Illinois General Assembly - Full Text of HB4824
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Full Text of HB4824  100th General Assembly

HB4824 100TH GENERAL ASSEMBLY

  
  

 


 
100TH GENERAL ASSEMBLY
State of Illinois
2017 and 2018
HB4824

 

Introduced , by Rep. Norine K. Hammond

 

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, 2028 (instead of December 31, 2014); makes a related change. Effective immediately.


LRB100 20506 AXK 35879 b

FISCAL NOTE ACT MAY APPLY

 

 

A BILL FOR

 

HB4824LRB100 20506 AXK 35879 b

1    AN ACT concerning education.
 
2    Be it enacted by the People of the State of Illinois,
3represented in the General Assembly:
 
4    Section 5. The State University Certificates of
5Participation Act is amended by changing Sections 30 and 90 as
6follows:
 
7    (110 ILCS 73/30)
8    Sec. 30. Debt limit. The maximum annual debt service for a
9State University's total outstanding certificate of
10participation obligation must not exceed the following:
11        (1) For the University of Illinois, $100,000,000.
12        (2) For Southern Illinois University, $20,000,000.
13        (3) For Northern Illinois University, $20,000,000.
14        (4) For Illinois State University, $10,000,000.
15        (5) For Western Illinois University, $10,000,000.
16        (6) For Eastern Illinois University, $10,000,000.
17        (7) For Northeastern Illinois University, $5,000,000.
18        (8) For Chicago State University, $5,000,000.
19        (9) For Governors State University, $5,000,000.
20(Source: P.A. 96-15, eff. 6-22-09.)
 
21    (110 ILCS 73/90)
22    Sec. 90. Expiration of Act. This Act applies until December

 

 

HB4824- 2 -LRB100 20506 AXK 35879 b

131, 2028 2014. However, the refunding of certificates of
2participation issued prior to December 31, 2028 2014 in
3accordance with the Act is permitted.
4(Source: P.A. 96-15, eff. 6-22-09.)
 
5    Section 99. Effective date. This Act takes effect upon
6becoming law.