Bill Status of SB 1625   94th General Assembly

Short Description:  BONDS-AGGREGATE PRINCIPAL-IFA

Senate Sponsors
Sen. Jeffrey M. Schoenberg

House Sponsors
(Rep. Gary Hannig-Barbara Flynn Currie, Edward J. Acevedo, Maria Antonia Berrios and William Davis)


Last Action  View All Actions

DateChamber Action
  8/1/2006SenatePublic Act . . . . . . . . . 94-1068

Statutes Amended In Order of Appearance
20 ILCS 3501/845-5

Synopsis As Introduced
Amends the Illinois Finance Authority Act. Provides that the Authority may not have outstanding at any one time bonds for any of its corporate purposes in an aggregate principal amount exceeding $29,000,000,000 (now, $23,000,000,000). Effective immediately.

House Amendment No. 1
Adds reference to:
New Act
20 ILCS 3501/801-40
20 ILCS 3805/26.1from Ch. 67 1/2, par. 326.1
70 ILCS 510/9from Ch. 85, par. 6209
70 ILCS 510/9.1from Ch. 85, par. 6209.1
70 ILCS 510/15from Ch. 85, par. 6215
70 ILCS 515/9from Ch. 85, par. 6509
70 ILCS 515/9.1from Ch. 85, par. 6509.1
70 ILCS 515/14from Ch. 85, par. 6514
70 ILCS 518/20
70 ILCS 518/25
70 ILCS 518/35
70 ILCS 518/45
70 ILCS 518/50
70 ILCS 520/7from Ch. 85, par. 6157
70 ILCS 520/10from Ch. 85, par. 6160
70 ILCS 525/2007from Ch. 85, par. 7507
70 ILCS 530/7from Ch. 85, par. 7157
70 ILCS 530/10from Ch. 85, par. 7160
70 ILCS 532/40
70 ILCS 532/55
70 ILCS 535/7from Ch. 85, par. 7457

Deletes everything after the enacting clause. Creates the Southern Illinois Economic Development Authority Act. Establishes the Southern Illinois Economic Development Authority in Franklin, Perry, Randolph, Jackson, Williamson, Saline, Gallatin, Union, Johnson, Pope, Hardin, Alexander, Pulaski, and Massac counties in order to promote economic development within those counties. Contains provisions concerning the powers and duties of the Authority. Allows the Authority to acquire, own, sell, lease, or otherwise dispose of interests in real property and to issue bonds, notes, or other evidences of indebtedness for certain purposes in an aggregate amount not to exceed $250,000,000. Sets forth procedures for the operation of the Authority. Contains other provisions. Amends the Illinois Finance Authority Act, provides that the Authority may not have outstanding at any one time bonds for any of its corporate purposes in an aggregate principal amount exceeding $29,000,000,000 (now, $24,000,000,000). Sets forth moral obligation bonds issued by the Authority. Amends the Illinois Finance Authority Act, the Quad Cities Regional Economic Development Authority Act, approved September 22, 1987, the Quad Cities Regional Economic Development Authority Act, certified December 30, 1987, the Southeastern Illinois Economic Development Authority Act, the Southwestern Illinois Development Authority Act, Tri-County River Valley Development Authority Law, the Upper Illinois River Valley Development Authority Act, the Western Illinois Economic Development Authority Act, and the Will-Kankakee Regional Development Authority Law. States that certain provisions concerning the State's moral obligation for the bonds of regional development authorities or the Illinois Housing Development Authority apply only with respect to bonds issued before certain dates. Provides that regional development authorities may not designate territory for certification as an enterprise zone on or after certain dates. In the Quad Cities Regional Economic Development Authority Acts, increases the amount of the Quad Cities Regional Economic Development Authority's bond authorization from $100 million to $250 million. In the Southwestern Illinois Development Authority Act, provides that the Authority may not have more than $450 million in outstanding bonds. In the Southeastern Illinois Economic Development Authority Act, adds Irvington Township in Washington County to the Authority's territorial jurisdiction and makes corresponding changes. Effective immediately.

