State Treasurer Dan Rutherford, months after he threatened to dissuade bond houses from lending Illinois money, now says he has always been in favor of certain types of borrowing if certain conditions are met. Rutherford says he’s adamantly against long-term, debt-bearing borrowing – which is something the governor has proposed numerous times to pay off old bills.
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Rutherford says he might, however, be in favor of short-term borrowing against anticipated increases in sales and income tax revenues – but only in certain instances. “I said I’m open, give me proposals, let me see what it is, and I’d be willing to discuss it as long as it becomes part of a package. If that package includes the state’s public pension systems… let me say that differently. It must include the state’s public pension systems,” Rutherford said Monday in Springfield. Rutherford says any money borrowed must be paid back within the same fiscal year. He says previously introduced borrowing plans would address some debt, but left out key components such as the pension backlog.