to the House for further consideration.