IL SB3597 | 2023-2024 | 103rd General Assembly
Status
Completed Legislative Action
Spectrum: Partisan Bill (Democrat 3-0)
Status: Passed on August 9 2024 - 100% progression
Action: 2024-08-09 - Public Act . . . . . . . . . 103-1023
Text: Latest bill text (Chaptered) [HTML]
Spectrum: Partisan Bill (Democrat 3-0)
Status: Passed on August 9 2024 - 100% progression
Action: 2024-08-09 - Public Act . . . . . . . . . 103-1023
Text: Latest bill text (Chaptered) [HTML]
Summary
Creates the Climate Bank Loan Financing Act. Allows a governmental unit (i) to own, construct, equip, manage, control, erect, improve, extend, maintain, and operate new or existing clean energy infrastructure projects, to purchase real estate and any property rights to be used for clean energy infrastructure projects, and to charge for the use of clean energy infrastructure, (ii) to borrow money and to access a loan from the Illinois Finance Authority to finance the acquisition, construction, or improvement of new or existing clean energy infrastructure under the Illinois Climate Bank bond loan programs of the Illinois Finance Authority, and (iii) to issue from time to time general obligation bonds, including alternate bonds and limited bonds, and revenue bonds pursuant to applicable law for the purpose of evidencing its obligation to repay its loans from the Illinois Finance Authority. Includes requirements for the issuance of bonds. Requires the governmental unit to adopt an ordinance, or resolution when appropriate, to authorize participation in a loan from the Illinois Finance Authority, and to authorize and issue bonds. Specifies requirements of the ordinance or resolution, including levying a direct annual tax to pay for general obligation bonds and, for revenue bonds, to enter into covenants and agreements as may be found by the governmental unit to be necessary and appropriate to secure the punctual payment of the principal of and interest on the revenue bonds. Allows the governmental unit to enter into loan agreements and security agreements with respect to the borrowing of money from the Illinois Finance Authority pursuant to the Act. Includes provisions relating to authority to issue bonds under other provisions of law, executing of bonds, and severability. Effective immediately.
Title
COUNTIES CD-BORROWING MONEY
Sponsors
Roll Calls
2024-05-24 - Senate - Concurrence in Senate (Y: 42 N: 16 NV: 1 Abs: 0) [PASS]
2024-05-21 - House - Third Reading in House (Y: 86 N: 27 NV: 0 Abs: 0) [PASS]
2024-04-11 - Senate - Third Reading in Senate (Y: 49 N: 6 NV: 4 Abs: 0) [PASS]
2024-05-21 - House - Third Reading in House (Y: 86 N: 27 NV: 0 Abs: 0) [PASS]
2024-04-11 - Senate - Third Reading in Senate (Y: 49 N: 6 NV: 4 Abs: 0) [PASS]
History
| Date | Chamber | Action |
|---|---|---|
| 2024-08-09 | Senate | Public Act . . . . . . . . . 103-1023 |
| 2024-08-09 | Senate | Effective Date August 9, 2024 |
| 2024-08-09 | Senate | Governor Approved |
| 2024-06-21 | Senate | Sent to the Governor |
| 2024-05-24 | Senate | Passed Both Houses |
| 2024-05-24 | Senate | Senate Concurs |
| 2024-05-24 | Senate | House Floor Amendment No. 1 Senate Concurs 042-016-000 |
| 2024-05-23 | Senate | House Floor Amendment No. 1 Motion To Concur Recommended Do Adopt Local Government; 008-000-000 |
| 2024-05-23 | Senate | House Floor Amendment No. 1 Motion to Concur Assignments Referred to Local Government |
| 2024-05-23 | Senate | House Floor Amendment No. 1 Motion to Concur Referred to Assignments |
| 2024-05-23 | Senate | House Floor Amendment No. 1 Motion to Concur Filed with Secretary Sen. Rachel Ventura |
