COMM COLLEGE-WORKING CASH FUND Senate SponsorsSen. Gary Forby House Sponsors(Rep. John E. Bradley-Roger L. Eddy-David Reis-Naomi D. Jakobsson, Lisa M. Dugan, Donald L. Moffitt and William B. Black) 6/9/2010SenatePublic Act . . . . . . . . . 96-0912 110 ILCS 805/3-33.2from Ch. 122, par. 103-33.2Amends the Public Community College Act. Provides that for a period of 3 years after the effective date of the amendatory Act, in order to create, maintain or increase a working cash fund, the board may incur an indebtedness for such purpose and issue bonds therefor from time to time, in an amount or amounts not exceeding in the aggregate at any one time outstanding 150% (rather than 75%) of the taxes permitted to be levied for educational purposes and for operations and maintenance of facilities purposes for the then current year to be determined by multiplying the aggregate of the authorized maximum educational tax rate and the maximum operations and maintenance tax rate applicable to such district by the last assessed valuation as determined at the time of the issue of those bonds plus 150% (rather than 75%) of the last known entitlement of such district to taxes as by law now or hereafter enacted or amended, imposed by the General Assembly of the State of Illinois to replace revenue lost by units of local government and school districts as a result of the abolition of ad valorem personal property taxes, pursuant to Article IX, Section 5(c) of the Constitution of the State of Illinois. Effective immediately.Senate Committee Amendment No. 1 Adds reference to:110 ILCS 805/3-33.7 newAllows the board of trustees of a community college district to establish a line of credit with a bank or other financial institution in an amount not to exceed (1) if anticipating State revenues due in the current fiscal year, 85% of the amount or amounts of the revenues due in the current fiscal year, as certified by the President/CEO of the Illinois Community College Board or other official in a position to provide assurances as to the amounts; and (2) if anticipating State revenues expected to be due in the next subsequent fiscal year, 50% of the amount or amounts of the revenues due in the current fiscal year, as certified by the President/CEO of the Illinois Community College Board or other official in a position to provide assurances as to the amounts. Provides that all moneys so borrowed shall be repaid exclusively from the anticipated revenues within 60 days after the revenues have been received. Requires that the borrowing bear interest at a rate not to exceed the maximum rate authorized by the Bond Authorization Act, from the date of issuance until paid. Provides for the authorization of borrowing by resolution. 1/21/2010SenateFiled with Secretary by Sen. Gary Forby 1/21/2010SenateFirst Reading 1/21/2010SenateReferred to Assignments 2/10/2010SenateAssigned to Higher Education 2/10/2010SenateSenate Committee Amendment No. 1 Filed with Secretary by Sen. Gary Forby 2/10/2010SenateSenate Committee Amendment No. 1 Referred to Assignments 2/16/2010SenateSenate Committee Amendment No. 1 Assignments Refers to Higher Education 2/17/2010SenateSenate Committee Amendment No. 1 Postponed - Higher Education 2/17/2010SenatePostponed - Higher Education 2/23/2010SenateSenate Committee Amendment No. 1 Adopted 2/23/2010SenateDo Pass as Amended Higher Education; 008-000-000 2/23/2010SenatePlaced on Calendar Order of 2nd Reading February 24, 2010 2/25/2010SenateSecond Reading 2/25/2010SenatePlaced on Calendar Order of 3rd Reading March 2, 2010 3/10/2010SenateThird Reading - Passed; 050-004-000 3/11/2010HouseArrived in House 3/11/2010HouseChief House Sponsor Rep. Roger L. Eddy 3/11/2010HousePlaced on Calendar Order of First Reading 3/11/2010HouseFirst Reading 3/11/2010HouseReferred to Rules Committee 3/18/2010HouseAlternate Chief Sponsor Changed to Rep. John E. Bradley 3/18/2010HouseAdded Alternate Chief Co-Sponsor Rep. Roger L. Eddy 3/18/2010HouseAdded Alternate Chief Co-Sponsor Rep. David Reis 3/22/2010HouseAssigned to Higher Education Committee 4/14/2010HouseAdded Alternate Chief Co-Sponsor Rep. Naomi D. Jakobsson 4/14/2010HouseDo Pass / Short Debate Higher Education Committee; 004-000-000 4/14/2010HousePlaced on Calendar 2nd Reading - Short Debate 4/20/2010HouseSecond Reading - Short Debate 4/20/2010HousePlaced on Calendar Order of 3rd Reading - Short Debate 4/21/2010HouseAdded Alternate Chief Co-Sponsor Rep. William B. Black 4/21/2010HouseAdded Alternate Co-Sponsor Rep. Lisa M. Dugan 4/21/2010HouseThird Reading - Short Debate - Passed 091-024-000 4/21/2010SenatePassed Both Houses 4/21/2010HouseAdded Alternate Co-Sponsor Rep. Donald L. Moffitt 4/21/2010HouseAlternate Chief Co-Sponsor Removed Rep. William B. Black 4/21/2010HouseAdded Alternate Co-Sponsor Rep. William B. Black 5/20/2010SenateSent to the Governor 6/9/2010SenateGovernor Approved 6/9/2010SenateEffective Date June 9, 2010 6/9/2010SenatePublic Act . . . . . . . . . 96-0912