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Quinn Signs Unemployment Insurance Bill

By WEEK Reporter

Quinn Signs Unemployment Insurance Bill

November 18, 2011 Updated Nov 20, 2011 at 4:35 PM CDT

SPRINGFIELD, Ill.-- Governor Quinn has signed Senate Bill 72 into law, which allows the state to issue bonds to pay into the Unemployment Trust Fund.

Currently, the State borrows money from the Federal Government --at a higher rate--to pay unemployment benefits.

Changing where the money comes from would save the state some $240 million in interest payments over the next several years.

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