House Amendment No. 4
Deletes reference to:
New Act
20 ILCS 3501/801-40
20 ILCS 3805/26.1from Ch. 67 1/2, par. 326.1
70 ILCS 510/9from Ch. 85, par. 6209
70 ILCS 510/9.1from Ch. 85, par. 6209.1
70 ILCS 510/15from Ch. 85, par. 6215
70 ILCS 515/9from Ch. 85, par. 6509
70 ILCS 515/9.1from Ch. 85, par. 6509.1
70 ILCS 515/14from Ch. 85, par. 6514
70 ILCS 518/20
70 ILCS 518/25
70 ILCS 518/35
70 ILCS 518/45
70 ILCS 518/50
70 ILCS 520/7from Ch. 85, par. 6157
70 ILCS 520/10from Ch. 85, par. 6160
70 ILCS 525/2007from Ch. 85, par. 7507
70 ILCS 530/7from Ch. 85, par. 7157
70 ILCS 530/10from Ch. 85, par. 7160
70 ILCS 532/40
70 ILCS 532/55
70 ILCS 535/7from Ch. 85, par. 7457

Deletes everything after the enacting clause. Amends the Illinois Finance Authority Act. Provides that the Authority may not have outstanding at any one time bonds for any of its corporate purposes in an aggregate principal amount exceeding $25,200,000,000 (now, $24,000,000,000). Effective immediately.

 Fiscal Note (H-AM 4)(Illinois Finance Authority)
 SB 1625 (H-AM 4) does not increase the authorization of the Illinois Finance Authority to issue State-supported or State-guaranteed bonds, therefore, SB 1625 (H-AM 4) does not impact the expenditure of State funds or increase or decrease revenues of the State.

 State Debt Impact Note (H-AM 4) (Com. on Gov. Forecasting & Accountability)
 Would not change the amount of authorization for any type of State-issued bond, however, it does increase the bonding authority for the Illinois Finance Authority to $25.2 billion (currently $24 billion) in aggregate principal outstanding at any one time.

 Balanced Budget Note (H-AM 4) (Gov. Office of Management & Budget)
 As amended, will have no direct impact on the State's budget or State revenue.

