Illinois General Assembly - Bill Status for SB0691
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 Bill Status of SB0691  98th General Assembly


Short Description:  HIGHER ED-CAPITAL IMPROVEMENTS

Senate Sponsors
Sen. Bill Cunningham

Last Action
DateChamber Action
  4/16/2021SenateRule 3-9(a) / Re-referred to Assignments

Statutes Amended In Order of Appearance
110 ILCS 305/120 new


Synopsis As Introduced
Amends the University of Illinois Act. Provides that the Board of Trustees of the University of Illinois has the power to enter into financing agreements in connection with the financing of capital improvements, including technology or other related improvements, by selling certificates of participation in the installment payments made under such financing agreements. Provides that these financing agreements may 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 if the Board exercises the power to enter into financing agreements for 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 before issuance of any certificate of participation, the Board or its representatives shall appear before the Commission on Government Forecasting and Accountability and present the details of the proposal. Provides that upon receipt of a request by the University for a certificate of participation presentation, the Commission shall hold a public hearing and, upon adoption by a vote of the majority of appointed members, issue a record of findings in regard to the issuance of the certificate of participation within 60 days after the request. Provides that within the Commission's findings must be a statement in which the Commission makes a recommendation to the University as to proceeding with the certificate of participation.

Actions 
DateChamber Action
  2/25/2021SenateFiled with Secretary by Sen. Bill Cunningham
  2/25/2021SenateFirst Reading
  2/25/2021SenateReferred to Assignments
  3/9/2021SenateAssigned to Executive
  4/16/2021SenateRule 3-9(a) / Re-referred to Assignments

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