Quinn signs financing bill for green projects

Gov. Pat Quinn has signed a bill that provides financing guarantees for renewable energy, clean coal and agriculture projects.

Quinn says the bill he signed Wednesday will create jobs and help Illinois reduce its carbon footprint.

Under the new law, the state may authorize up to $3 billion in guarantees for qualified renewable energy and clean coal efforts.

It's part of program where the state would issue bonds that the borrowers would be responsible for paying back. But the state could be on the hook if they don't.

The bill also increases state loan guarantees to $225 million from $75 million for agricultural businesses.