Illinois takes another step in reducing backlog of unpaid bills

CHICAGO, Illinois -- Illinois paid down another portion of their roughly $15 billion backlog of unpaid bills by selling $4.5 billion in general obligation bonds on Wednesday.

According to the office of Governor Rauner, Illinois received orders from more than 100 institutional investors.

"We are pleased by the investor support on such an important financing for the State," said Director of Capital Markets Kelly Hutchinson.

Wednesday's sale paired with the last week's sale of $1.5 billion will help to cut Illinois' backlog by about half by June 2018.