Actions 
DateChamber Action
  2/23/2005SenateFiled with Secretary by Sen. Jeffrey M. Schoenberg
  2/23/2005SenateFirst Reading
  2/23/2005SenateReferred to Rules
  3/2/2005SenateAssigned to Executive
  3/10/2005SenatePostponed - Executive
  3/17/2005SenateDo Pass Executive; 012-000-000
  3/17/2005SenatePlaced on Calendar Order of 2nd Reading April 6, 2005
  4/13/2005SenateSecond Reading
  4/13/2005SenatePlaced on Calendar Order of 3rd Reading April 14, 2005
  4/15/2005SenateThird Reading - Passed; 032-026-000
  4/15/2005HouseArrived in House
  4/15/2005HousePlaced on Calendar Order of First Reading
  5/3/2005HouseChief House Sponsor Rep. Gary Hannig
  5/3/2005HouseFirst Reading
  5/3/2005HouseReferred to Rules Committee
  5/4/2005HouseAdded Alternate Co-Sponsor Rep. Edward J. Acevedo
  5/5/2005HouseAssigned to Executive Committee
  5/5/2005HouseAdded Alternate Co-Sponsor Rep. Linda Chapa LaVia
  5/5/2005HouseAdded Alternate Co-Sponsor Rep. Jack D. Franks
  5/5/2005HouseAdded Alternate Co-Sponsor Rep. Maria Antonia Berrios
  5/5/2005HouseAdded Alternate Co-Sponsor Rep. William Davis
  5/13/2005HouseRule 19(a) / Re-referred to Rules Committee
  5/27/2005HouseFinal Action Deadline Extended-9(b) May 31, 2005
  5/27/2005HouseAssigned to Revenue Committee
  5/27/2005HouseMotion to Suspend Rule 25 - Prevailed
  5/29/2005HouseAdded Alternate Chief Co-Sponsor Rep. Barbara Flynn Currie
  5/29/2005HouseHouse Amendment No. 1 Filed with Clerk by Revenue Committee
  5/29/2005HouseHouse Amendment No. 1 Adopted in Revenue Committee; by Voice Vote
  5/29/2005HouseDo Pass as Amended / Standard Debate Revenue Committee; 007-005-000
  5/29/2005HousePlaced on Calendar 2nd Reading - Standard Debate
  5/29/2005HouseSecond Reading - Standard Debate
  5/29/2005HouseHeld on Calendar Order of Second Reading - Standard Debate
  5/30/2005HouseHouse Amendment No. 2 Filed with Clerk by Rep. Gary Hannig
  5/30/2005HouseHouse Amendment No. 2 Referred to Rules Committee
  5/30/2005HouseHouse Amendment No. 2 Recommends Be Adopted Rules Committee; 003-002-000
  5/31/2005HouseHouse Amendment No. 3 Filed with Clerk by Rep. Gary Hannig
  5/31/2005HouseHouse Amendment No. 3 Referred to Rules Committee
  5/31/2005HouseHouse Amendment No. 3 Recommends Be Adopted Rules Committee; 003-002-000
  5/31/2005HouseAlternate Co-Sponsor Removed Rep. Linda Chapa LaVia
  5/31/2005HouseAlternate Co-Sponsor Removed Rep. Jack D. Franks
  5/31/2005HouseRule 19(a) / Re-referred to Rules Committee
  4/10/2006HouseFinal Action Deadline Extended-9(b) April 13, 2006
  4/10/2006HouseApproved for Consideration Rules Committee; 003-001-000
  4/10/2006HousePlaced on Calendar 2nd Reading - Standard Debate
  4/11/2006HouseHouse Amendment No. 4 Filed with Clerk by Rep. Gary Hannig
  4/11/2006HouseHouse Amendment No. 4 Referred to Rules Committee
  4/12/2006HouseHouse Amendment No. 4 Recommends Be Adopted Rules Committee; 004-000-000
  4/13/2006HouseFinal Action Deadline Extended-9(b) April 30, 2006
  4/18/2006HouseHouse Amendment No. 2 Withdrawn by Rep. Gary Hannig
  4/18/2006HouseHouse Amendment No. 3 Withdrawn by Rep. Gary Hannig
  4/18/2006HouseHouse Amendment No. 4 Adopted by Voice Vote
  4/18/2006HouseHeld on Calendar Order of Second Reading - Standard Debate
  4/18/2006HouseFiscal Note Requested by Rep. William B. Black; As Amended by HA 4
  4/18/2006HouseBalanced Budget Note Requested by Rep. William B. Black; As Amended by HA 4
  4/18/2006HouseState Debt Impact Note Requested by Rep. William B. Black; As Amended by HA 4
  4/19/2006HouseFiscal Note Filed As Amended by HA 4
  4/19/2006HouseState Debt Impact Note Filed As Amended by HA 4
  4/25/2006HouseBalanced Budget Note Filed As Amended by HA 4
  4/30/2006HouseFinal Action Deadline Extended-9(b) May 5, 2006
  5/2/2006HousePlaced on Calendar Order of 3rd Reading - Short Debate
  5/2/2006HouseThird Reading - Short Debate - Passed 061-049-001
  5/2/2006SenateSecretary's Desk - Concurrence House Amendment(s) 01,04
  5/2/2006SenatePlaced on Calendar Order of Concurrence House Amendment(s) 01,04-May 3, 2006
  5/2/2006SenateHouse Amendment No. 1 Motion to Concur Filed with Secretary Sen. Jeffrey M. Schoenberg
  5/2/2006SenateHouse Amendment No. 1 Motion to Concur Referred to Rules
  5/2/2006SenateHouse Amendment No. 4 Motion to Concur Filed with Secretary Sen. Jeffrey M. Schoenberg
  5/2/2006SenateHouse Amendment No. 4 Motion to Concur Referred to Rules
  5/2/2006SenateHouse Amendment No. 1 Motion to Concur Rules Referred to Executive
  5/2/2006SenateHouse Amendment No. 4 Motion to Concur Rules Referred to Executive
  5/3/2006SenateHouse Amendment No. 1 Recommend Do Adopt Executive; 007-005-000
  5/3/2006SenateHouse Amendment No. 4 Recommend Do Adopt Executive; 007-005-000
  5/4/2006SenateHouse Amendment No. 1 Senate Concurs 032-026-000
  5/4/2006SenateHouse Amendment No. 4 Senate Concurs 032-026-000
  5/4/2006SenatePassed Both Houses
  6/2/2006SenateSent to the Governor
  8/1/2006SenateGovernor Approved
  8/1/2006SenateEffective Date August 1, 2006
  8/1/2006SenatePublic Act . . . . . . . . . 94-1068

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