IL SB1480 | 2009-2010 | 96th General Assembly
Status
Spectrum: Partisan Bill (Democrat 2-0)
Status: Introduced on February 18 2009 - 25% progression, died in committee
Action: 2009-04-03 - Rule 3-9(a) / Re-referred to Assignments
Pending: Senate Assignments Committee
Text: Latest bill text (Introduced) [HTML]
Status: Introduced on February 18 2009 - 25% progression, died in committee
Action: 2009-04-03 - Rule 3-9(a) / Re-referred to Assignments
Pending: Senate Assignments Committee
Text: Latest bill text (Introduced) [HTML]
Summary
Creates the State University Certificates of Participation Act. Provides that the power of the board of trustees of any State university to enter into contracts includes, but is not limited to, the power to enter into financing agreements in connection with the financing of capital improvements by selling certificates of participation in the installment payments made under such financing agreements. Allows such financing agreements to be entered into for any period of time less than or equal to 30 years, but not to exceed the useful life of the capital improvement. Provides that, upon determination by the board of trustees of a State university to undertake a transaction for the sale of certificates of participation and enter into related financing agreements in connection with the financing of capital improvements, the board shall adopt a resolution or resolutions describing in a general way the contemplated facilities or a combination thereof designated as the project, the estimated cost thereof, and any additional relevant information. Provides that these provisions are declaratory of existing law. Amends the Statute on Statutes to provide that a citation to the Omnibus Bond Acts is a citation to the State University Certificates of Participation Act.
Title
STATE UNIV CERTIF PARTICIPAT
Sponsors
History
| Date | Chamber | Action |
|---|---|---|
| 2009-04-03 | Rule 3-9(a) / Re-referred to Assignments | |
| 2009-03-13 | Rule 2-10 Committee Deadline Established As April 3, 2009 | |
| 2009-03-12 | To Revenue Subcommittee on Special Issues | |
| 2009-03-06 | Postponed - Revenue | |
| 2009-02-25 | Assigned to Revenue | |
| 2009-02-19 | Added as Chief Co-Sponsor Sen. Michael W. Frerichs | |
| 2009-02-18 | Referred to Assignments | |
| 2009-02-18 | First Reading | |
| 2009-02-18 | Filed with Secretary by Sen. Jeffrey M. Schoenberg |
Illinois State Sources
| Type | Source |
|---|---|
| Summary | https://www.ilga.gov/legislation/BillStatus.asp?DocNum=1480&GAID=10&DocTypeID=SB&SessionID=76&GA=96 |
| Text | https://www.ilga.gov/legislation/96/SB/09600SB1480.htm |
