Illinois General Assembly - Bill Status for SB3581
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 Bill Status of SB3581  96th General Assembly


Short Description:  SHORT TERM BORROW-GA APPROVE

Senate Sponsors
Sen. Tim Bivins

Last Action
DateChamber Action
  1/12/2011SenateSession Sine Die

Statutes Amended In Order of Appearance
30 ILCS 340/1.1
30 ILCS 340/4 new


Synopsis As Introduced
Amends the Short Term Borrowing Act. Provides that, when debt is incurred to address failures in revenues of the State, the required notice must contain a detailed plan to repay the debt. Provides that no debt may be incurred under the Act for the purpose of addressing failures in revenues of the State unless a majority of each chamber of the General Assembly has approved the borrowing by a recorded majority vote. Provides that no debt may be incurred under the Act while any debt previously incurred under this Act remains outstanding, unless a majority of each chamber of the General Assembly has approved the new borrowing by a recorded majority vote. Effective immediately.

Actions 
DateChamber Action
  2/10/2010SenateFiled with Secretary by Sen. Tim Bivins
  2/10/2010SenateFirst Reading
  2/10/2010SenateReferred to Assignments
  2/24/2010SenateAssigned to Executive
  3/5/2010SenateRule 2-10 Committee Deadline Established As March 19, 2010
  3/8/2010SenateTo Executive Subcommittee on State And Local Government
  3/10/2010SenatePostponed - Executive
  3/19/2010SenateRule 3-9(a) / Re-referred to Assignments
  1/12/2011SenateSession Sine Die

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