[ Search ] [ Legislation ] [ Bill Summary ]
[ Home ] [ Back ] [ Bottom ]
90_HC0006
ILCON Art. IX, Sec. 9
Proposes to amend the Revenue Article of the Illinois
Constitution. Prohibits aggregate outstanding State debt
from exceeding 50% of State revenues. Effective upon voter
approval.
LRB9002470DNcw
LRB9002470DNcw
1 HOUSE JOINT RESOLUTION
2 CONSTITUTIONAL AMENDMENT
3 RESOLVED, BY THE HOUSE OF REPRESENTATIVES OF THE NINTIETH
4 GENERAL ASSEMBLY OF THE STATE OF ILLINOIS, THE SENATE
5 CONCURRING HEREIN, that there shall be submitted to the
6 electors of the State for adoption or rejection at the
7 general election next occurring at least 6 months after the
8 adoption of this resolution a proposition to amend Section 9
9 of Article IX of the Illinois Constitution as follows:
10 ARTICLE IX
11 REVENUE
12 (ILCON Art. IX, Sec. 9)
13 SECTION 9. STATE DEBT
14 (a) No State debt shall be incurred except as provided
15 in this Section. For the purpose of this Section, "State
16 debt" means bonds or other evidences of indebtedness which
17 are secured by the full faith and credit of the State or are
18 required to be repaid, directly or indirectly, from tax
19 revenue and which are incurred by the State, any department,
20 authority, public corporation or quasi-public corporation of
21 the State, any State college or university, or any other
22 public agency created by the State, but not by units of local
23 government, or school districts. Notwithstanding the other
24 provisions of this Section, the aggregate State debt
25 outstanding in one fiscal year may not exceed 50% of the
26 State's aggregate revenues in that fiscal year.
27 (b) State debt for specific purposes may be incurred or
28 the payment of State or other debt guaranteed in such amounts
29 as may be provided either in a law passed by the vote of
30 three-fifths of the members elected to each house of the
31 General Assembly or in a law approved by a majority of the
32 electors voting on the question at the next general election
-2- LRB9002470DNcw
1 following passage. Any law providing for the incurring or
2 guaranteeing of debt shall set forth the specific purposes
3 and the manner of repayment.
4 (c) State debt in anticipation of revenues to be
5 collected in a fiscal year may be incurred by law in an
6 amount not exceeding 5% of the State's appropriations for
7 that fiscal year. Such debt shall be retired from the
8 revenues realized in that fiscal year.
9 (d) State debt may be incurred by law in an amount not
10 exceeding 15% of the State's appropriations for that fiscal
11 year to meet deficits caused by emergencies or failures of
12 revenue. Such law shall provide that the debt be repaid
13 within one year of the date it is incurred.
14 (e) State debt may be incurred by law to refund
15 outstanding State debt if the refunding debt matures within
16 the term of the outstanding State debt.
17 (f) The State, departments, authorities, public
18 corporations and quasi-public corporations of the State, the
19 State colleges and universities and other public agencies
20 created by the State, may issue bonds or other evidences of
21 indebtedness which are not secured by the full faith and
22 credit or tax revenue of the State nor required to be repaid,
23 directly or indirectly, from tax revenue, for such purposes
24 and in such amounts as may be authorized by law.
25 (Source: Illinois Constitution.)
26 SCHEDULE
27 This Constitutional Amendment takes effect upon approval
28 by the electors of this State.