HB3226 99TH GENERAL ASSEMBLY

LRB099 07725 SXM 29334 b

99TH GENERAL ASSEMBLY
State of Illinois
2015 and 2016
HB3226

Introduced , by Rep. Frank J. Mautino

SYNOPSIS AS INTRODUCED:

110 ILCS 73/30
110 ILCS 73/90

Amends the State University Certificates of Participation Act. Sets forth the maximum annual debt service amount for a State university's total outstanding (instead of total) certificate of participation obligation. Provides that the Act applies until December 31, 2024 (instead of December 31, 2014); makes a related change. Effective immediately.

FISCAL NOTE ACT MAY APPLY

A BILL FOR

AN ACT concerning education.

Be it enacted by the People of the State of Illinois, represented in the General Assembly:

Section 5. The State University Certificates of Participation Act is amended by changing Sections 30 and 90 as follows:

(110 ILCS 73/30)

Sec. 30. Debt limit. The maximum annual debt service for a State University's total outstanding certificate of participation obligation must not exceed the following:

(1) For the University of Illinois, $100,000,000.

(2) For Southern Illinois University, $20,000,000.

(3) For Northern Illinois University, $20,000,000.

(4) For Illinois State University, $10,000,000.

(5) For Western Illinois University, $10,000,000.

(6) For Eastern Illinois University, $10,000,000.

(7) For Northeastern Illinois University, $5,000,000.

(8) For Chicago State University, $5,000,000.

(9) For Governors State University, $5,000,000.

(Source: P.A. 96-15, eff. 6-22-09.)

(110 ILCS 73/90)

Sec. 90. Expiration of Act. This Act applies until December 31, 2024 2014. However, the refunding of certificates of participation issued prior to December 31, 2024 2014 in accordance with the Act is permitted.

(Source: P.A. 96-15, eff. 6-22-09.)

Section 99. Effective date. This Act takes effect upon becoming law.