The Illinois Senate will return to Springfield in early November to consider a contentious pension bonding measure.

Notice was given October 14 that Illinois senators are being called back to Springfield November 4 to vote on pension bonding legislation. Senate Bill 3514 will allow Governor Pat Quinn to sell up to $4.1 billion in general obligation bonds to finance the state’s Fiscal Year 2011 payment to the five state pension systems.

The measure requires 3/5ths approval by the Senate, and faces stiff opposition by Republicans and some Democrats. Though proponents of the measure assert the massive borrowing plan is comparable to previous measures, there are significant differences.

The “backloaded” payment schedule associated with Senate Bill 3514 stands in stark contrast to the $3.5 billion in pension bonds approved in Fiscal Year 2010, which were required to be repaid quickly. In the Fiscal Year 2010 plan, the payments decline over five years becoming much more affordable over time and accruing much less interest.

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