101ST GENERAL ASSEMBLY
State of Illinois
2019 and 2020
HB3525

 

Introduced , by Rep. Anne Stava-Murray

 

SYNOPSIS AS INTRODUCED:
 
New Act

    Creates the Debt Affordability Study Act. Creates the Debt Affordability Study. Requires the Commission on Government Forecasting and Accountability to conduct a study on debt affordability in this State and produce a report on its findings. Provides for the contents of the report. Requires the Commission to submit its report with findings and recommendations to the Governor and the General Assembly on or before August 1, 2019. Repeals the Act on January 1, 2021. Effective immediately.


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A BILL FOR

 

HB3525LRB101 10627 RJF 55733 b

1    AN ACT concerning government.
 
2    Be it enacted by the People of the State of Illinois,
3represented in the General Assembly:
 
4    Section 1. Short title. This Act may be cited as the Debt
5Affordability Study Act.
 
6    Section 5. Debt Affordability Study.
7    (a) There is hereby created the Debt Affordability Study.
8    (b) The Commission on Government Forecasting and
9Accountability shall conduct a study on debt affordability in
10this State and produce a report on its findings. The report
11shall include, but not be limited to, the following:
12        (1) the amount of debt incurred by the State as of the
13    reporting date;
14        (2) a short-term and long-term projection of State debt
15    based upon the debt incurred by the State as of the
16    reporting date;
17        (3) analysis of the State's historical debt use and
18    financial and economic resources to determine the amount of
19    additional debt the State can accommodate;
20        (4) analysis of how annual changes and new debt
21    authorizations affect the State debt;
22        (5) a mechanism that can be used to determine, at a
23    minimum, the State's debt affordability and serve as a

 

 

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1    guideline for debt authorizations; and
2        (6) any other information, models, and recommendations
3    concerning the State debt that the Commission deems
4    relevant.
5    (c) The Commission on Government Forecasting and
6Accountability shall submit its report with findings and
7recommendations to the Governor and the General Assembly on or
8before August 1, 2019.
 
9    Section 10. Repeal. This Act is repealed on January 1,
102021.
 
11    Section 99. Effective date. This Act takes effect upon
12becoming law.