Bill Status of HB 3954   99th General Assembly

Short Description:  FINANCE ACT-BONDS AND DEBT

House Sponsors
Rep. Joe Sosnowski

Last Action  View All Actions

DateChamber Action
  1/10/2017HouseSession Sine Die

Statutes Amended In Order of Appearance
30 ILCS 105/6z-45
30 ILCS 305/7from Ch. 17, par. 6607
30 ILCS 330/9from Ch. 127, par. 659
30 ILCS 330/14from Ch. 127, par. 664
30 ILCS 330/15from Ch. 127, par. 665
50 ILCS 410/2from Ch. 85, par. 4302
50 ILCS 410/3from Ch. 85, par. 4303

Synopsis As Introduced
Amends the State Finance Act, the General Obligation Bond Act, the Bond Authorization Act, and the Local Government Credit Enhancement Act. Removes provisions concerning interest payable on variable rate bonds. Removes provisions allowing certain governmental units to enter into agreements to engage in "swap" agreements with respect to all or part of any currently outstanding or proposed bonds. Removes provisions authorizing variable interest rates and certain credit or liquidity enhancement arrangements, including interest rate protection or exchange agreements and guarantees with respect to the issuance of general obligation bonds. Removes provisions concerning the net payments required of the State for such arrangements certified by the Director of the Bureau of the Budget and treated as interest. Makes related changes. Reinstates definitions. Effective immediately.

Actions 
DateChamber Action
  2/27/2015HouseFiled with the Clerk by Rep. Joe Sosnowski
  2/27/2015HouseFirst Reading
  2/27/2015HouseReferred to Rules Committee
  3/12/2015HouseAssigned to Revenue & Finance Committee
  3/13/2015HouseTo Finance Subcommittee
  3/27/2015HouseRule 19(a) / Re-referred to Rules Committee
  1/10/2017HouseSession Sine Die

Back To Top