SB2205 Summary

• Authorizes $7,000,000,000 in State General Obligation Restructuring Bonds to pay unpaid state vouchers incurred prior to July 1, 2017, with repayment scheduled over fiscal years 2019-2025.

• Authorizes $250,000,000 in State Pension Obligation Acceleration Bonds through the Illinois Finance Authority to fund accelerated pension benefit payments when annual appropriations fall short of required amounts.

• Establishes a $31,374,000,000 annual state spending limit for fiscal years 2018-2025; if spending exceeds this limit, General Assembly members lose all compensation until spending is reduced or bills are passed to comply with the limit.

• Requires the Auditor General to examine Public Acts authorizing state spending and report within 30-60 days whether the spending limitation has been exceeded, with supplemental reports issued 61-65 days later.

• Creates the State Pension Obligation Acceleration Bond Fund as a special fund in the State Treasury for receiving bond proceeds and making pension benefit payments, with a continuing appropriation for bond principal and interest payments.