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 Bill Status of HB3407  100th General Assembly


Short Description:  FINANCE ACT-BONDS AND DEBT

House Sponsors
Rep. Joe Sosnowski - Christian L. Mitchell - Robert W. Pritchard

Senate Sponsors
(Sen.  )

Last Action
DateChamber Action
  5/2/2017SenatePlaced on Calendar Order of First Reading May 3, 2017

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, General Obligation Bond Act, 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.

House Floor Amendment No. 2
Restores the current maximum payment period. Makes grammatical and stylistic changes. Corrects various errors in the wording of the introduced bill.

Actions 
DateChamber Action
  2/9/2017HouseFiled with the Clerk by Rep. Joe Sosnowski
  2/10/2017HouseFirst Reading
  2/10/2017HouseReferred to Rules Committee
  2/22/2017HouseAssigned to State Government Administration Committee
  3/29/2017HouseDo Pass / Short Debate State Government Administration Committee; 007-000-000
  3/30/2017HousePlaced on Calendar 2nd Reading - Short Debate
  3/30/2017HouseAdded Chief Co-Sponsor Rep. Christian L. Mitchell
  3/30/2017HouseAdded Chief Co-Sponsor Rep. Robert W. Pritchard
  4/4/2017HouseHouse Floor Amendment No. 1 Filed with Clerk by Rep. Joe Sosnowski
  4/4/2017HouseHouse Floor Amendment No. 1 Referred to Rules Committee
  4/21/2017HouseHouse Floor Amendment No. 2 Filed with Clerk by Rep. Joe Sosnowski
  4/21/2017HouseHouse Floor Amendment No. 2 Referred to Rules Committee
  4/24/2017HouseHouse Floor Amendment No. 2 Recommends Be Adopted Rules Committee; 004-000-000
  4/25/2017HouseSecond Reading - Short Debate
  4/25/2017HouseHouse Floor Amendment No. 2 Adopted
  4/25/2017HousePlaced on Calendar Order of 3rd Reading - Short Debate
  4/27/2017HouseThird Reading - Short Debate - Passed 114-001-001
  5/2/2017SenateArrive in Senate
  5/2/2017SenatePlaced on Calendar Order of First Reading May 3, 2017

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