SB1995 97TH GENERAL ASSEMBLY

LRB097 10245 RLJ 50444 b

97TH GENERAL ASSEMBLY
State of Illinois
2011 and 2012
SB1995

Introduced 2/10/2011, by Sen. Kirk W. Dillard

SYNOPSIS AS INTRODUCED:

20 ILCS 3005/10 new

Amends the Governor's Office of Management and Budget Act. Provides that, beginning the first full calendar week of July in 2011, the Office shall post and maintain on the Office's official Internet website, information detailing the State's debt paydown. Sets forth the requirements for the website. Provides that the information on the website must include the assets, liabilities, and unfunded liabilities of the Teachers Retirement System, State Employees Retirement System, State Universities Retirement Systems, Judges Retirement System, and General Assembly Retirement System. Effective immediately.

FISCAL NOTE ACT MAY APPLY

A BILL FOR

AN ACT concerning State government.

Be it enacted by the People of the State of Illinois, represented in the General Assembly:

Section 5. The Governor's Office of Management and Budget Act is amended by adding Section 10 as follows:

(20 ILCS 3005/10 new)

Sec. 10. Posting requirements; State debt paydown. Beginning the first full calendar week of July in 2011, the Office shall post and maintain on the Office's official Internet website, information detailing the State's debt paydown. This website shall be updated by the Office at least once every 7 calendar days. The information on the website shall include the outstanding principal amount as of any date in the preceding 7 days, and principal or redemption and interest payments made within the preceding 7 calendar days, on the State's general obligation bonds, Build Illinois bonds, short-term borrowings issued under the Short Term Borrowing Act, and other State debt as defined in subsection (a) of Section 9 of Article 9 of the Illinois Constitution. The information on the website also shall include the latest available assets, liabilities, and unfunded liabilities of the Teachers Retirement System, State Employees Retirement System, State Universities Retirement Systems, Judges Retirement System, and General Assembly Retirement System and contributions made by the State to each of these retirement systems within the preceding 7 calendar days. For each of the pension systems, the Comptroller and the Treasurer shall promptly provide information requested by the Office to enable the Office to timely comply with this Section.

Section 99. Effective date. This Act takes effect upon becoming law.