Debt Levels
Illinois is a state with future general and special obligation bond debt service totaling $37.6 billion as of June 30, 2008 ($21.6 billion principal and $16.0 billion interest). Traditionally, bonds have been issued to provide funds for the acquisition and construction of capital facilities for higher education, public and mental health, correction and conservation purposes, and for the maintenance and construction of highway and waterway facilities.
Debt outstanding decreased by 0.2% during fiscal year 2005, was unchanged in fiscal year 2006, decreased by 3.9% during fiscal year 2007 and decreased by 4.3% during fiscal year 2008. Based on the total debt trend from fiscal 2004 through 2008, general and special obligation debt is projected to decrease to $33.8 billion by fiscal year 2013. This is a decrease of 10.1% from fiscal year 2008 to fiscal year 2013.