Illinois General Assembly

  Bills & Resolutions  
  Compiled Statutes  
  Public Acts  
  Legislative Reports  
  IL Constitution  
  Legislative Guide  
  Legislative Glossary  

 Search By Number
 (example: HB0001)
Search Tips

Search By Keyword

Full Text of SB2969  100th General Assembly

SB2969ham004 100TH GENERAL ASSEMBLY

Rep. Norine K. Hammond

Filed: 5/29/2018

 

 


 

 


 
10000SB2969ham004LRB100 17741 AXK 40995 a

1
AMENDMENT TO SENATE BILL 2969

2    AMENDMENT NO. ______. Amend Senate Bill 2969 by replacing
3everything after the enacting clause with the following:
 
4    "Section 5. The State University Certificates of
5Participation Act is amended by changing Sections 10, 30, and
690 as follows:
 
7    (110 ILCS 73/10)
8    Sec. 10. Certificates of participation.
9    (a) The power of the Board of any State University to enter
10into contracts includes the power to enter into financing
11agreements in connection with the financing of capital
12improvements (including technology or other related
13improvements) by selling certificates of participation in the
14installment payments made under such financing agreements.
15Such financing agreements may be entered into for any period of
16time less than or equal to 30 years, but not to exceed the

 

 

10000SB2969ham004- 2 -LRB100 17741 AXK 40995 a

1useful life of the capital improvement. Nothing in this Act
2authorizes the Board of any State University to incur "State
3debt" as that term is defined in subsection (a) of Section 9 of
4Article IX of the Illinois Constitution of 1970. This
5subsection (a) is declaratory of existing law.
6    (b) Upon determination by the Board of a State University
7to undertake a transaction for the sale of certificates of
8participation and enter into related financing agreements in
9connection with the financing of capital improvements, the
10Board shall adopt a resolution or resolutions describing in a
11general way the contemplated facilities or a combination
12thereof designated as the project, the estimated cost thereof,
13and any additional relevant information.
14    (c) A State University with multiple campuses shall
15distribute funds derived from certificates of participation
16under this Act proportionately to its respective campuses based
17on the Current Replacement Value or level of deferred
18maintenance need of each campus.
19    (d) The Board of any State University must comply with the
20requirements of the Illinois Procurement Code when entering
21into contracts under this Act.
22(Source: P.A. 96-15, eff. 6-22-09.)
 
23    (110 ILCS 73/30)
24    Sec. 30. Debt limit. The maximum annual debt service for a
25State University's total certificate of participation

 

 

10000SB2969ham004- 3 -LRB100 17741 AXK 40995 a

1obligation must not exceed the following:
2        (1) For the University of Illinois, $200,000,000
3    $100,000,000.
4        (2) For Southern Illinois University, $40,000,000
5    $20,000,000.
6        (3) For Northern Illinois University, $40,000,000
7    $20,000,000.
8        (4) For Illinois State University, $40,000,000
9    $10,000,000.
10        (5) For Western Illinois University, $20,000,000
11    $10,000,000.
12        (6) For Eastern Illinois University, $20,000,000
13    $10,000,000.
14        (7) For Northeastern Illinois University, $10,000,000
15    $5,000,000.
16        (8) For Chicago State University, $10,000,000
17    $5,000,000.
18        (9) For Governors State University, $10,000,000
19    $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
2331, 2028 2014. However, the refunding of certificates of
24participation issued prior to December 31, 2028 2014 in
25accordance with the Act is permitted.

 

 

10000SB2969ham004- 4 -LRB100 17741 AXK 40995 a

1(Source: P.A. 96-15, eff. 6-22-09.)
 
2    Section 99. Effective date. This Act takes effect upon
3becoming law.".