Municipal League: Devastating impacts if no funds within 2 weeks
It’s already been difficult and things will reach the point of no return quickly if municipalities don’t get money from motor fuel taxes and other funds within the next two weeks according to Illinois Municipal League Executive Director Brad Cole.
With a measure to free up the funds frozen because of a procedural move, Cole says the lack of funds for municipalities will impact operations this winter and planned projects this spring.
“Communities will not be able to manage the winter snow,” said Cole. “They won’t be able to have their plows out. They won’t be able to pay for their rock salt. And of course we won’t be able to put out bids for spring construction projects which is happening right now.”
Cole says the lack of funds will be devastating if cities across Illinois don’t get the money they’re owed within the next couple of weeks.
House Bill 4305 would free up almost $2 billion from motor fuel tax and other funds, and money for the Illinois Lottery, but was held in the House after picking up bipartisan support Tuesday.
The Illinois Finance Authority approves zero-interest loans
A plan to provide zero-interest loans to 9-1-1 providers throughout the state and to cover bills from state vendors for snowplow repair, food for inmates and other essential government services has been approved, but a measure to approve bonds up to $115 million is still in the works.
The Chicago Tribune reports the Illinois Finance Authority board voted in favor of a plan Thursday to provide money to pay for various services by withdrawing $12 million of the IFA’s $17 million in investments.
Another measure to sell bonds of up to $115 million must still be approved by the IFA board within the next few weeks.
Illinois News Network