Illinois governor’s charges delay bond sale

Without money from the debt sale the state was facing a record unpaid bill backlog nearing $4 billion.

On Tuesday, the governor and his chief of staff John Harris were charged with corruption by federal prosecutors.

Illinois Attorney General Lisa Madigan said she was reviewing whether she can tell investors there is no pending or actual litigation that could affect the debt or any controversy concerning the governor and his ability to hold office, according to her spokeswoman Natalie Bauer,politics today.

The deal cannot go through without the attorney general’s certification.

A spokeswoman for State Treasurer Alexi Giannoulias said the attorney general’s concerns held up the debt sale planned for Thursday. The competitive sale, which was postponed until Tuesday, had been generating good interest from potential bidders in the municipal bond market.

Meanwhile, the governor’s office has not cited a specific reason for the mobile porn note sale delay despite repeated requests by Reuters.

Illinois Comptroller Dan Hynes warned last month that if the state failed to address a record nearly $4 billion backlog in its bills, creditors could curtail food deliveries to prisons and mental institutions, nursing homes and day-care centers may shutter, state police would be unable to gas up their cars and the state may delay payments to school districts.

“The comptroller has said that the governor needs to be removed from office and everything is in jeopardy while we continue to be in a state of flux,” Alan Henry, a spokesman for the comptroller, said on Thursday.

The state’s fiscal woes, as well as the corruption charges against Blagojevich, led Standard & Poor’s Ratings Services to place Illinois’ “AA” general obligation rating on review for a possible downgrade.

“The CreditWatch placement reflects our opinion of the state’s growing budgetary shortfall, now projected at $2 billion for the current fiscal year, and our concern that the legal charges now facing the governor and his chief of staff may challenge the state to respond to this fiscal situation on a timely basis,” S&P analyst John Kenward said in a statement on Wednesday.

The ratings agency noted Blagojevich could face impeachment if he does not resign from office, a situation “we believe does not bode well for future cooperation between the governor’s office and the legislature.”

The governor’s office was continuing to work on ways to address the budget shortfall, Katie Ridgway, a spokeswoman milf porn for Blagojevich, said in an e-mail.

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