Bill
SB 2602
Would allocate about $3.73B for General Obligation debt service plus Treasurer operations and related programs for FY2026.
Status: Died in committee (not enacted)
Introduced: February 25, 2025 — Sen. Elgie R. Sims, Jr. (primary)
Effective date in bill if enacted: July 1, 2025
Companion bill: HB 4913
Note about title/discrepancy
- The bill header shown to the General Assembly lists the title “Public schools; provide for portability between.” However, the body text and synopsis are an appropriations measure for the Office of the State Treasurer and related funds. This summary follows the bill text (an appropriations act), which appears to be mis‑titled or miscoded in the legislative database.
Purpose and intent
- SB 2602 is an appropriations bill that would allocate specified dollar amounts from various State funds to the Office of the State Treasurer and to pay State bonded indebtedness and related obligations for the fiscal period ending June 30, 2026.
Key provisions and dollar amounts
- Treasurer’s Administrative Fund: $17,238,400 for the Office of the State Treasurer’s operational expenses (FY ending June 30, 2026).
- General Revenue Fund: $1,000,000 to the State Treasurer for refunds of accrued interest on protested tax cases.
- State Pensions Fund: $26,225,000 appropriated for operational expenses (to the Treasurer).
- Treasurer’s Bank Services Trust Fund: $10,035,270 for operational expenses authorized under that Act.
- Debt service (from the General Obligation Bond Retirement and Interest Fund):
- Principal: $2,370,028,488
- Interest: $1,361,536,952
- Total debt service shown: $3,731,565,440
- General Obligation Bond Rebate Fund: $1,000,000 for arbitrage rebate payments to the U.S. government.
- Charitable Trust Stabilization Fund: $1,000,000 for Treasurer operational costs to administer the Fund and for grants under the Charitable Trust Stabilization Act.
- State Treasurer’s Capital Fund: $500,000 for construction, renovation, repair, operation, and maintenance of Treasurer facilities.
- Illinois Higher Education Savings Program Fund: $2,500,000 for the Illinois Higher Education Savings Program.
Who would be affected
- Office of the State Treasurer: operational and capital funding, program administration responsibilities.
- State debt service accounts and bondholders (payments of principal and interest).
- State programs administered by the Treasurer — e.g., charitable trust stabilization grants, higher education savings program.
- Taxpayers indirectly (refunds for protested tax cases; arbitrage rebate payments to the federal government).
- State budget: reallocations and expenditures across the listed funds would be reflected in fiscal 2026 appropriations.
Procedural / timeline notes
- If enacted, the act would take effect July 1, 2025.
- Legislative history shows the bill was introduced and referred to committees but ultimately “Died In Committee” and therefore did not become law.
Fiscal impact (summary)
- The largest fiscal obligation in the bill is scheduled debt service of about $3.73 billion (principal + interest) drawn from the General Obligation Bond Retirement and Interest Fund. Smaller appropriations total several tens of millions for Treasurer operations and programmatic funding.
Compiled from official sources — confirm details with the bill’s official record.
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