Illinois House Bill 3407 (Prior Session Legislation)

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Completed Legislative Action
Spectrum: Slight Partisan Bill (Republican 3-1)
Status: Failed on January 8 2019 - 100% progression
Action: 2019-01-08 - Session Sine Die
Text: Latest bill text (Engrossed) [HTML]

Amends the State Finance Act, General Obligation Bond Act, Bond Authorization Act, and 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 requiring the net payments required of the State for such arrangements to be certified by the Director of the Governor's Office of Management and Budget and treated as interest. Makes related changes. Adds definitions. Effective immediately.

FINANCE ACT-BONDS AND DEBT

Rep. Joe Sosnowski [R]

Rep. Christian Mitchell [D]

Rep. Robert Pritchard [R]

Sen. Bill Brady [R]

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

Date	Chamber	Action
2019-01-08	House	Session Sine Die
2018-09-30	Senate	Alternate Chief Sponsor Changed to Sen. William E. Brady
2018-04-18	Senate	Referred to Assignments
2018-04-18	Senate	First Reading
2018-04-18	Senate	Chief Senate Sponsor Sen. Pamela J. Althoff
2017-05-02	Senate	Placed on Calendar Order of First Reading May 3, 2017
2017-05-02	Senate	Arrive in Senate
2017-04-27	House	Third Reading - Short Debate - Passed 114-001-001
2017-04-25	House	Placed on Calendar Order of 3rd Reading - Short Debate
2017-04-25	House	House Floor Amendment No. 2 Adopted
2017-04-25	House	Second Reading - Short Debate
2017-04-24	House	House Floor Amendment No. 2 Recommends Be Adopted Rules Committee; 004-000-000
2017-04-21	House	House Floor Amendment No. 2 Referred to Rules Committee
2017-04-21	House	House Floor Amendment No. 2 Filed with Clerk by Rep. Joe Sosnowski
2017-04-04	House	House Floor Amendment No. 1 Referred to Rules Committee
2017-04-04	House	House Floor Amendment No. 1 Filed with Clerk by Rep. Joe Sosnowski
2017-03-30	House	Added Chief Co-Sponsor Rep. Robert W. Pritchard
2017-03-30	House	Added Chief Co-Sponsor Rep. Christian L. Mitchell
2017-03-30	House	Placed on Calendar 2nd Reading - Short Debate
2017-03-29	House	Do Pass / Short Debate State Government Administration Committee; 007-000-000
2017-02-22	House	Assigned to State Government Administration Committee
2017-02-10	House	Referred to Rules Committee
2017-02-10	House	First Reading
2017-02-09	House	Filed with the Clerk by Rep. Joe Sosnowski

Chapter	Article	Section	Citation Type	Statute Text
30	105	6z-45	Amended Code	Citation Text
30	305	7	Amended Code	Citation Text
30	330	14	Amended Code	Citation Text
30	330	15	Amended Code	Citation Text
30	330	9	Amended Code	Citation Text
50	410	2	Amended Code	Citation Text
50	410	3	Amended Code	Citation Text

Type	Source
Summary	https://www.ilga.gov/legislation/BillStatus.asp?DocNum=3407&GAID=14&DocTypeID=HB&SessionID=91&GA=100
Text	https://www.ilga.gov/legislation/100/HB/10000HB3407.htm
Text	https://www.ilga.gov/legislation/100/HB/10000HB3407eng.htm
Amendment	https://www.ilga.gov/legislation/100/HB/10000HB3407ham001.htm
Amendment	https://www.ilga.gov/legislation/100/HB/10000HB3407ham002.htm
Roll Call	https://www.ilga.gov/legislation/votehistory/100/house/10000HB3407_04272017_047000T.pdf