ISAC-BONDS GUARANTEED BY STATE Senate SponsorsSen. Edward D. Maloney-Kimberly A. Lightford-M. Maggie Crotty-Kwame Raoul-Michael Noland, Jacqueline Y. Collins, Mattie Hunter and Susan Garrett House Sponsors(Rep. David E. Miller-Karen May-Robert W. Pritchard) 5/7/2009SenatePublic Act . . . . . . . . . 96-0009 110 ILCS 947/152 newAmends the Higher Education Student Assistance Act. Provides that bonds issued in accordance with the Act may be designated by the Illinois Student Assistance Commission as guaranteed by the State of Illinois. Provides that this guarantee shall constitute a general obligation of the State of Illinois, with the full faith, credit, and resources of the State of Illinois irrevocably pledged for the punctual payment of the principal of, interest on, and premium, if any, on any such bond. Provides that these provisions are irrepealable until all such bonds are paid in full as to both principal and interest. Provides that any bonds designated pursuant to these provisions shall be issued by the Commission on or prior to December 31, 2009 and shall be limited in aggregate principal issuance amount to not greater than $50,000,000. Sets forth provisions concerning appropriations for insufficient amounts, a continuing appropriation for insufficient appropriations, the rights and powers of the Commission not being impaired, and allowing a civil action to compel payment. Effective immediately.Senate Floor Amendment No. 1 Provides that the bonds shall mature at such time or times not exceeding 5 years from the date thereof and must be issued with a debt service reserve equal to at least 4% of the principal amount of the bonds, of which 75% of such reserve shall be funded from the proceeds of the bonds, and 25% of such reserve shall be funded by the Illinois Student Assistance Commission and not out of proceeds of the bonds. Provides that proceeds of the bonds may be used only in connection with the rehabilitation loan program, to fund a debt service reserve, and for costs of issuance of the bonds. 2/6/2009SenateFiled with Secretary by Sen. Edward D. Maloney 2/6/2009SenateFirst Reading 2/6/2009SenateReferred to Assignments 2/18/2009SenateAssigned to Higher Education 2/20/2009SenateAdded as Chief Co-Sponsor Sen. Kimberly A. Lightford 2/25/2009SenateDo Pass Higher Education; 008-000-002 2/25/2009SenatePlaced on Calendar Order of 2nd Reading February 26, 2009 2/26/2009SenateAdded as Chief Co-Sponsor Sen. M. Maggie Crotty 3/3/2009SenateSenate Floor Amendment No. 1 Filed with Secretary by Sen. Edward D. Maloney; -Burzynski 3/3/2009SenateSenate Floor Amendment No. 1 Referred to Assignments 3/5/2009SenateSecond Reading 3/5/2009SenatePlaced on Calendar Order of 3rd Reading March 6, 2009 3/6/2009SenateAdded as Chief Co-Sponsor Sen. Kwame Raoul 3/10/2009SenateAdded as Chief Co-Sponsor Sen. Michael Noland 3/17/2009SenateSenate Floor Amendment No. 1 Assignments Refers to Higher Education 3/18/2009SenateSenate Floor Amendment No. 1 Recommend Do Adopt Higher Education; 008-000-000 3/18/2009SenateRecalled to Second Reading 3/18/2009SenateSenate Floor Amendment No. 1 Adopted; Maloney-Burzynski 3/18/2009SenatePlaced on Calendar Order of 3rd Reading 3/18/2009SenateAdded as Co-Sponsor Sen. Jacqueline Y. Collins 3/18/2009Senate3/5 Vote Required 3/18/2009SenateAdded as Co-Sponsor Sen. Mattie Hunter 3/18/2009SenateAdded as Co-Sponsor Sen. Susan Garrett 3/18/2009SenateThird Reading - Passed; 056-000-000 3/18/2009HouseArrived in House 3/18/2009HousePlaced on Calendar Order of First Reading 3/18/2009HouseChief House Sponsor Rep. David E. Miller 3/18/2009HouseFirst Reading 3/18/2009HouseReferred to Rules Committee 4/2/2009HouseAdded Alternate Chief Co-Sponsor Rep. Karen May 4/3/2009HouseAdded Alternate Chief Co-Sponsor Rep. Robert W. Pritchard 4/14/2009HouseAssigned to Higher Education Committee 4/22/2009HouseDo Pass / Short Debate Higher Education Committee; 005-000-000 4/22/2009HousePlaced on Calendar 2nd Reading - Short Debate 4/23/2009HouseSecond Reading - Short Debate 4/23/2009HousePlaced on Calendar Order of 3rd Reading - Short Debate 4/28/2009HouseThird Reading - Short Debate - Passed 114-002-000 4/28/2009SenatePassed Both Houses 5/4/2009SenateSent to the Governor 5/7/2009SenateGovernor Approved 5/7/2009SenateEffective Date May 7, 2009 5/7/2009SenatePublic Act . . . . . . . . . 96-0009