Bill Text: IL HR0720 | 2011-2012 | 97th General Assembly | Introduced
Bill Title: Urges the federal government to take no action to redeem, assume, or guarantee State debt; and the Secretary of the Treasury should report to Congress negotiations to engage in actions that would result in an outlay of Federal funds on behalf of creditors to a State.
Sponsorship: Partisan Bill (Republican 2)
Status: (Passed) 2012-03-09 - Resolution Adopted [HR0720 Detail]
Download: Illinois-2011-HR0720-Introduced.html
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| 1 | HOUSE RESOLUTION
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| 2 | WHEREAS, Each State of the Union is a sovereign entity with | ||||||
| 3 | a constitution and
authority to issue sovereign debt; and
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| 4 | WHEREAS, The legislature of each State of the Union has the | ||||||
| 5 | authority to reduce
spending or raise taxes to pay the | ||||||
| 6 | obligations to which the State has committed itself; and
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| 7 | WHEREAS, The officials of each State of the Union have the | ||||||
| 8 | legal obligation to fully
disclose the financial condition of | ||||||
| 9 | the State to investors who purchase the debt of such
State; and
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| 10 | WHEREAS, Congress has rejected prior requests from State | ||||||
| 11 | creditors for payment of
defaulted State debt; and
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| 12 | WHEREAS, During the financial crisis in 1842, the Senate | ||||||
| 13 | requested that the Secretary of
State report any negotiations | ||||||
| 14 | with State creditors to assume or guaranty State debts, to
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| 15 | ensure that no promises of federal government support were | ||||||
| 16 | proffered; therefore, be it
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| 17 | RESOLVED, BY THE HOUSE OF REPRESENTATIVES OF THE | ||||||
| 18 | NINETY-SEVENTH GENERAL ASSEMBLY OF THE STATE OF ILLINOIS, that | ||||||
| 19 | we urge (1) the federal government to take no action to redeem, | ||||||
| 20 | assume, or guarantee State
debt; and
(2) the Secretary of the | ||||||
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| 1 | Treasury should report to Congress negotiations to engage in
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| 2 | actions that would result in an outlay of Federal funds on | ||||||
| 3 | behalf of creditors to a State; and be it further
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| 4 | RESOLVED, That suitable copies of this resolution be | ||||||
| 5 | delivered to the President of the United States, the Speaker of | ||||||
| 6 | the United States House of Representatives, the Minority Leader | ||||||
| 7 | of the United States House of Representatives, the Majority | ||||||
| 8 | Leader of the United States Senate, the Minority Leader of the | ||||||
| 9 | United States Senate, and each member of the Illinois | ||||||
| 10 | congressional delegation.
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