Illinois General Assembly - Bill Status for HB0999

Illinois General Assembly - Bill Status for HB0999

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Bill Status of HB0999 96th General Assembly

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Short Description: SCH CD-LINES OF CREDIT

House Sponsors
Rep. Roger L. Eddy - William B. Black and Monique D. Davis

Senate Sponsors
(Sen. Deanna Demuzio)

Last Action

Date	Chamber	Action
6/26/2009	House	Public Act . . . . . . . . . 96-0019

Statutes Amended In Order of Appearance

105 ILCS 5/17-17

105 ILCS 5/17-18 new

105 ILCS 5/17-19 new

Synopsis As Introduced
Amends the School Code. Allows a school district to establish a line of credit with a bank or other financial institution (instead of just a bank). Provides that the line of credit must be in an amount not to exceed 95% of the amount of property taxes most recently levied for educational, operations and maintenance, transportation, or other tax levy purposes or any combination thereof (instead of just for educational and building purposes). Provides that moneys thus borrowed shall be applied to the purposes for which the tax or any combination of the taxes may be levied (instead of the purposes for which they were obtained). Allows a school board to anticipate revenues due in the current fiscal year or expected to be due in the next subsequent fiscal year and issue notes, bonds, or other obligations and, in connection with that issuance, establish a line of credit in a specified amount under certain conditions. Allows other educational entities or a regional superintendent of schools to anticipate revenues due in the current fiscal year or expected to be due in the next subsequent fiscal year and issue notes or other obligations and, in connection with that issuance, establish a line of credit in a specified amount under certain conditions. Effective immediately.

Actions

Date	Chamber	Action
2/10/2009	House	Filed with the Clerk by Rep. Roger L. Eddy
2/10/2009	House	First Reading
2/10/2009	House	Referred to Rules Committee
2/18/2009	House	Assigned to Elementary & Secondary Education Committee
2/25/2009	House	Do Pass / Short Debate Elementary & Secondary Education Committee; 020-000-000
2/25/2009	House	Placed on Calendar 2nd Reading - Short Debate
2/25/2009	House	Added Co-Sponsor Rep. Monique D. Davis
3/17/2009	House	Second Reading - Short Debate
3/17/2009	House	Placed on Calendar Order of 3rd Reading - Short Debate
3/25/2009	House	Added Chief Co-Sponsor Rep. William B. Black
3/25/2009	House	Third Reading - Short Debate - Passed 113-001-001
3/26/2009	Senate	Arrive in Senate
3/26/2009	Senate	Placed on Calendar Order of First Reading
3/26/2009	Senate	Chief Senate Sponsor Sen. Deanna Demuzio
3/26/2009	Senate	First Reading
3/26/2009	Senate	Referred to Assignments
4/22/2009	Senate	Assigned to Education
4/29/2009	Senate	Do Pass Education; 007-000-000
4/29/2009	Senate	Placed on Calendar Order of 2nd Reading April 30, 2009
5/12/2009	Senate	Second Reading
5/12/2009	Senate	Placed on Calendar Order of 3rd Reading ** May 18, 2009
5/19/2009	Senate	Third Reading - Passed; 058-000-000
5/19/2009	House	Passed Both Houses
6/17/2009	House	Sent to the Governor
6/26/2009	House	Governor Approved
6/26/2009	House	Effective Date June 26, 2009
6/26/2009	House	Public Act . . . . . . . . . 96-0019