Benjamin Yount, Metro Networks
Springfield, IL -(Effingham Radio)- Illinois’ state treasurer says a new law that allows him to spend up to two billion-dollars could save the state 100 million.
Treasurer Mike Frerichs says the law allows him to spend money that his office doesn’t need for immediate investments on some of the state’s old bills.
Frerichs says the savings would come from not having to pay 12 percent interest on bills that are more than 90 days late.
Illinois currently has over seven billion-dollars in unpaid bills.