Vote Smart's Synopsis:

Vote to pass a bill that appropriates money and constructs guidelines for administration of state pension obligations.

Highlights:

-Applies $2.23 billion from the sale of general obligation bonds to the pension obligation of the states, intending for an equivalent amount to be appropriated from the General Revenue fund to the Office of the Governor for operational expenses, awards, grants, and permanent improvements (Sec. 1). -Amends the General Obligation Bond Act to allow the state of Illinois to sell $34.2 billion in bonds, an increase from the previous limit of $30.7 billion (Sec. 5). -Authorizes $3.47 billion in bonds for Fiscal Year 2010 to help make the state's necessary contributions to the designated retirement systems (Sec. 5). -Creates the Pension Contribution Fund, out of which the Secretary of the Treasury and the Comptroller must make re-payments to the General Revenue Fund or Common School Fund equal to the amount borrowed to pay for designated retirement systems (Sec. 5). -Establishes that gains or losses from investments of state assets will be recognized in equal annual amounts for the five years following the investment (Sec. 10).

Full Bill Text

Vote Smart's Synopsis:

Vote to pass a bill that appropriates money and constructs guidelines for administration of state pension obligations.

Highlights:

-Applies $2.23 billion from the sale of general obligation bonds to the pension obligation of the states, intending for an equivalent amount to be appropriated from the General Revenue fund to the Office of the Governor for operational expenses, awards, grants, and permanent improvements (Sec. 1). -Amends the General Obligation Bond Act to allow the state of Illinois to sell $34.2 billion in bonds, an increase from the previous limit of $30.7 billion (Sec. 5). -Authorizes $3.47 billion in bonds for Fiscal Year 2010 to help make the state's necessary contributions to the designated retirement systems (Sec. 5). -Creates the Pension Contribution Fund, out of which the Secretary of the Treasury and the Comptroller must make re-payments to the General Revenue Fund or Common School Fund equal to the amount borrowed to pay for designated retirement systems (Sec. 5). -Establishes that gains or losses from investments of state assets will be recognized in equal annual amounts for the five years following the investment (Sec. 10).

Full Bill Text

Signed by Governor Pat Quinn