90th General Assembly
Status of HB3057
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SCHOENBERG.

   605 ILCS 10/17            from Ch. 121, par. 100-17                         
   605 ILCS 10/19            from Ch. 121, par. 100-19                         
   605 ILCS 10/24            from Ch. 121, par. 100-24                         

        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.                                               
   98-02-06  H  FILED WITH CLERK                                               
   98-02-10  H  FIRST READING                                                  
   98-02-10  H  REFERRED TO HOUSE RULES COMMITTEE        RULES                 
   98-02-24  H                         FISCAL NOTE FILED                       
   98-02-24  H                   COMMITTEE               RULES                 
   99-01-12  H  SESSION SINE DIE                                               

   END OF INQUIRY 



 Full Text  Bill Summary