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Trotter helps pay bill backlog to vendors, providers

trotter 051717SPRINGFIELD – Today, legislation intended to provide financial relief to providers and vendors who do business with the state passed the Senate. Senate Bill 4 enables the state to borrow $7 billion over a seven-year period through General Obligation Restructuring Bonds. The bonds will be put into the General Revenue Fund for costs incurred prior to July 1, 2017. 

It also allows the Illinois Finance Authority to issue $250 million in State Pension Obligation Acceleration Bonds to help pay down pension debt the state has incurred.

State Senator Donne Trotter (D-Chicago) saw a need to address the plight of those helping take care of our sick and elderly, as they are the unsung heroes who perform jobs that enrich our society and who deserve to be paid. This measure relieves a number of social service providers dealing with financial strain due to the effects of the budget stalemate. After the vote, Trotter released the following statement:

“This vital piece of legislation that passed out of the Senate today will prove to be fundamental in the fight to keep social service providers afloat in Illinois. Currently, our vendors are waiting as long as 18 months to be paid, and this is unacceptable. It is time we made efforts to reduce our debt and pay our bills. If I cannot go six months without paying my cable bill because Comcast will cut me off, then neither should the state.

"We cannot continue to ignore debts in hope of them vanishing. Although this legislation passed the Senate, we still have further to go before a budget is passed and these payments are in the hands of vendors. Restoring the trust that businesses and people alike have in the state starts with addressing our financial commitments.”

 

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