chicago illinois sell 550 million bond thursday lack authority state legislature spend proceed due ongoing budget impasse general assembly need grant appropriation authority fully expend proceed bond sale although exist fy16 appropriations could use expend portion catherine kelly spokeswoman governor bruce rauner say wednesday statement follow news conference early wednesday republican governor transportation department head warn imminent shutdown hundreds construction project democrat-controlled legislature approve rauner temporary budget plan 20 million state general obligation bond issue earmark mass transit road construction project odd time announcement eve state bond sale hand rauner democratic rival state legislature fodder question first-term governor action hop none activities staff work go drive borrow cost like chicago public school february say steve brown spokesman democratic house speaker michael madigan school district delay downsize bond sale rauner threaten state takeover cps say system head bankruptcy comment chicago mayor rahm emanuel call shameful possible impact bond sale rauner wednesday plead democratic lawmakers return session pass spend plan would keep state operate january fully fund k-12 school allow crisis continue wrong rauner say refer ongoing impasse leave illinois state without fiscal 2016 budget illinois dependent court order muddle ongoing stopgap appropriations continue operate lawmakers reach agreement budget fiscal year begin july 1. state go bond trade wide spread municipal market data benchmark triple-a yield scale illinois upcoming debt issue likely benefit yield municipal market near record low cash-heavy investors chase scarce supply bond issue state cities school issuers illinois already low credit rat downgrade last week ahead sale illinois sell bond tap proceed