94TH GENERAL ASSEMBLY
State of Illinois
2005 and 2006
HOUSE JOINT RESOLUTION CONSTITUTIONAL AMENDMENT
HC0026

 

Introduced 1/19/2006, by Rep. Jim Watson

 

SYNOPSIS AS INTRODUCED:
 
ILCON Art. IX, Sec. 9.1 new

    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.


LRB094 17804 JAM 53103 e

 

 

A BILL FOR

 

HC0026 LRB094 17804 JAM 53103 e

1
HOUSE JOINT RESOLUTION
2
CONSTITUTIONAL AMENDMENT

 
3     RESOLVED, BY THE HOUSE OF REPRESENTATIVES OF THE
4 NINETY-FOURTH GENERAL ASSEMBLY OF THE STATE OF ILLINOIS, THE
5 SENATE CONCURRING HEREIN, that there shall be submitted to the
6 electors of the State for adoption or rejection at the general
7 election next occurring at least 6 months after the adoption of
8 this resolution a proposition to amend Article IX of the
9 Illinois Constitution by adding Section 9.1 as follows:
 
10
ARTICLE IX
11
REVENUE

12     ILCON Art. IX, Sec. 9.1 new
13 SECTION 1.5. LIMITATION OF ISSUANCE OF GENERAL OBLIGATION BONDS
14     (a) Except as provided in subsection (b), no bonds or other
15 evidences of indebtedness that are secured by the full faith
16 and credit of the State may be issued if, after the issuance,
17 in the next State fiscal year after the issuance of the bonds,
18 the amount of debt service (including principal, whether
19 payable at maturity or pursuant to mandatory sinking fund
20 installments, and interest) on all then-outstanding bonds
21 would exceed 7% of the aggregate appropriations of (1) the
22 general funds of the State and (2) moneys derived from fees,
23 excises, or license taxes relating to registration, titles,
24 operation, or use of vehicles on public highways or relating to
25 fuels used for propelling those vehicles, including bond
26 proceeds for the fiscal year immediately prior to the fiscal
27 year of the issuance.
28     (b) If the Comptroller and Treasurer each consent in
29 writing, bonds may be issued even if the issuance does not
30 comply with subsection (a).
 
31
SCHEDULE
32     This Constitutional Amendment takes effect upon being

 

 

HC0026 - 2 - LRB094 17804 JAM 53103 e

1 declared adopted in accordance with Section 7 of the Illinois
2 Constitutional Amendment Act.