Normal, IL, USA / www.cities929.com
Mar 17, 2021 1:21 PM
(The Center Square) – The fate of billions of dollars in borrowing now lies in the hands of Illinois’ high court.
The Illinois Supreme Court heard arguments Tuesday over a challenge to invalidate $16 billion worth of state borrowing in 2003 and 2017.
John Tillman, who is the chairman of the board of The Center Square, filed a challenge as a private resident in July 2019. The lawsuit alleges a $10 billion bond in 2003 to pay down pension debt and another $6 billion bond in 2017 to pay down a bill backlog runs afoul of the Illinois Constitution.
Tillman s attorney, Raoul Cantero, argued the state borrowed because of a failure of revenue, which the constitution has separate guidelines for instead of long-term borrowing.