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]

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Bill Drafts

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Amendments

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No bill amendments currently on file for Illinois SB3581

Supplemental Documents

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No supplemental documents for Illinois SB3581 currently on file.

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