House Sponsors: SCHOENBERG. Short description: FINANCE-CERT OF PARTICIPATION Synopsis of Bill as introduced: Amends the State Finance Act. Imposes conditions and restrictions on the issuance of certificates of participation (COPs). Provides that COPs shall be considered debt under the Illinois Constitution. Requires the Bureau of the Budget to administer and issue the certificates. Provides that the Comptroller and Treasurer shall approve the certificates. Effective immediately. STATE DEBT IMPACT NOTE HB1591 would increase State debt as follows: COPs principal $125.0 million Estimated COPS debt service $241.5 million Annual debt service payments $ 10.2 million FISCAL NOTE (State Treasurer) HB1591 will have a minimal fiscal impact on State resources with new operations costs being absorbed by existing staffs. FISCAL NOTE (Comptroller) Total estimated cost for publication & support is $16,000. FISCAL NOTE (Bureau of the Budget) HB1591 appears to permit only BOB to issue up to $125 M of COPs for real or personal property (currently the $125 M limit ap- plies only to real property). Eliminating third party issue authority will make the COP form of financing less flexible and efficient. The required notifications and reports will add minor administrative costs. Last action on Bill: SESSION SINE DIE Last action date: 99-01-12 Location: House Amendments to Bill: AMENDMENTS ADOPTED: HOUSE - 0 SENATE - 0 END OF INQUIRY Full Text Bill Status