Sen. Gary Forby
Filed: 2/10/2010
 
 

 




 

 		












09600SB2615sam001

LRB096 16593 NHT 35625 a






1

AMENDMENT TO SENATE BILL 2615 




2
    AMENDMENT NO. ______. Amend Senate Bill 2615 as follows:

  
3
on page 1, line 5, after "3-33.2", by inserting "and by adding 
4
Section 3-33.7"; and
 


5
on page 3, immediately below line 23, by inserting the 
6
following:


 
7
    "(110 ILCS 805/3-33.7 new)
8
    Sec. 3-33.7. Establishment of lines of credit. The board 
9
may establish a line of credit with a bank or other financial 
10
institution in an amount not to exceed the following:
11
        (1) if anticipating State revenues due in the current 
12
    fiscal year, 85% of the amount or amounts of the revenues 
13
    due in the current fiscal year, as certified by the 
14
    President/CEO of the State Board or other official in a 
15
    position to provide assurances as to the amounts; and
 


 






09600SB2615sam001
- 2 -
LRB096 16593 NHT 35625 a




1
        (2) if anticipating State revenues expected to be due 
2
    in the next subsequent fiscal year, 50% of the amount or 
3
    amounts of the revenues due in the current fiscal year, as 
4
    certified by the President/CEO of the State Board or other 
5
    official in a position to provide assurances as to the 
6
    amounts.
7
    All moneys so borrowed shall be repaid exclusively from the 
8
anticipated revenues within 60 days after the revenues have 
9
been received.  Borrowing authorized under subdivisions (1) and 
10
(2) of this Section shall bear interest at a rate not to exceed 
11
the maximum rate authorized by the Bond Authorization Act, from 
12
the date of issuance until paid.
13
    Prior to establishing a line of credit under this Section, 
14
the board shall authorize, by resolution, the line of credit. 
15
The resolution shall set forth facts demonstrating the need for 
16
the line of credit, state the amount to be borrowed, establish 
17
a maximum interest rate limit not to exceed that set forth in 
18
this Section, and provide a date by which the borrowed funds 
19
must be repaid. The resolution shall direct the relevant 
20
officials to make arrangements to set apart and hold the 
21
revenue, as received, that will be used to repay the borrowing. 
22
In addition, the resolution may authorize the relevant 
23
officials to make partial repayments of the borrowing as the 
24
revenues become available and may contain any other terms, 
25
restrictions, or limitations not inconsistent with the 
26
provisions of this Section.".