Illinois Supreme Court backs law allocating revenue for bonds

Reuters News
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Posted: Jul 11, 2011 10:23 AM
Illinois Supreme Court backs law allocating revenue for bonds

CHICAGO (Reuters) - The Illinois Supreme Court on Monday approved the state's appeal of a lower court ruling that had voided taxes and other revenue earmarked to pay off bonds for a massive capital improvement program.

The state high court reversed a lower appeals court ruling decided in January. Illinois had argued the ruling would cost the state millions of dollars in revenue and would force it to find alternative sources for paying off bonds already sold for its $31 billion capital improvement program.

(Editing by James Dalgleish)