IL SB0004

Increases total authorized General Obligation Bonds from $49,917,925,743 to $56,917,925,743, adding $7,000,000,000 in new bond authority.

Creates "State General Obligation Restructuring Bonds" authorized under new Section 7.6 to pay unpaid state obligations incurred prior to July 1, 2017, with bonds to be issued by September 1, 2017.

Requires the $7,000,000,000 in restructuring bonds to be repaid over 7 years (fiscal years 2019-2025) with equal annual principal and interest payments of approximately 14.29% per year.

Deposits proceeds from restructuring bonds into the General Revenue Fund after accounting for capitalized interest and bond sale expenses, with the Comptroller and Treasurer authorized to make payments.

Requires restructuring bonds to be sold competitively with at least 25% sold through public bid, though competitive sale can occur up to 60 days after 75% are sold through negotiated sale.