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Court Rejects Illinois Construction Program

An Illinois appellate court Wednesday struck down a $31 billion ongoing construction program, saying it violated the state constitution. The ruling threatens to shut down capital projects across the state. It also poses a possible threat to a $4 billion or $5 billion capital-construction bond issue the state is planning to sell next month.

January 27, 2011

An Illinois appellate court Wednesday struck down a $31 billion ongoing construction program, saying it violated the state constitution.

The ruling threatens to shut down capital projects across the state. It also poses a possible threat to a $4 billion or $5 billion capital-construction bond issue the state is planning to sell next month, because it would put into question the revenues backing the securities.

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--Dow Jones

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