Illinois

Decision instrument

Specific-purpose state debt needs three-fifths of each house, or a majority of the voters on the question.

What public act authorizes the borrowing, and where is the purpose and the first-year cost written down? Illinois Constitution, Article IX, Section 9. “State debt” means bonds secured by the full faith and credit, or bonds that must be repaid from tax revenue, including debt of a state authority or a state university. It does not include a unit of local government or a school district. The law must name the purpose and the manner of repayment. Short-term debt in anticipation of that year’s revenue may not exceed 5% of the year’s appropriations and must be retired from that year’s revenue. Debt for an emergency or a failure of revenue may not exceed 15% of appropriations and must be repaid within one year. Refunding debt must mature within the term of the debt it replaces. Bonds that are not backed by the full faith and credit, and that are not repaid from tax revenue, are not “state debt.” Ordinary law can authorize those.

Debt statement

No Annual Debt Statement of the New Jersey kind.

What yearly filing states gross debt, deductions, and how close the issuer is to its limit? State debt is in the annual report for the year ended June 30, 2025. County dollar rows are not attached.

Debt limit

Under the ordinary county-bond door, the bonds plus debt already outstanding stop at 5.75% of taxable property.

What cap binds a county or a city, and is the state's own ceiling a different rule? 55 ILCS 5/5-1012. The county board sends the question to the voters: “For county bonds” or “Against county bonds.” A majority of the votes on that question carries it. The statute names other county borrowings that do not use this vote. For the state, the Debt Responsibility Act says at least 25% of general obligation bonds issued in a year must be sold by public bid, and the term may not exceed 25 years. Public Act 103-0591 suspended, for fiscal year 2025 only, the rule that principal come due in equal amounts. Authorized and unissued general obligation authority at June 30, 2025, was $20.859 billion. Lifetime authorization was $90.309 billion. Neither number is bonds outstanding.

Conflict rule

An officer may not be financially interested in a contract the officer may be called upon to vote on. The contract is void.

Which ethics statute covers local officers, what counts as an interest, and who is left out? 50 ILCS 105/3. The interest can be in the officer’s own name or in the name of another person or company. Less than a 7.5% ownership share is an exception for a member of a municipal governing body, and only if the interest is disclosed, the member abstains, a majority of the members holding office approve, and a contract over $1,500 is bid. It is not the test for every officer.

Geography

One hundred two counties.

What is the county-equivalent, and which cities, schools, and authorities must not be pasted onto that row? FIPS 17001 through 17203. Cities, villages, townships, and school districts also borrow. Dollar rows stay blank.

Primary money record

$25.811 billion general obligation bonds.

Which audited report is the state's own number, and as of what date? Annual report, June 30, 2025. Principal, excluding premiums and discounts: $25,810,520,000. It began the year at $27,564,960,000. Additions were $1,687,815,000. Deletions were $3,442,255,000. Unamortized premium was still $818 million. Unamortized discount was $17 million. The carrying amount was $26.611 billion. The June 2003 pension series alone is still $6.675 billion of that principal. It is not extra debt on top.

Who pays the coupon

Full faith and credit. In fiscal 2026 the principal due is $2.329 billion and the interest due is $1.291 billion.

Which fund, tax, or rate is actually pledged — not which new store might show up later? That schedule is the general obligation bonds only. The total of principal and interest still to be paid on them is $35.374 billion, of which $9.563 billion is interest. Amounts already set aside for debt service were $2.113 billion.

Other obligors

Build Illinois special obligation bonds: $2.794 billion. Do not add them to the $25.811 billion.

Which authorities and districts borrow beside the state and must not be added to its total? Those bonds are repaid from a pledge of 4.44% of the general sales tax, plus $37.8 million of transfers. The note describes the remaining principal and interest on that pledge as $3.9 billion. The principal itself is $2.794 billion. More of those bonds cannot be issued if the debt service would exceed 5% of sales-tax revenue. The Tollway had $7.047 billion of revenue bonds. The Housing Development Authority had $5.031 billion of revenue-bond principal and $152 million of notes. Net pension liability of the primary government was $149.197 billion. The OPEB liability was $24.039 billion. None of those is general obligation principal.

Book-entry wall

Cede & Co., at the Depository Trust Company.

Who is the registered owner on ordinary public paper? Series-level confirmation still waits on that official statement. Beneficial owners stay unnamed.