McConchie spotlights risk to colleges from state bond-rating cut
With seven public universities enduring setbacks in the wake of Moody’s drastic Illinois bond-rating downgrade, Republican State Sen. Dan McConchie of District 26 weighed in on ruined promises and threats of fiscal failure.
"This is yet another symptom of the failed leadership Illinois has had for the last 30 years,” McConchie, a Hawthorn Woods resident, said. “Promises by the legislature to fund these state institutions have been broken again and again. Now some of our schools are on the cusp of collapse.”
Moody's recently downgraded Governors State University, Northeastern Illinois and Eastern Illinois universities to some degree of junk status. The majority of Northern Illinois University's bonds were also made junk status; and the credit ratings for Southern Illinois University and Illinois State were dropped to the minimal rank for investment grade.
The University of Illinois also had some revenue bonds downgraded.
“Taxpayers deserve better,” McConchie said. “Republicans have submitted proposals to fund our universities, but the Democratic leadership is holding universities hostage, (along) with the rest of state government. Enough is enough."