municipal bonds

Flickr/Rob Lee

East St. Louis has paid off more than $20 million in bonds it’s owed Illinois for nearly two decades.

Mayor Alvin Parks Jr. says the $21.4 million it borrowed 19 years ago helped bail out the city in a time of crisis, but paying them off has been a financial burden ever since.

“This is a huge deal,” he said. “What it does is send a message that East St. Louis has handled its responsibilities to the state of Illinois and we have never defaulted on our loan from the state of Illinois in terms of refinancing the bonds.”