Illinois General Assembly - Bill Status for HB5755
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 Bill Status of HB5755  95th General Assembly


Short Description:  STATE GOVERNMENT-TECH

House Sponsors
Rep. Constance A. Howard

Last Action
DateChamber Action
  1/13/2009HouseSession Sine Die

Statutes Amended In Order of Appearance
New Act


Synopsis As Introduced
Creates the Illinois Community Capital Development Act. Contains only a short title provision.

House Committee Amendment No. 1
Deletes everything after the enacting clause. Creates the Community Capital Development Act. Requires the State Treasurer to make one billion dollars from the General Revenue Fund available for deposit in eligible Illinois banks that must make lines of credit available to community-based non-profit organizations. Sets criteria for participating banks and non-profit organizations and sets caps on deposit and credit line amounts. Effective immediately.

 Judicial Note, House Committee Amendment No. 1 (Admin Office of the Illinois Courts)
 Based on a review of the bill, it has been determined that HB 5755 (H-AM 1) would neither increase nor decrease the number of judges needed in the State.

 Housing Affordability Impact Note, House Committee Amendment No. 1 (Housing Development Authority)
 This legislation will have no effect on constructing, purchasing, owning, or selling a single-family residence.

 Correctional Note, House Committee Amendment No. 1 (Dept of Corrections)
 HB 5755 (H-AM 1) has no fiscal impact on the Department of Corrections.

 Housing Affordability Impact Note, House Committee Amendment No. 1 (Housing Development Authority)
 This legislation will have no effect on constructing, purchasing, owning, or selling a single-family residence.

 Pension Note, House Committee Amendment No. 1 (Government Forecasting & Accountability)
 HB 5755 (H-AM 1) will not impact any public pension fund or retirement system in Illinois.

 State Debt Impact Note, House Committee Amendment No. 1 (Government Forecasting & Accountability)
 HB 5755 (H-AM 1) would not change the amount of authorization for any type of State-issued or State-supported bond, and, therefore, would not affect the level of State indebtedness.

 Fiscal Note (Office of the Treasurer)
 HB 5755 creates the following specific fiscal consequences and gives rise to some unanswered questions for the Office of the Illinois State Treasurer: (1) The office will be required to make information system changes to accommodate the new need to monitor the total assets of an institution. Currently, the Office of the Treasurer monitors the total deposits of each institution for compliance with the Office's written investment policy. The policy allows the Office to have up to 15% of State deposits as a ratio to the total institutions deposits however, only 10% or $100,000,000 whichever is less can be market rate deposits. Estimated expenses of $12,000.00 include programming time of 80 hours at a cost of $150 per hour. (2) If the institutions qualifying for this program are currently holding State deposits, they would be able to utilize the limited amount available to bring them to the 10% cap as proposed in this bill. (3) If the institution's deposits increase to greater than $500,000,000 while they are in the program, does the Treasurer's Office have to take any action? If yes, the Treasurer may have to withdraw deposits from the institution in order to remain in compliance with the program. (4) If this program is based on a below market interest rate, the State general portfolio will experience a loss of interest equal to the difference between market and below market rates, multiplied by up to $1 billion invested. For instance, if market rates are 3.5%, and the below market program rate is 2%, the loss would be 1.5% x $1 billion = $15 million. (5) It appears that the Treasurer's Office will be responsible for various compliance requirements. Compliance checks that would require oversight by the Treasurer's Office include: the credit line for each organization, the use of the funds from the State deposit and the authorization criteria to participate in the program.

 Balanced Budget Note, House Committee Amendment No. 1 (Office of Management and Budget)
 HB 5755 (H-AM 1), if enacted into law, will add $1,000,000,000 to the current Fiscal Year 2008 budget deficit of approximately $750,000,000.

 Home Rule Note, House Committee Amendment No. 1 (Dept. of Commerce & Economic Opportunity)
 This legislation does not pre-empt home rule authority.

Actions 
DateChamber Action
  2/15/2008HouseFiled with the Clerk by Rep. Constance A. Howard
  2/15/2008HouseFirst Reading
  2/15/2008HouseReferred to Rules Committee
  3/11/2008HouseAssigned to State Government Administration Committee
  3/11/2008HouseMotion to Suspend Rule 25 - Prevailed
  3/12/2008HouseHouse Committee Amendment No. 1 Filed with Clerk by State Government Administration Committee
  3/12/2008HouseHouse Committee Amendment No. 1 Adopted in State Government Administration Committee; by Voice Vote
  3/12/2008HouseDo Pass as Amended / Short Debate State Government Administration Committee; 007-004-001
  3/13/2008HousePlaced on Calendar 2nd Reading - Short Debate
  3/21/2008HouseHouse Committee Amendment No. 1 Judicial Note Filed as Amended
  3/25/2008HouseHouse Committee Amendment No. 1 Housing Affordability Impact Note Filed as Amended
  3/25/2008HouseHouse Committee Amendment No. 1 Correctional Note Filed as Amended
  3/27/2008HouseHouse Committee Amendment No. 1 Housing Affordability Impact Note Filed as Amended
  3/28/2008HouseHouse Committee Amendment No. 1 Pension Note Filed as Amended
  3/28/2008HouseHouse Committee Amendment No. 1 State Debt Impact Note Filed as Amended
  3/31/2008HouseFiscal Note Filed
  4/3/2008HouseHouse Committee Amendment No. 1 Balanced Budget Note Filed as Amended
  4/3/2008HouseHouse Committee Amendment No. 1 Home Rule Note Filed as Amended
  4/18/2008HouseFinal Action Deadline Extended-9(b) May 9, 2008
  5/9/2008HouseFinal Action Deadline Extended-9(b) May 23, 2008
  5/23/2008HouseFinal Action Deadline Extended-9(b) May 31, 2008
  5/29/2008HouseSecond Reading - Short Debate
  5/29/2008HouseHeld on Calendar Order of Second Reading - Short Debate
  5/31/2008HouseRule 19(a) / Re-referred to Rules Committee
  1/13/2009HouseSession Sine Die

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