Illinois General Assembly - Bill Status for HB4959
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 Bill Status of HB4959  97th General Assembly

Short Description:  TITANIUM GEN OBLIGATION BONDS

House Sponsors
Rep. Frank J. Mautino

Last Action
DateChamber Action
  1/8/2013HouseSession Sine Die

Statutes Amended In Order of Appearance
New Act
30 ILCS 105/5.811 new
30 ILCS 105/5.812 new


Synopsis As Introduced
Creates the Titanium General Obligation Bond Act. Provides for the issuance, sale, and retirement of general obligation bonds, the proceeds of which shall be allocated to Illinois companies who produce, manufacture, or substantially use titanium powdered metals. Provides for the conditions of sale of the bonds, the expenditure and investment of proceeds from the sale of the bonds, and the manner of repayment of the bonds. Creates the Titanium Powdered Metals Development Fund and the Titanium Powdered Metals Development Bond Retirement and Interest Fund. Provides for a civil action to compel payment upon default. Amends the State Finance Act. Designates the Titanium Powdered Metals Development Fund and the Titanium Powdered Metals Development Bond Retirement and Interest Fund as special funds. Effective immediately.

 State Debt Impact Note (Government Forecasting & Accountability)
 HB 4959, using a conservative 5.0% interest rate, 30-year maturity and level principal payment could increase general obligation bond authorization by: (1) General Obligation principal by $25 million; (2) Potential General Obligation debt by $44.4 million; (3) Annual debt service will range from $2.1 - $.9 million.

Actions 
DateChamber Action
  2/3/2012HouseFiled with the Clerk by Rep. Frank J. Mautino
  2/3/2012HouseFirst Reading
  2/3/2012HouseReferred to Rules Committee
  2/15/2012HouseAssigned to Revenue & Finance Committee
  3/6/2012HouseState Debt Impact Note Filed
  3/9/2012HouseRule 19(a) / Re-referred to Rules Committee
  1/8/2013HouseSession Sine Die

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