| 2024-05-21 | Senate | Placed on Calendar Order of Concurrence House Amendment(s) 1 - May 21, 2024 |
| 2024-05-21 | Senate | Secretary's Desk - Concurrence House Amendment(s) 1 |
| 2024-05-21 | House | Third Reading - Short Debate - Passed 086-027-000 |
| 2024-05-21 | House | Placed on Calendar Order of 3rd Reading - Short Debate |
| 2024-05-21 | House | House Floor Amendment No. 1 Adopted |
| 2024-05-20 | House | House Floor Amendment No. 1 Recommends Be Adopted Financial Institutions and Licensing Committee; 007-004-000 |
| 2024-05-17 | House | Third Reading/Final Action Deadline Extended-9(b) May 24, 2024 |
| 2024-05-16 | House | Held on Calendar Order of Second Reading - Short Debate |
| 2024-05-16 | House | Second Reading - Short Debate |
| 2024-05-13 | House | House Floor Amendment No. 1 Rules Refers to Financial Institutions and Licensing Committee |
| 2024-05-03 | House | House Floor Amendment No. 1 Referred to Rules Committee |
| 2024-05-03 | House | House Floor Amendment No. 1 Filed with Clerk by Rep. Robyn Gabel |
| 2024-05-01 | House | Placed on Calendar 2nd Reading - Short Debate |
| 2024-04-30 | House | Do Pass / Short Debate Financial Institutions and Licensing Committee; 008-004-000 |
| 2024-04-24 | House | Assigned to Financial Institutions and Licensing Committee |
| 2024-04-15 | Senate | Added as Co-Sponsor Sen. David Koehler |
| 2024-04-12 | House | Referred to Rules Committee |
| 2024-04-12 | House | First Reading |
| 2024-04-12 | House | Chief House Sponsor Rep. Robyn Gabel |
| 2024-04-11 | House | Arrived in House |
| 2024-04-11 | Senate | Senate Floor Amendment No. 2 Tabled Pursuant to Rule 5-4a |
| 2024-04-11 | Senate | Third Reading - Passed; 049-006-000 |
| 2024-04-11 | Senate | Placed on Calendar Order of 3rd Reading |
| 2024-04-11 | Senate | Senate Floor Amendment No. 3 Adopted |
| 2024-04-11 | Senate | Recalled to Second Reading |
| 2024-04-10 | Senate | Senate Floor Amendment No. 3 Recommend Do Adopt Local Government; 008-001-000 |
| 2024-04-10 | Senate | Senate Floor Amendment No. 3 Assignments Refers to Local Government |
| 2024-04-10 | Senate | Placed on Calendar Order of 3rd Reading April 11, 2024 |
| 2024-04-10 | Senate | Second Reading |
| 2024-04-09 | Senate | Senate Floor Amendment No. 3 Referred to Assignments |
| 2024-04-09 | Senate | Senate Floor Amendment No. 3 Filed with Secretary by Sen. Rachel Ventura |
| 2024-04-09 | Senate | Senate Floor Amendment No. 2 Assignments Refers to Local Government |
| 2024-04-03 | Senate | Senate Floor Amendment No. 2 Referred to Assignments |
| 2024-04-03 | Senate | Senate Floor Amendment No. 2 Filed with Secretary by Sen. Rachel Ventura |
| 2024-03-14 | Senate | Placed on Calendar Order of 2nd Reading March 20, 2024 |
| 2024-03-14 | Senate | Do Pass as Amended Local Government; 009-000-000 |
| 2024-03-13 | Senate | Senate Committee Amendment No. 1 Adopted |
| 2024-03-12 | Senate | Senate Committee Amendment No. 1 Assignments Refers to Local Government |
| 2024-03-08 | Senate | Senate Committee Amendment No. 1 Referred to Assignments |
| 2024-03-08 | Senate | Senate Committee Amendment No. 1 Filed with Secretary by Sen. Rachel Ventura |
| 2024-03-07 | Senate | Postponed - Local Government |
| 2024-02-20 | Senate | Assigned to Local Government |
| 2024-02-09 | Senate | Referred to Assignments |
| 2024-02-09 | Senate | First Reading |
| 2024-02-09 | Senate | Filed with Secretary by Sen. Rachel Ventura |
Code Citations
| Chapter | Article | Section | Citation Type | Statute Text |
|---|---|---|---|---|
| 55 | 5 | 5-1135 | Amended Code | Citation Text |
