Illinois General Assembly

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 Bill Status of SB3553  98th General Assembly


Short Description:  HIGHER ED-PARTICIPATION CERT

Senate Sponsors
Sen. Michael W. Frerichs

House Sponsors
(Rep. Frank J. Mautino )

Last Action
DateChamber Action
  1/13/2015SenateSession Sine Die

Statutes Amended In Order of Appearance
110 ILCS 73/10
110 ILCS 73/15
110 ILCS 73/30
110 ILCS 73/90


Synopsis As Introduced
Amends the State University Certificates of Participation Act. Provides that the board of trustees of a State university has the power to enter into financing agreements in connection with the financing or refinancing (instead of just the financing) of capital improvements by selling certificates of participation in the installment payments made under such financing agreements; makes a related change. Provides that a State university must present to the Commission on Government Forecasting and Accountability information on the amount being financed or refinanced (instead of just financed), the nature of the project being financed or refinanced (instead of just financed), and the status of all currently outstanding (instead of currently issued) certificates of participation. 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.

Actions 
DateChamber Action
  2/14/2014SenateFiled with Secretary by Sen. Michael W. Frerichs
  2/14/2014SenateFirst Reading
  2/14/2014SenateReferred to Assignments
  3/5/2014SenateAssigned to Higher Education
  3/20/2014SenateDo Pass Higher Education; 012-000-000
  3/20/2014SenatePlaced on Calendar Order of 2nd Reading March 21, 2014
  3/27/2014SenateSecond Reading
  3/27/2014SenatePlaced on Calendar Order of 3rd Reading April 1, 2014
  4/1/2014SenateThird Reading - Passed; 055-000-000
  4/2/2014HouseArrived in House
  4/3/2014HouseChief House Sponsor Rep. Frank J. Mautino
  4/3/2014HouseFirst Reading
  4/3/2014HouseReferred to Rules Committee
  1/13/2015SenateSession Sine Die

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