HIGHER ED-ISAC-REFUNDING BONDS Senate SponsorsSen. Christine Radogno 1/13/2009SenateSession Sine Die 110 ILCS 947/145Amends the Higher Education Student Assistance Act. In a Section authorizing the Illinois Student Assistance Commission to issue bonds, provides that no refunding bonds shall be offered for sale unless the net present value of debt service savings to be achieved by the issuance of the refunding bonds is 3% or more of the principal amount of the refunding bonds to be issued; and provides that the maturities of the refunding bonds shall not extend beyond the maturities of the bonds they refund, so that for each fiscal year in the maturity schedule of a particular issue of refunding bonds, the total amount of refunding principal maturing and redemption amounts due in that fiscal year and all prior fiscal years in that schedule shall be greater than or equal to the total amount of refunded principal and redemption amounts that had been due over that fiscal year and all prior fiscal years prior to the refunding. Effective immediately. 2/9/2007SenateFiled with Secretary by Sen. Christine Radogno 2/9/2007SenateFirst Reading 2/9/2007SenateReferred to Rules 1/13/2009SenateSession Sine Die