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| | 101ST GENERAL ASSEMBLY
State of Illinois
2019 and 2020
HB3525 Introduced , by Rep. Anne Stava-Murray SYNOPSIS AS INTRODUCED:
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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 |
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| | HB3525 | | LRB101 10627 RJF 55733 b |
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| 1 | | AN ACT concerning government.
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| 2 | | Be it enacted by the People of the State of Illinois,
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| 3 | | represented in the General Assembly:
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| 4 | | Section 1. Short title. This Act may be cited as the Debt |
| 5 | | Affordability Study Act.
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| 6 | | Section 5. Debt Affordability Study.
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| 7 | | (a) There is hereby created the Debt Affordability Study.
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| 8 | | (b) The Commission on Government Forecasting and |
| 9 | | Accountability shall conduct a study on debt affordability in |
| 10 | | this State and produce a report on its findings. The report |
| 11 | | shall include, but not be limited to, the following:
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| 12 | | (1) the amount of debt incurred by the State as of the |
| 13 | | reporting date;
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| 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;
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| 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;
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| 20 | | (4) analysis of how annual changes and new debt |
| 21 | | authorizations affect the State debt;
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| 22 | | (5) a mechanism that can be used to determine, at a |
| 23 | | minimum, the State's debt affordability and serve as a |