Illinois could sink further into debt as the new year begins.
The administration of Gov. Bruce Rauner is preparing to borrow $480 million through a general obligations bond sale on Jan. 14.
A spokesperson for Rauner, Catherine Kelly, told the Chicago Tribune the money would go towards road and transit projects and other costs to invest in the state's economic future.
Illinois has been without a state budget for several months due to disagreements between the first-term Republican governor and Democrats. It remains unclear what role Illinois' cloudy financial future could play in the rate the state would receive through a bond sale.
Illinois could face at least $8 billion in debt by the end of the fiscal year on Jun. 30, according to the Tribune.