Bill Text: IL HB4824 | 2017-2018 | 100th General Assembly | Introduced

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Bill Title: Amends the State University Certificates of Participation Act. 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, 2028 (instead of December 31, 2014); makes a related change. Effective immediately.

Spectrum: Partisan Bill (Republican 2-0)

Status: (Failed) 2019-01-08 - Session Sine Die [HB4824 Detail]

Download: Illinois-2017-HB4824-Introduced.html

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100TH GENERAL ASSEMBLY State of Illinois 2017 and 2018 HB4824 Introduced , by Rep. Norine K. Hammond SYNOPSIS AS INTRODUCED:
110 ILCS 73/30
110 ILCS 73/90
Amends the State University Certificates of Participation Act. 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, 2028 (instead of December 31, 2014); makes a related change. Effective immediately.
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FISCAL NOTE ACT MAY APPLY
A BILL FOR
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AN ACT concerning education.
Be it enacted by the People of the State of Illinois,
represented in the General Assembly:
Section 5. The State University Certificates of
Participation Act is amended by changing Sections 30 and 90 as
follows:
(110 ILCS 73/30)
Sec. 30. Debt limit. The maximum annual debt service for a
State University's total outstanding certificate of
participation obligation must not exceed the following:
(1) For the University of Illinois, $100,000,000.
(2) For Southern Illinois University, $20,000,000.
(3) For Northern Illinois University, $20,000,000.
(4) For Illinois State University, $10,000,000.
(5) For Western Illinois University, $10,000,000.
(6) For Eastern Illinois University, $10,000,000.
(7) For Northeastern Illinois University, $5,000,000.
(8) For Chicago State University, $5,000,000.
(9) For Governors State University, $5,000,000.
(Source: P.A. 96-15, eff. 6-22-09.)
(110 ILCS 73/90)
Sec. 90. Expiration of Act. This Act applies until December

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31, 2028 2014. However, the refunding of certificates of
participation issued prior to December 31, 2028 2014 in
accordance with the Act is permitted.
(Source: P.A. 96-15, eff. 6-22-09.)
Section 99. Effective date. This Act takes effect upon
becoming law.