Bill Title: Establishes the Bond Authorization Act of 2023. Amends the General Obligation Bond Act. Increases the total amount that the State of Illinois is authorized to issue in general obligation bonds from $79,256,839,969 to $79,440,839,969. Increases the amount of bond proceeds authorized to be used for various capital purposes. Increases the amount of bond proceeds authorized to be used by the Illinois Environmental Protection Agency for grants or loans to units of local government for planning, financing, and constructing sewage treatment works and solid waste disposal facilities. Decreases the amount of bond proceeds authorized to be used for specified coal and energy development purposes. Specifies that refunding bonds shall mature within the term of the bonds being refunded. Amends the Build Illinois Bond Act. Increases the total amount that the State of Illinois is authorized to issue in Build Illinois Act bonds from $9,484,681,100 to $10,019,681,100. Increases the amount of Build Illinois Act bond proceeds that may be used for various purposes. Provides that costs for advertising, printing, bond rating, travel of outside vendors, security, delivery, and legal and financial advisory services, initial fees of trustees, registrars, paying agents and other fiduciaries, initial costs of credit or liquidity enhancement arrangements, initial fees of indexing and remarketing agents, and initial costs of interest rate swaps, guarantees or arrangements to limit interest rate risk, as determined in the related Bond Sale Order, may be paid as reasonable costs of issuance and sale from the proceeds of each Bond sale. Allows 1% (rather than 0.5%) of the proceeds of bond sales to be used for specified costs. Requires the Governor's Office of Management and Budget to supply summaries of costs to the legislative leaders and the Commission on Government Forecasting and Accountability. Makes changes in provisions concerning the selection of bond counsel, the sale of bonds, and the maturing of refunding bonds. Makes other technical changes. Effective July 1, 2023.

Spectrum: Partisan Bill (Democrat 3-0)

Status: (Passed) 2023-06-07 - Public Act . . . . . . . . . 103-0007 [HB3551 Detail]

Text: Latest bill text (Chaptered) [HTML]

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Voting Records

Chamber	Vote	Date	Yea	Nay	NV	Abs	Total	Result	Source	View
House	Concurrence in House	2023-05-26	74	37	1	2	114	Passed	Link	View
House	Concurrence in House	2023-05-26	74	37	1	2	114	Passed	Link	View
Senate	Third Reading in Senate	2023-05-25	37	19	3	0	59	Passed	Link	View
House	Third Reading in House	2023-03-23	112	0	0	1	113	Passed	Link	View

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