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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.
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