Comments: IL SB3581 | 2009-2010 | 96th General Assembly
Bill Title: Amends the Short Term Borrowing Act. Provides that, when debt is incurred to address failures in revenues of the State, the required notice must contain a detailed plan to repay the debt. Provides that no debt may be incurred under the Act for the purpose of addressing failures in revenues of the State unless a majority of each chamber of the General Assembly has approved the borrowing by a recorded majority vote. Provides that no debt may be incurred under the Act while any debt previously incurred under this Act remains outstanding, unless a majority of each chamber of the General Assembly has approved the new borrowing by a recorded majority vote. Effective immediately.
Spectrum: Partisan Bill (Republican 1-0)
Status: (Introduced - Dead) 2010-03-19 - Rule 3-9(a) / Re-referred to Assignments [SB3581 Detail]
Text: Latest bill text (Introduced) [HTML]
Spectrum: Partisan Bill (Republican 1-0)
Status: (Introduced - Dead) 2010-03-19 - Rule 3-9(a) / Re-referred to Assignments [SB3581 Detail]
Text: Latest bill text (Introduced) [HTML]
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