Bill Status of HB 5616   97th General Assembly

Short Description:  WILL-KANKAKEE DEV AUTH

House Sponsors
Rep. Frank J. Mautino-Lisa M. Dugan

Senate Sponsors
(Sen. Toi W. Hutchinson)


Last Action  View All Actions

DateChamber Action
  7/13/2012HousePublic Act . . . . . . . . . 97-0790

Statutes Amended In Order of Appearance
70 ILCS 535/7from Ch. 85, par. 7457
70 ILCS 535/14 new

Synopsis As Introduced
Amends the Will-Kankakee Regional Development Authority Law. Provides that the Will-Kankakee Regional Development Authority may issue bonds, notes, or other evidences of indebtedness in an aggregate amount outstanding not to exceed $250,000,000 (now, $100,000,000). Provides that certain provisions concerning the State's moral obligation for the bonds of the Authority shall not apply to bonds issued by the Authority on or after the effective date of the amendatory Act. Provides that the notes and bonds issued by the Authority and the income from these notes and bonds may be free from all taxation by the State or its political subdivisions, except for estate, transfer, and inheritance taxes. Provides that the exemption from taxation shall apply to the income on any notes or bonds of the Authority only if the Authority in its sole judgment determines that the exemption enhances the marketability of the bonds or notes or reduces the interest rates that would otherwise be borne by the bonds or notes. Effective immediately.

 State Debt Impact Note (Government Forecasting & Accountability)
 HB 5616 would increase the authorization level of the Will Kankakee Regional Development Authority from $100 million to $250 million. The bonds are not a general obligation of the State, and the ability of the Authority to issue moral obligation debt would be removed.

Actions 
DateChamber Action
  2/15/2012HouseFiled with the Clerk by Rep. Frank J. Mautino
  2/15/2012HouseFirst Reading
  2/15/2012HouseReferred to Rules Committee
  2/21/2012HouseAssigned to Revenue & Finance Committee
  3/6/2012HouseState Debt Impact Note Filed
  3/8/2012HouseRecommends Do Pass Subcommittee/ Revenue & Finance Committee; 003-000-000
  3/8/2012HouseRemains in Revenue & Finance Committee
  3/8/2012HouseDo Pass / Short Debate Revenue & Finance Committee; 009-000-000
  3/9/2012HousePlaced on Calendar 2nd Reading - Short Debate
  3/27/2012HouseSecond Reading - Short Debate
  3/27/2012HouseHeld on Calendar Order of Second Reading - Short Debate
  3/29/2012HouseAdded Chief Co-Sponsor Rep. Lisa M. Dugan
  3/29/2012HousePlaced on Calendar Order of 3rd Reading - Short Debate
  3/29/2012HouseThird Reading - Short Debate - Passed 062-047-000
  3/30/2012SenateArrive in Senate
  3/30/2012SenatePlaced on Calendar Order of First Reading
  3/30/2012SenateChief Senate Sponsor Sen. William R. Haine
  4/11/2012SenateFirst Reading
  4/11/2012SenateReferred to Assignments
  4/11/2012SenateAssigned to Revenue
  4/16/2012SenateAdded as Alternate Chief Co-Sponsor Sen. Toi W. Hutchinson
  4/16/2012SenateSponsor Removed Sen. Toi W. Hutchinson
  4/18/2012SenateAlternate Chief Sponsor Changed to Sen. Toi W. Hutchinson
  4/18/2012SenatePostponed - Revenue
  4/26/2012SenateDo Pass Revenue; 007-001-000
  4/26/2012SenatePlaced on Calendar Order of 2nd Reading May 1, 2012
  5/2/2012SenateSecond Reading
  5/2/2012SenatePlaced on Calendar Order of 3rd Reading May 3, 2012
  5/22/2012SenateThird Reading - Passed; 054-000-000
  5/22/2012HousePassed Both Houses
  6/20/2012HouseSent to the Governor
  7/13/2012HouseGovernor Approved
  7/13/2012HouseEffective Date July 13, 2012
  7/13/2012HousePublic Act . . . . . . . . . 97-0790

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