HR0112 100TH GENERAL ASSEMBLY

HR0112 LRB100 10511 MST 21411 r

HOUSE RESOLUTION

WHEREAS, The State of Illinois has now completed a period of over two years of budget uncertainty; during the most recent 18 months of this period, the State has not been operating under a constitutional balanced budget of any kind; since January 1, 2017, Illinois has not even had a stopgap budget; and

WHEREAS, On February 1, 2017, Fitch Ratings, one of the three largest credit rating firms in the United States, again lowered the State's credit rating from BBB+ with a negative outlook to BBB with a negative outlook; the new rating is only one step above the lowest possible rating for a debtor to maintain as an issuer of investment-grade financing; and

WHEREAS, Steps to resolve this crisis can be listed in 1-2-3 order as the "1-2-3 Plan"; therefore, be it

RESOLVED, BY THE HOUSE OF REPRESENTATIVES OF THE ONE HUNDREDTH GENERAL ASSEMBLY OF THE STATE OF ILLINOIS, that first, Illinois will complete a budget to meet its immediate spending needs through 2018 that is based on the revenue the State will receive from existing revenue sources, and includes immediate pension reform; and be it further

RESOLVED, That second, Illinois will complete a plan to pay off the State's unpaid bills; this can be done in the form of revenue bonds or the sale of State assets; and be it further

RESOLVED, That third, Illinois will conduct a thorough discussion about possible reforms to the operations of State and local government units, and that this will be an integral part of any discussion about additional sources of funding for the general revenue fund; and be it further

RESOLVED, That suitable copies of this resolution shall be distributed to the Governor of Illinois, the Speaker of the Illinois House of Representatives, and the President of the Illinois Senate.