In the News

News Sun, September 11, 2009

State officials are seeking increased oversight, better safeguards and internal controls for the Illinois Tollway following the default of the tollway's $38 million mortgage for its suburban oases.

State Sen. Susan Garrett, D-Lake Forest, helped organize a public hearing on the issue Wednesday that included the participation of tollway officials who agreed to redefine the internal business practices of the agency.

"The internal process within the tollway is definitely flawed," Garrett said. "There is very little if any discussion over crucial matters such as the foreclosure of the suburban oases."

Garrett said that among the concerns held by officials is a "peculiar" situation in which the state's Teachers Retirement System began purchasing stocks and bonds from banks financing the oases renovation program around the time it was approved.

Wilton Partners, former operator of the oases, including the Lake Forest Oasis, signed a lease in 2002 with the tollway to remodel the seven locations. The partnership was foreclosed upon after falling behind on its obligations.

Garrett said there is also concern about discrepancies between oases revenue as reported to bond holders and as reported in tollway records.

State Sen. Jeff Schoenberg, D-Evanston, also had called for the hearing with scathing criticism of tollway practices

"The circumstances surrounding the recent default on the Tollway's $83 million mortgage for its oases is but the latest illustration as to why we need far greater accountability for this controversial agency's spending practices and policies," Schoenberg said.

Schoenberg also cited "the (Tollway) board's suspiciously rushed decision to approve the $1.8 billion "Green Lanes" congestion relief plan cited in the government's charges against former Gov. Blagojevich, the authority's botched change of vendors of its important electronic toll collection contract and the chronic instability in the agency's top leadership."