State of Illinois
90th General Assembly

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      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
 1                       HOUSE JOINT RESOLUTION
 2                      CONSTITUTIONAL AMENDMENT
 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)
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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