Illinois House Bill 3402 (Prior Session Legislation)

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Sponsorship: Partisan Bill (Democrat 1)
Status: Introduced on February 19 2021 - 25% progression, died in committee
Action: 2021-03-27 - Rule 19(a) / Re-referred to Rules Committee
Pending: House Rules Committee
Text: Latest bill text (Introduced) [HTML]

Amends the University of Illinois Act. Provides that the Board of Trustees of the University of Illinois has the power to enter into financing agreements in connection with the financing of capital improvements, including technology or other related improvements, by selling certificates of participation in the installment payments made under such financing agreements. Provides that these financing agreements may be entered into for any period of time less than or equal to 30 years, but not to exceed the useful life of the capital improvement. Provides that if the Board exercises the power to enter into financing agreements for capital improvements, the Board shall adopt a resolution or resolutions describing in a general way the contemplated facilities or a combination thereof designated as the project, the estimated cost thereof, and any additional relevant information. Provides that before issuance of any certificate of participation, the Board or its representatives shall appear before the Commission on Government Forecasting and Accountability and present the details of the proposal. Provides that upon receipt of a request by the University for a certificate of participation presentation, the Commission shall hold a public hearing and, upon adoption by a vote of the majority of appointed members, issue a record of findings in regard to the issuance of the certificate of participation within 60 days after the request. Provides that within the Commission's findings must be a statement in which the Commission makes a recommendation to the University as to proceeding with the certificate of participation.

HIGHER ED-CAPITAL IMPROVEMENTS

Rep. Jay Hoffman [D]

Date	Chamber	Action
2021-03-27	House	Rule 19(a) / Re-referred to Rules Committee
2021-03-16	House	Assigned to Revenue & Finance Committee
2021-02-22	House	Referred to Rules Committee
2021-02-22	House	First Reading
2021-02-19	House	Filed with the Clerk by Rep. Jay Hoffman

Chapter	Article	Section	Citation Type	Statute Text
110	305	120	New Code	See Bill Text

Type	Source
Summary	https://www.ilga.gov/legislation/BillStatus.asp?DocNum=3402&GAID=16&DocTypeID=HB&SessionID=110&GA=102
Text	https://www.ilga.gov/legislation/102/HB/10200HB3402.htm