Statement from Governor Pat Quinn On State University Borrowing

SPRINGFIELD - May 25, 2010. Governor Pat Quinn today spoke with University of Illinois President Stanley O. Ikenberry and Southern Illinois University President Glenn Poshard regarding a legislative initiative to allow state universities to borrow money to cover expenses during the current economic crisis.

“After careful consideration, I believe it is in the best interest of Illinois taxpayers to include state university borrowing in the comprehensive borrowing bill now before the Illinois General Assembly.

The university presidents and I agree that this is a more fiscally-responsible way of addressing the state universities’ financial issues while also protecting the interests of Illinois taxpayers. A comprehensive plan will result in a stronger response from the bond market, more manageable and competitive interest rates on state bonds and ultimately lower costs to taxpayers.

Proceeds from a comprehensive borrowing plan will be used to pay for vital state services, including university expenses.”