Illinois General Assembly

  Bills & Resolutions  
  Compiled Statutes  
  Public Acts  
  Legislative Reports  
  IL Constitution  
  Legislative Guide  
  Legislative Glossary  

 Search By Number
 (example: HB0001)
Search Tips

Search By Keyword

 Bill Status of SB2205  100th General Assembly


Short Description:  FINANCE-BONDS-SPENDING LIMIT

Senate Sponsors
Sen. Kyle McCarter - Dan McConchie

Last Action
DateChamber Action
  4/27/2017SenateReferred to Assignments

Statutes Amended In Order of Appearance
20 ILCS 3501/801-40
30 ILCS 105/5.878 new
30 ILCS 105/14.3 new
30 ILCS 330/2from Ch. 127, par. 652
30 ILCS 330/2.5
30 ILCS 330/7.6 new
30 ILCS 330/7.7 new
30 ILCS 330/9from Ch. 127, par. 659
30 ILCS 330/11from Ch. 127, par. 661
30 ILCS 330/12from Ch. 127, par. 662
30 ILCS 330/13from Ch. 127, par. 663
40 ILCS 15/1.10 new


Synopsis As Introduced
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.

Actions 
DateChamber Action
  4/27/2017SenateFiled with Secretary by Sen. Kyle McCarter
  4/27/2017SenateFirst Reading
  4/27/2017SenateReferred to Assignments
  4/28/2017SenateAdded as Chief Co-Sponsor Sen. Dan McConchie

Back To Top