Bill Status of HB 1199   96th General Assembly

Short Description:  STATE UNIV CERTIF PARTICIPAT

House Sponsors
Rep. Naomi D. Jakobsson-William B. Black-Frank J. Mautino

Last Action  View All Actions

DateChamber Action
  1/11/2011HouseSession Sine Die

Statutes Amended In Order of Appearance
New Act
5 ILCS 70/8from Ch. 1, par. 1107

Synopsis As Introduced
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.

Actions 
DateChamber Action
  2/11/2009HouseFiled with the Clerk by Rep. Gary Hannig
  2/11/2009HouseFirst Reading
  2/11/2009HouseReferred to Rules Committee
  2/18/2009HouseAssigned to Executive Committee
  2/26/2009HouseAdded Chief Co-Sponsor Rep. Naomi D. Jakobsson
  2/26/2009HouseAdded Chief Co-Sponsor Rep. William B. Black
  2/27/2009HouseChief Sponsor Changed to Rep. Naomi D. Jakobsson
  2/27/2009HouseRemove Chief Co-Sponsor Rep. Naomi D. Jakobsson
  3/13/2009HouseRule 19(a) / Re-referred to Rules Committee
  3/19/2009HouseAdded Chief Co-Sponsor Rep. Frank J. Mautino
  1/11/2011HouseSession Sine Die

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