Illinois Senate Bill 2205 (Prior Session Legislation)

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Completed Legislative Action
Spectrum: Partisan Bill (Republican 2-0)
Status: Failed on January 9 2019 - 100% progression
Action: 2019-01-09 - Session Sine Die
Text: Latest bill text (Introduced) [HTML]

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.

FINANCE-BONDS-SPENDING LIMIT

Sen. Kyle McCarter [R]

Sen. Dan McConchie [R]

Date	Chamber	Action
2019-01-09	Senate	Session Sine Die
2017-04-28	Senate	Added as Chief Co-Sponsor Sen. Dan McConchie
2017-04-27	Senate	Referred to Assignments
2017-04-27	Senate	First Reading
2017-04-27	Senate	Filed with Secretary by Sen. Kyle McCarter

Chapter	Article	Section	Citation Type	Statute Text
20	3501	801-40	Amended Code	Citation Text
30	105	14.3	New Code	See Bill Text
30	105	5.878	New Code	See Bill Text
30	330	11	Amended Code	Citation Text
30	330	12	Amended Code	Citation Text
30	330	13	Amended Code	Citation Text
30	330	2	Amended Code	Citation Text
30	330	2.5	Amended Code	Citation Text
30	330	7.6	New Code	See Bill Text
30	330	7.7	New Code	See Bill Text
30	330	9	Amended Code	Citation Text
40	15	1.10	New Code	See Bill Text

Type	Source
Summary	https://www.ilga.gov/legislation/BillStatus.asp?DocNum=2205&GAID=14&DocTypeID=SB&SessionID=91&GA=100
Text	https://www.ilga.gov/legislation/100/SB/10000SB2205.htm