Burke Measure to Cut Financial Red Tape Constraining Local Governments Signed into Law

OAK LAWN, IL – A measure to give local governments the freedom to borrow from the Illinois Finance Authority (IFA), authored by state Rep. Kelly Burke, D-Evergreen Park, was recently signed into law by Gov. Pritzker.

“By allowing local governments to borrow from the Illinois Finance Authority, a leading low-cost capital lender, we are giving them the freedom to pursue a greater range financing options that best fit their needs,” Burke said. “During difficult economic times, restrictive regulations on how a municipality can do business benefits no one. I am confident that the IFA will be a valuable partner to Illinois municipalities.”

Burke’s House Bill 3340 allows municipalities to borrow money from the IFA in order to facilitate economic growth in their business communities. The Illinois Finance Authority has fostered economic development and created jobs by providing access to low-cost capital to public and private institutions since 2004. This measure received near unanimous support in the House and Senate.

“Clearing the way to financial freedom by eliminating needless regulations is the surest way to build a stronger economy in Illinois,” Burke said. “In coming months, I plan to continue to pursue legislation that gives local governments the tools they need to flourish.”