House Sponsors: SCHOENBERG. Short description: TOLL HIWAY-BONDS-TOLLS-APPROPS Synopsis of Bill as introduced: Amends the Toll Highway Act. Provides that for all outstanding bonds issued by the Illinois State Toll Highway Authority, the State guarantees the timely payment of any amounts not paid by the Authority, with recourse to the Court of Claims. Provides that any increase in tolls is subject to the prior approval of the General Assembly by a three-fifths majority vote. Provides that all of the Authority's expenditures shall be paid from the Illinois State Toll Highway Authority Fund, subject to annual appropriation by the General Assembly. Provides that all amounts required to pay principal, interest, and expenses pursuant to all currently outstanding trust indentures shall be deemed automatically appropriated by the General Assembly in an amount sufficient to pay the principal, interest, and other expenses. Removes the provision that allows the Authority to retain portions of the Fund. FISCAL NOTE (Ill. State Toll Highway Authority) There would be an increased interest cost of $28 M for refund- ing outstanding bonds; the $900 M outstanding debt would become a contingent liability of the State; State credit rating could be further downgraded. Last action on Bill: SESSION SINE DIE Last action date: 99-01-12 Location: House Amendments to Bill: AMENDMENTS ADOPTED: HOUSE - 0 SENATE - 0 END OF INQUIRY Full Text Bill Status