Program lets treasurer lend to comptroller to pay down past-due bills

By Adrianna Pitrelli Law Bulletin staff writer

Posted October 17, 2018 11:29 AM

SPRINGFIELD — State Treasurer Michael Frerichs and Comptroller Susana Mendoza launched a program that will allow the state’s investment portfolio to lend to the state comptroller’s office, reducing the amount the state loses in bill interest payments.The two officers hailed the program as a way to chip away at the state’s $7.7 billion bill backlog.The Investing in State Receivables Program allows the treasurer’s office to invest in past-due bills.The state pays as much as 12 percent interest …

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