Illinois Senate Bill 3553 (Prior Session Legislation)

---

Completed Legislative Action
Spectrum: Partisan Bill (Democrat 2-0)
Status: Failed on January 13 2015 - 100% progression
Action: 2015-01-13 - Session Sine Die
Text: Latest bill text (Engrossed) [HTML]

Amends the State University Certificates of Participation Act. Provides that the board of trustees of a State university has the power to enter into financing agreements in connection with the financing or refinancing (instead of just the financing) of capital improvements by selling certificates of participation in the installment payments made under such financing agreements; makes a related change. Provides that a State university must present to the Commission on Government Forecasting and Accountability information on the amount being financed or refinanced (instead of just financed), the nature of the project being financed or refinanced (instead of just financed), and the status of all currently outstanding (instead of currently issued) certificates of participation. Sets forth the maximum annual debt service amount for a State university's total outstanding (instead of total) certificate of participation obligation. Provides that the Act applies until December 31, 2024 (instead of December 31, 2014); makes a related change. Effective immediately.

HIGHER ED-PARTICIPATION CERT

Sen. Michael Frerichs [D]

Rep. Frank Mautino [D]

2014-04-01 - Senate - Third Reading in Senate (Y: 55 N: 0 NV: 4 Abs: 0) [PASS]

Date	Chamber	Action
2015-01-13	Senate	Session Sine Die
2014-04-03	House	Referred to Rules Committee
2014-04-03	House	First Reading
2014-04-03	House	Chief House Sponsor Rep. Frank J. Mautino
2014-04-02	House	Arrived in House
2014-04-01	Senate	Third Reading - Passed; 055-000-000
2014-03-27	Senate	Placed on Calendar Order of 3rd Reading April 1, 2014
2014-03-27	Senate	Second Reading
2014-03-20	Senate	Placed on Calendar Order of 2nd Reading March 21, 2014
2014-03-20	Senate	Do Pass Higher Education; 012-000-000
2014-03-05	Senate	Assigned to Higher Education
2014-02-14	Senate	Referred to Assignments
2014-02-14	Senate	First Reading
2014-02-14	Senate	Filed with Secretary by Sen. Michael W. Frerichs

Chapter	Article	Section	Citation Type	Statute Text
110	73	10	Amended Code	Citation Text
110	73	15	Amended Code	Citation Text
110	73	30	Amended Code	Citation Text
110	73	90	Amended Code	Citation Text

Type	Source
Summary	https://www.ilga.gov/legislation/BillStatus.asp?DocNum=3553&GAID=12&DocTypeID=SB&SessionID=85&GA=98
Text	https://www.ilga.gov/legislation/98/SB/09800SB3553.htm
Text	https://www.ilga.gov/legislation/98/SB/09800SB3553eng.htm
Roll Call	https://www.ilga.gov/legislation/votehistory/98/senate/09800SB3553_04012014_063000T.pdf