The state completed the sale of $3.4 billion worth of bonds Thursday aimed at easing a cash crunch.
Most of the money will be poured into the state’s pension systems, which will free up about $843 million to help pay down the backlog of bills owed to universities, grade schools and medical providers, according to David Vaught, budget director for Gov. Pat Quinn.
That figure is a small portion of what Comptroller Dan Hynes said is a $5.1 billion backlog, and it’s unclear how much will be funneled to the University of Illinois. The state’s flagship school announced furloughs this week after administrators said the state owes the university about $436 million.
Quinn promised universities would see some money from this week’s round of borrowing, though Vaught said it’s up to the comptroller to decide how the money is distributed.
Hynes and Quinn are seeking the Democratic nomination for governor in next month’s primary election.
