IL HB3407 | 2017-2018 | 100th General Assembly


Spectrum: Slight Partisan Bill (Republican 3-1)
Status: Engrossed on April 27 2017 - 50% progression
Action: 2018-09-30 - Alternate Chief Sponsor Changed to Sen. William E. Brady
Pending: Senate Assignments Committee
Text: Latest bill text (Engrossed) [HTML]


Amends the State Finance Act, General Obligation Bond Act, Bond Authorization Act, and the Local Government Credit Enhancement Act. Removes provisions concerning interest payable on variable rate bonds. Removes provisions allowing certain governmental units to enter into agreements to engage in "swap" agreements with respect to all or part of any currently outstanding or proposed bonds. Removes provisions authorizing variable interest rates and certain credit or liquidity enhancement arrangements, including interest rate protection or exchange agreements and guarantees with respect to the issuance of general obligation bonds. Removes provisions concerning the net payments required of the State for such arrangements certified by the Director of the Bureau of the Budget and treated as interest. Makes related changes. Reinstates definitions. Effective immediately.

Tracking Information

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Roll Calls

2017-04-27 - House - Third Reading in House (Y: 114 N: 1 NV: 1 Abs: 1) [PASS]


2018-09-30SenateAlternate Chief Sponsor Changed to Sen. William E. Brady
2018-04-18SenateReferred to Assignments
2018-04-18SenateFirst Reading
2018-04-18SenateChief Senate Sponsor Sen. Pamela J. Althoff
2017-05-02SenatePlaced on Calendar Order of First Reading May 3, 2017
2017-05-02SenateArrive in Senate
2017-04-27HouseThird Reading - Short Debate - Passed 114-001-001
2017-04-25HousePlaced on Calendar Order of 3rd Reading - Short Debate
2017-04-25HouseHouse Floor Amendment No. 2 Adopted
2017-04-25HouseSecond Reading - Short Debate
2017-04-24HouseHouse Floor Amendment No. 2 Recommends Be Adopted Rules Committee; 004-000-000
2017-04-21HouseHouse Floor Amendment No. 2 Referred to Rules Committee
2017-04-21HouseHouse Floor Amendment No. 2 Filed with Clerk by Rep. Joe Sosnowski
2017-04-04HouseHouse Floor Amendment No. 1 Referred to Rules Committee
2017-04-04HouseHouse Floor Amendment No. 1 Filed with Clerk by Rep. Joe Sosnowski
2017-03-30HouseAdded Chief Co-Sponsor Rep. Robert W. Pritchard
2017-03-30HouseAdded Chief Co-Sponsor Rep. Christian L. Mitchell
2017-03-30HousePlaced on Calendar 2nd Reading - Short Debate
2017-03-29HouseDo Pass / Short Debate State Government Administration Committee; 007-000-000
2017-02-22HouseAssigned to State Government Administration Committee
2017-02-10HouseReferred to Rules Committee
2017-02-10HouseFirst Reading
2017-02-09HouseFiled with the Clerk by Rep. Joe Sosnowski

Code Citations

ChapterArticleSectionCitation TypeStatute Text
301056z-45Amended CodeCitation Text
303057Amended CodeCitation Text
3033014Amended CodeCitation Text
3033015Amended CodeCitation Text
303309Amended CodeCitation Text
504102Amended CodeCitation Text
504103Amended CodeCitation Text

Illinois State Sources

Bill Comments