Bill Status of SJRCA0071 94th General Assembly
Short Description: REVENUE DEBT SERVICE
Sen. Christine Radogno
| 1/9/2007||Senate||Session Sine Die|
|ILCON Art. IX, Sec. 9.1 new|| |
Synopsis As Introduced
Proposes to amend the Revenue Article of the Illinois Constitution. Prohibits the State from issuing general obligation bonds or other indebtedness secured by the full faith and credit of the State if, in the next fiscal year, the resulting amount of debt service on all outstanding bonds would exceed 7% of that fiscal year's aggregate appropriations of (i) general funds and (ii) specific vehicle or fuel related revenues. Permits the issuance of bonds that would otherwise violate the prohibition if the State Comptroller and State Treasurer consent in writing. Effective upon being declared adopted.
|Date||Chamber|| Action|| 1/31/2006||Senate||Filed with Secretary|| 1/31/2006||Senate||Referred to Rules|| 1/9/2007||Senate||Session Sine Die|