(Chicago, IL) — October 15, 2010. The Illinois General Assembly plans to vote on a pension borrowing bond bill after the November elections, according to Senate President John Cullerton‘s office.
Illinois Issues‘ Jamie Dunn reports:
John Patterson, a spokesperson for Senate President John Cullerton, confirmed the announcement that Gov. Pat Quinn made about the vote last July. He said Quinn asked Senate leaders during the summer to take up the issue as soon as possible. He added that the November 4 date was the earliest Senate members could accommodate the governor’s request.
Illinois needs borrowing authority for approximately $3.9 billion to make the required fiscal year 2011 Illinois retirement system payment. The legislature failed during the spring session to authorize a pension holiday or approve a bond borrowing plan.
Meanswhile, Governor Pat Quinn has made no payments to the state’s pension plans.
To approve a borrowing scheme, a 3/5th senate vote is necessary. Senate Democrats have 37 seats, one more than necessary to approve the measure, but two senate Democrats, Heather Steans and Michael Noland, have so far refused to vote for a new debt obligation. Unless those Democrats have changed their positions, Cullerton will need GOP support. Good luck with that.