SB 415 - Bond Approval - Illinois Key Vote

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Title: Bond Approval

Vote Smart's Synopsis:

Vote to concur with amendments to a bill that authorizes an additional $2.23 billion in 5-year bonds for payment into the Pension Contribution Fund.

Highlights:

-Authorizes the state to issue an additional $2.23 billion in bonds to make required contributions to designated retirement systems (Sec. 2). -Specifies that the revenue from the new bonds shall be deposited into the Pension Contribution Fund (Sec. 7). -Requires the new bonds to be paid back within 5 years from the date of issue (Sec. 9). -Takes effect immediately upon becoming law (Sec. 99).

NOTE: THIS VOTE RECONSIDERS A PREVIOUS VOTE.

Title: Bond Approval

NOTE: THIS LEGISLATION NEEDED A THREE-FIFTHS MAJORITY VOTE TO PASS.

NOTE: THIS LEGISLATION NEEDED A THREE-FIFTHS MAJORITY VOTE TO PASS.

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