Bill Status of SB 3   97th General Assembly

Short Description:  GO BOND-STATE RESTRUCTURING

Senate Sponsors
Sen. John J. Cullerton-Iris Y. Martinez

Last Action  View All Actions

DateChamber Action
  1/8/2013SenateSession Sine Die

Statutes Amended In Order of Appearance
30 ILCS 105/5.786 new
30 ILCS 105/5.787 new
30 ILCS 105/6z-85 new
30 ILCS 105/6z-86 new
30 ILCS 105/6z-87 new
30 ILCS 330/2from Ch. 127, par. 652
30 ILCS 330/2.5
30 ILCS 330/7.6 new
30 ILCS 330/8from Ch. 127, par. 658
30 ILCS 330/9from Ch. 127, par. 659
30 ILCS 330/12from Ch. 127, par. 662
30 ILCS 330/13from Ch. 127, par. 663
30 ILCS 330/14from Ch. 127, par. 664
30 ILCS 330/15from Ch. 127, par. 665

Synopsis As Introduced
Amends the State Finance Act. Creates the General Obligation Restructuring Bond Fund and the General Obligation Restructuring Bond Debt Service Fund as special funds in the State treasury. Provides that the Comptroller shall transfer into the General Obligation Restructuring Bond Debt Service Fund certain amounts to service debt due on State General Obligation Restructuring Bonds. Amends the General Obligation Bond Act. Increases the total authorized amount of General Obligation Bonds. Provides that the $8,750,000,000 of Bonds authorized by this amendatory Act shall be used to pay vouchers that are at least 60 days past due, medical expenses incurred by the State under its health plans, corporate income tax refunds, and other operating expenses of the State. Provides that the proceeds of these Bonds shall be deposited in the General Obligation Restructuring Bond Fund. Provides for the conditions for issuance and sale of State General Obligation Restructuring Bonds. Makes other changes. Effective immediately.

Actions 
DateChamber Action
  1/13/2011SenateFiled with Secretary by Sen. John J. Cullerton
  1/13/2011SenateFirst Reading
  1/13/2011SenateReferred to Assignments
  2/9/2011SenateAssigned to Executive
  2/10/2011SenateAdded as Chief Co-Sponsor Sen. Iris Y. Martinez
  3/3/2011SenatePostponed - Executive
  3/10/2011SenatePostponed - Executive
  3/17/2011SenatePostponed - Executive
  3/18/2011SenateRule 3-9(a) / Re-referred to Assignments
  1/8/2013SenateSession Sine Die

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