Comments: IL HB2823 | 2019-2020 | 101st General Assembly

Bill Title: Amends the Metropolitan Transit Authority Act and Regional Transportation Authority Act. Establishes procedures for repayment of defaulted interim financing notes issued by the Chicago Transit Authority and defaulted working cash notes issued by the Regional Transportation Authority, in which State money in the State treasury was invested. Provides that the Regional Transportation Authority may issue, sell, and deliver additional working cash notes and establish lines of credit (rather than only working cash notes) before July 1, 2022 (rather than July 1, 2018) that are over and above and in addition to the $100,000,000 bond or note authorization. Establishes procedures for establishment of lines of credit. Requires notice to the Governor's Office of Management and Budget and State Comptroller before establishing a line of credit and provides that money borrowed under a line of credit are general obligations of the Authority that are secured by the full faith and credit of the Authority. Effective immediately.

Spectrum: Slight Partisan Bill (Democrat 2-1)

Status: (Enrolled) 2019-05-30 - Passed Both Houses [HB2823 Detail]

Text: Latest bill text (Enrolled) [HTML]

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