How much money does the State pay for its debt during the fiscal year?
|Type||Current FY Amount||Previous FY Amount|
|Current Debt Service||$2,876,921,226.10||$5,711,160,580.58|
About Debt Payment Spending
When the state borrows money, it is required to pay it back within a certain period of time with interest. The amounts above show the debt service the state has paid for the state's general obligation bonds from the General Obligation Bond Retirement and Interest Fund in total for the previous fiscal year and year-to-date for the current fiscal year. These bonds are generally used for capital projects such as roads and bridges, school construction, mass transportation, and state facilities. A portion of Illinois' general obligation debt service is going to repay bonds issued for pension payment purposes and for the payment of old bills to vendors.