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Illinois Gov Pritzker, Treasurer Frerichs and Comptroller Mendoza file 22-page response to early July complaint filed by hedge fund Warlander and head of Illinois Policy Institute that attempts to invalidate $14.3bn of state GO bonds 1/6
State says premise of lawsuit-that state debt act limits bonds to be issued only for specific purposes related to capital projects - is wrong & not that restrictive; complaint brought too late (bonds issued in 2003 & 2017); Warlander lacks standing; that the bulk of the complaint
is really a ideological debate over fiscal policy, which has no place in the courts and is "seemingly trying to appeal to a nonjudicial audience"...
"Petitioner seeks to unscramble eggs that were cracked, cooked, and eaten 16 and two years ago, with no explanation as to why he did not bring suit before breakfast hit the pan. Had Petitioner timely sought and obtained an injunction against issuance of the
bonds....
bonds....
the State could have made different arrangements to fund its obligations, and bondholders would not now be needlessly placed in peril. "
Asks court to throw it out. Hearing set for August 15. #muniland
