(25 ILCS 65/4)
(from Ch. 63, par. 42.74)
The State Debt Impact Note shall be factual in nature and as
brief and concise as possible.
For bills which would appropriate from bond
funds, the note shall provide a reliable estimate of the impact of the bill
on the State's debt service requirements; a description of the estimated
useful life and intended use of the project; and maintenance and operating
costs associated with the project. For bills which would add new or increase
existing bond authorization levels the note shall assess current outstanding,
unissued, and retired bond authorization levels and make reasonable projections
of the cost associated with the retirement of the additional bonds. The estimated costs shall specify the estimated total principal and interest payments (assuming interest is paid at a fixed rate) if all of the Bonds authorized were issued. The statement or note shall include the total principal on all other then-outstanding Bonds of the State. A brief
summary or work sheet of computations used in arriving at State Debt Impact
Notes shall be attached.
(Source: P.A. 93-839, eff. 7-30-04.)