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| | 100TH GENERAL ASSEMBLY
State of Illinois
2017 and 2018
HB4824 Introduced , by Rep. Norine K. Hammond SYNOPSIS AS INTRODUCED:
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| 110 ILCS 73/30 | | 110 ILCS 73/90 | |
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Amends the State University Certificates of Participation Act. Sets forth the maximum annual debt service amount for a State university's total outstanding (instead of total) certificate of participation obligation. Provides that the Act applies until December 31, 2028 (instead of December 31, 2014); makes a related change. Effective immediately.
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| | | FISCAL NOTE ACT MAY APPLY | |
| | A BILL FOR |
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| | HB4824 | | LRB100 20506 AXK 35879 b |
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| 1 | | AN ACT concerning education.
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| 2 | | Be it enacted by the People of the State of Illinois,
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| 3 | | represented in the General Assembly:
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| 4 | | Section 5. The State University Certificates of |
| 5 | | Participation Act is amended by changing Sections 30 and 90 as |
| 6 | | follows:
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| 7 | | (110 ILCS 73/30)
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| 8 | | Sec. 30. Debt limit. The maximum annual debt service for a |
| 9 | | State University's total outstanding certificate of |
| 10 | | participation obligation must not exceed the following: |
| 11 | | (1) For the University of Illinois, $100,000,000. |
| 12 | | (2) For Southern Illinois University, $20,000,000. |
| 13 | | (3) For Northern Illinois University, $20,000,000. |
| 14 | | (4) For Illinois State University, $10,000,000. |
| 15 | | (5) For Western Illinois University, $10,000,000. |
| 16 | | (6) For Eastern Illinois University, $10,000,000. |
| 17 | | (7) For Northeastern Illinois University, $5,000,000. |
| 18 | | (8) For Chicago State University, $5,000,000. |
| 19 | | (9) For Governors State University, $5,000,000.
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| 20 | | (Source: P.A. 96-15, eff. 6-22-09.)
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| 21 | | (110 ILCS 73/90)
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| 22 | | Sec. 90. Expiration of Act. This Act applies until December |