Bill Status of HB6240  9th General Assembly

Short Description:  GO BONDS-CREDITORS

House Sponsors
Rep. Esther Golar - William Davis - Linda Chapa LaVia - Elizabeth Hernandez - Arthur Turner, Robyn Gabel, Frank J. Mautino, Kelly M. Cassidy, Naomi D. Jakobsson, Kimberly du Buclet, Greg Harris, Maria Antonia Berrios, Brandon W. Phelps, Patrick J. Verschoore, La Shawn K. Ford, Kenneth Dunkin, Daniel J. Burke, Camille Y. Lilly and Lisa M. Dugan

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

Statutes Amended In Order of Appearance
30 ILCS 105/5.826 new
30 ILCS 330/2from Ch. 127, par. 652
30 ILCS 330/7.6 new
30 ILCS 330/12from Ch. 127, par. 662

Synopsis As Introduced
Amends the General Obligation Bond Act. Provides that an additional $4,000,000,000 in general obligation bonds is authorized to be issued and used for the purpose of making payments to bona fide creditors of the State who: (1) have submitted a bill or invoice to the State that (A) was properly approved under rules adopted under Section 3-3 of the State Prompt Payment Act prior to September 1, 2012 and (B) was not paid within 30 days after the bill or invoice was submitted to the State Comptroller; or (2) are entitled to payment from State funds if the State is more than 60 days delinquent in the payment of those funds as of September 1, 2012. Provides that the proceeds of the additional bonds shall be deposited into the State Fiscal Responsibility Fund, a special fund created in the State Treasury. Provides that the Fund is not subject to sweeps, administrative charges, or chargebacks. Amends the State Finance Act to create the Fund. Provides that proceeds from the bond sale may not be used to make contributions to pension systems. Effective immediately.

 State Debt Impact Note (Government Forecasting & Accountability)
 HB 6240 would increase general obligation bond authorization by $4.0 billion to make payments to the State creditors.

 State Debt Impact Note, House Committee Amendment No. 1 (Government Forecasting & Accountability)
 HB 6240 (H-AM 1) would increase general obligation bond authorization by $4.0 billion to make payments to the State creditors.

DateChamber Action
  11/7/2012HouseFiled with the Clerk by Rep. Esther Golar
  11/9/2012HouseFirst Reading
  11/9/2012HouseReferred to Rules Committee
  11/9/2012HouseFinal Action Deadline Extended-9(b) January 8, 2013
  11/9/2012HouseAssigned to Executive Committee
  11/13/2012HouseAdded Chief Co-Sponsor Rep. William Davis
  11/13/2012HouseAdded Chief Co-Sponsor Rep. Linda Chapa LaVia
  11/13/2012HouseAdded Chief Co-Sponsor Rep. Elizabeth Hernandez
  11/13/2012HouseAdded Chief Co-Sponsor Rep. Arthur Turner
  11/13/2012HouseAdded Co-Sponsor Rep. Robyn Gabel
  11/20/2012HouseAdded Co-Sponsor Rep. Frank J. Mautino
  11/20/2012HouseAdded Co-Sponsor Rep. Kelly M. Cassidy
  11/20/2012HouseAdded Co-Sponsor Rep. Keith Farnham
  11/20/2012HouseRemoved Co-Sponsor Rep. Keith Farnham
  11/21/2012HouseAdded Co-Sponsor Rep. Naomi D. Jakobsson
  11/21/2012HouseAdded Co-Sponsor Rep. Kimberly du Buclet
  11/26/2012HouseHouse Committee Amendment No. 1 Filed with Clerk by Rep. Esther Golar
  11/26/2012HouseHouse Committee Amendment No. 1 Referred to Rules Committee
  11/26/2012HouseHouse Committee Amendment No. 1 Rules Refers to Executive Committee
  11/26/2012HouseState Debt Impact Note Filed
  11/26/2012HouseAdded Co-Sponsor Rep. Greg Harris
  11/26/2012HouseAdded Co-Sponsor Rep. Maria Antonia Berrios
  11/26/2012HouseAdded Co-Sponsor Rep. Brandon W. Phelps
  11/27/2012HouseAdded Co-Sponsor Rep. Patrick J. Verschoore
  11/27/2012HouseHouse Committee Amendment No. 1 State Debt Impact Note Filed as Amended
  11/29/2012HouseAdded Co-Sponsor Rep. La Shawn K. Ford
  11/29/2012HouseAdded Co-Sponsor Rep. Kenneth Dunkin
  11/29/2012HouseAdded Co-Sponsor Rep. Daniel J. Burke
  11/29/2012HouseAdded Co-Sponsor Rep. Camille Y. Lilly
  12/26/2012HouseAdded Co-Sponsor Rep. Lisa M. Dugan
  1/8/2013HouseSession Sine Die