IL HB4582 | 2023-2024 | 103rd General Assembly
Status
Completed Legislative Action
Spectrum: Partisan Bill (Democrat 2-0)
Status: Passed on June 7 2024 - 100% progression
Action: 2024-06-07 - Public Act . . . . . . . . . 103-0591
Text: Latest bill text (Chaptered) [HTML]
Spectrum: Partisan Bill (Democrat 2-0)
Status: Passed on June 7 2024 - 100% progression
Action: 2024-06-07 - Public Act . . . . . . . . . 103-0591
Text: Latest bill text (Chaptered) [HTML]
Summary
Amends the State Finance Act. Provides that, if and when the State of Illinois incurs any bonded indebtedness using the general obligation bond authorizations for capital projects enacted in the amendatory Act (and in other Acts), moneys in the Capital Projects Fund shall be set aside and used for the purpose of paying and discharging annually the principal and interest on that (and other) bonded indebtedness. Provides that, upon each delivery of general obligation bonds for capital projects using bond authorizations enacted in the amendatory Act (and other Acts), the Comptroller shall compute and certify to the State Treasurer the total amount of principal of, interest on, and premium, if any, on such bonds during the then current and each succeeding fiscal year. Amends the General Obligation Bond Act. Increases the State's total general obligation bond authorization from $79,440,839,969 to $81,789,839,969. Increases the amount of bond funds that may be used for various purposes. Specifies that bonds issued under the Act during fiscal year 2025 may be issued with principal or mandatory redemption amounts in unequal amounts. Amends the Build Illinois Bond Act. Increases the bond authorization under the Act from $10,019,681,100 to $10,758,681,100. Authorizes the use of bond proceeds for fostering the advancement of quantum information science and technology. Increases the amount of bond proceeds that may be used for various purposes under the Act. Specifies that bonds issued under the Act during fiscal year 2025 may be issued with principal or mandatory redemption amounts in unequal amounts. Amends the Illinois Housing Development Act. Increases the maximum bond authorization from $7,200,000,000 to $11,500,000,000. Amends the Local Government Debt Reform Act. Provides that certain bonds issued by school districts shall become due within 30 years (currently, 25 years) after they are issued. Provides that the county clerk shall accept certificates abating property taxes levied for the payment of principal and interest on general obligation bonds electronically. Amends the Property Tax Extension Limitation Law in the Property Tax Code. Provides that extensions made for the payment of principal and interest on certain school construction bonds are not included in the district's aggregate extension. Amends the School Code. Provides that, beginning September 1, 2024, no referendum shall be required to build or purchase a building for school classroom or instructional purposes if, prior to the building or purchase of the building, the board determines, by resolution, that the building or purchase will result in an increase in pre-kindergarten or kindergarten classroom space in the district. Provides that certain bonds issued by school districts and authorized by an election held on or after November 5, 2024, and on any bonds issued to refund or continue to refund such bonds, shall not be considered indebtedness for purposes of any statutory debt limitation and must mature within 30 years from their date. Makes other changes concerning the issuance of bonds. Effective July 1, 2024.
