IL SB2205 | 2017-2018 | 100th General Assembly

Status

Spectrum: Partisan Bill (Republican 2-0)
Status: Introduced on April 27 2017 - 25% progression
Action: 2017-04-28 - Added as Chief Co-Sponsor Sen. Dan McConchie
Pending: Senate Assignments Committee
Text: Latest bill text (Introduced) [HTML]

Summary

Amends the Illinois Finance Authority Act. Authorizes the Illinois Finance Authority to issue bonds if the amount of accelerated pension benefit payments exceeds the amount appropriated to each pension system for those payments. Amends the General Obligation Bond Act. Authorizes the issuance of an additional $7,000,000,000 in State General Obligation Restructuring Bonds. Provides that the proceeds from that bond sale shall be used for the purpose of paying vouchers incurred by the State prior to July 1, 2017. Authorizes $250,000,000 in State Pension Obligation Acceleration Bonds to be sold to pay for accelerated pension benefit payments to eligible persons. Amends the State Pension Funds Continuing Appropriation Act to create a continuing appropriation for payments on those Bonds. Amends the State Finance Act. Provides that, if State spending exceeds $31,374,000,000, then no member of the General Assembly shall receive any compensation for his or her service as a member of the General Assembly, including any salary, stipend, or per diem, for the remainder of the fiscal year or until such time as the Governor is presented with a bill or bills passed by the General Assembly to reduce State spending to a level that does not exceed the State spending limitation. Effective immediately.

Tracking Information

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Title

FINANCE-BONDS-SPENDING LIMIT

Sponsors


History

DateChamberAction
2017-04-28SenateAdded as Chief Co-Sponsor Sen. Dan McConchie
2017-04-27SenateReferred to Assignments
2017-04-27SenateFirst Reading
2017-04-27SenateFiled with Secretary by Sen. Kyle McCarter

Code Citations

ChapterArticleSectionCitation TypeStatute Text
203501801-40Amended CodeCitation Text
3010514.3New CodeSee Bill Text
301055.878New CodeSee Bill Text
3033011Amended CodeCitation Text
3033012Amended CodeCitation Text
3033013Amended CodeCitation Text
303302Amended CodeCitation Text
303302.5Amended CodeCitation Text
303307.6New CodeSee Bill Text
303307.7New CodeSee Bill Text
303309Amended CodeCitation Text
40151.10New CodeSee Bill Text

Illinois State Sources


Bill Comments

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