92nd General Assembly
Summary of HB4155
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House Sponsors:

Short description: 
TOLL HWY-NO FINANCIAL BENEFIT                                              

Synopsis of Bill as introduced:
        Amends the Toll Highway Act.  Prohibits directors of the Illinois      
   State  Toll  Highway  Authority,  their  employees,  and  agents  from      
   receiving financial benefit from the letting  of  Authority  contracts      
   during  their  terms of service and for a period of one year following      
   termination of their  positions  or  employment  with  the  Authority.      
   Extends  this prohibition to the immediate family or household members      
   of the directors, employees, and agents of the  Authority.   Prohibits      
   those persons from using material non-public information obtained as a      
   result  of  their  positions  with  the  Authority  or their family or      
   household members' positions for their personal financial benefit  and      
   prohibits them from disclosing that information to others.                  
          STATE MANDATES NOTE, H-AM 1, 2, 3                                    
          (Illinois Department of Commerce and Community Affairs)              
          In the opinion of DCCA, HB 4155 (H-ams 1, 2, 3) does not meet        
          the definition of a State mandate under the State Mandates Act.      
          STATE DEBT NOTE, H-AM 1, 2, 3                                        
          (Economic and Fiscal Commission)                                     
          HB 4155, as amended by H-ams 1, 2 and 3, could affect the            
          State's bonded indebtedness by an undetermined amount.               
          FISCAL NOTE (Illinois State Toll Highway Authority)                  
          HB 4155 would likely require a refunding of outstanding bonds,       
          requiring payment of bond interest plus allocation of necessary      
          maintenance and operations expenses under the Tollway inden-         
          ture. The current outstanding debt of the Tollway Authority          
          is $815 million. This entire amount could become a contingent        
          liability of the State and impact the State's credit. There          
          could also be an impact on the credtworthiness of the Tollway        
          Authority causing a possible downgrade in its credit rating.         
Last action on Bill: SESSION SINE DIE

   Last action date: JAN-07-2003

           Location: House

 Amendments to Bill: AMENDMENTS ADOPTED: HOUSE -   0     SENATE -   0


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