Title
FINANCE-FUND TRANSFERS
Sponsors
| Rep. Robert Rita [D] | Sen. Don Harmon [D] |
Roll Calls
2024-05-29 - House - Concurrence in House (Y: 72 N: 38 NV: 0 Abs: 0) [PASS]
2024-05-26 - Senate - Third Reading in Senate (Y: 40 N: 18 NV: 1 Abs: 0) [PASS]
2024-04-18 - House - Third Reading in House (Y: 108 N: 0 NV: 2 Abs: 1) [PASS]
2024-05-26 - Senate - Third Reading in Senate (Y: 40 N: 18 NV: 1 Abs: 0) [PASS]
2024-04-18 - House - Third Reading in House (Y: 108 N: 0 NV: 2 Abs: 1) [PASS]
History
| Date | Chamber | Action |
|---|---|---|
| 2024-06-07 | House | Public Act . . . . . . . . . 103-0591 |
| 2024-06-07 | House | Effective Date July 1, 2024 |
| 2024-06-07 | House | Governor Approved |
| 2024-06-06 | House | Sent to the Governor |
| 2024-06-03 | House | Passed Both Houses |
| 2024-06-03 | House | Motion Withdrawn Rep. Emanuel "Chris" Welch |
| 2024-05-29 | House | Motion Filed to Reconsider Vote Rep. Emanuel "Chris" Welch |
| 2024-05-29 | House | House Concurs |
| 2024-05-29 | House | Senate Floor Amendment No. 1 House Concurs 072-038-000 |
| 2024-05-29 | House | 3/5 Vote Required |
| 2024-05-28 | House | Chief Sponsor Changed to Rep. Robert "Bob" Rita |
| 2024-05-28 | House | Senate Floor Amendment No. 1 Motion to Concur Recommends Be Adopted Rules Committee; 005-000-000 |
| 2024-05-28 | House | Senate Floor Amendment No. 1 Motion to Concur Referred to Rules Committee |
| 2024-05-28 | House | Senate Floor Amendment No. 1 Motion Filed Concur Rep. Emanuel "Chris" Welch |
| 2024-05-28 | House | Chief Sponsor Changed to Rep. Emanuel "Chris" Welch |
| 2024-05-28 | House | Remove Chief Co-Sponsor Rep. Emanuel "Chris" Welch |
| 2024-05-28 | House | Added Chief Co-Sponsor Rep. Emanuel "Chris" Welch |
| 2024-05-26 | House | Placed on Calendar Order of Concurrence Senate Amendment(s) 1 |
| 2024-05-26 | House | Arrived in House |
| 2024-05-26 | Senate | Third Reading - Passed; 040-018-000 |
| 2024-05-26 | Senate | 3/5 Vote Required |
| 2024-05-26 | Senate | Placed on Calendar Order of 3rd Reading |
| 2024-05-26 | Senate | Senate Floor Amendment No. 1 Adopted; Harmon |
| 2024-05-26 | Senate | Recalled to Second Reading |
| 2024-05-26 | Senate | Senate Floor Amendment No. 1 Be Approved for Consideration Assignments |
| 2024-05-26 | Senate | Alternate Chief Sponsor Changed to Sen. Don Harmon |
| 2024-05-26 | Senate | Senate Floor Amendment No. 1 Referred to Assignments |
| 2024-05-26 | Senate | Senate Floor Amendment No. 1 Filed with Secretary by Sen. Don Harmon |
| 2024-05-25 | Senate | Rule 2-10 Third Reading Deadline Established As May 26, 2024 |
| 2024-05-24 | Senate | Rule 2-10 Third Reading Deadline Established As May 25, 2024 |
| 2024-05-17 | Senate | Rule 2-10 Third Reading/Passage Deadline Established As May 24, 2024 |
| 2024-05-17 | Senate | Placed on Calendar Order of 3rd Reading May 20, 2024 |
| 2024-05-17 | Senate | Second Reading |
| 2024-04-30 | Senate | Placed on Calendar Order of 2nd Reading May 1, 2024 |
| 2024-04-30 | Senate | Approved for Consideration Assignments |
| 2024-04-24 | Senate | Referred to Assignments |
| 2024-04-24 | Senate | First Reading |
| 2024-04-24 | Senate | Chief Senate Sponsor Sen. Elgie R. Sims, Jr. |
| 2024-04-19 | Senate | Placed on Calendar Order of First Reading April 30, 2024 |
| 2024-04-19 | Senate | Arrive in Senate |
| 2024-04-18 | House | Third Reading - Short Debate - Passed 108-000-000 |
| 2024-04-18 | House | Placed on Calendar Order of 3rd Reading - Short Debate |
| 2024-04-17 | House | Held on Calendar Order of Second Reading - Short Debate |
| 2024-04-17 | House | Second Reading - Short Debate |
| 2024-04-12 | House | Placed on Calendar 2nd Reading - Short Debate |
| 2024-04-12 | House | Do Pass / Short Debate Appropriations-General Services Committee; 015-000-000 |
| 2024-04-05 | House | Committee/3rd Reading Deadline Extended-Rule May 24, 2024 |
| 2024-02-28 | House | Assigned to Appropriations-General Services Committee |
| 2024-01-31 | House | Referred to Rules Committee |
| 2024-01-31 | House | First Reading |
| 2024-01-25 | House | Filed with the Clerk by Rep. Fred Crespo |
Code Citations
| Chapter | Article | Section | Citation Type | Statute Text |
|---|---|---|---|---|
| 30 | 105 | 6z-27 | Amended Code | Citation Text |
