Quinn Extends Borrowing Power to Cash-Hungry Community Colleges
Governor Pat Quinn's signature extends the power to borrow money to Illinois' community colleges.
Earlier this week legislation that the governor signed gave the same ability to state universities - nearly all public higher education institutions are awaiting backlogged payments from the state, and many of those schools say the delays have prompted them to cut budgets and scrape to make payroll.
In signing the borrowing authority bill in Danville Wednesday, Governor Quinn said the two-year schools now have another tool to work through the state's budget crisis. Republican Representative Bill Black admits that the new borrowing power is only a Band-Aid.
"I know some of you in the media looked at the three bills and said 'this doesn't solve all the problems' -- no it doesn't, and I don't think the governor will give any the indication that it does," Black said. "But they're all small steps that we can take, and when the state gets back on its feet - and it will -- I think the bills he's signing today will help."
Two other bills the Governor signed Wednesday allow more frequent state payments to community colleges and let the state Community College Board limit some travel reimbursements. Colleges would still have to get the approval of their trustees to issue more bonds.