Bill Status of SB3097  93rd General Assembly

Short Description:  GO BONDS-BOND SALES

Senate Sponsors
Sen. Christine Radogno - Dave Syverson - Steven J. Rauschenberger - Pamela J. Althoff - Chris Lauzen and Dale E. Risinger

Last Action
DateChamber Action
  1/11/2005SenateSession Sine Die

Statutes Amended In Order of Appearance
25 ILCS 50/1from Ch. 63, par. 42.31
25 ILCS 65/4from Ch. 63, par. 42.74
30 ILCS 330/8from Ch. 127, par. 658
30 ILCS 330/9from Ch. 127, par. 659
30 ILCS 330/11from Ch. 127, par. 661
30 ILCS 330/16from Ch. 127, par. 666
30 ILCS 330/21 new

Synopsis As Introduced
Amends the Fiscal Note Act and the State Debt Impact Note Act. Provides that if a bill authorizes the issuance of bonds, the Governor's Office of Management and Budget shall prepare a fiscal note specifying certain principal and interest payments required to be made by the State. Amends the General Obligation Bond Act. Provides that no more than 0.25% (now, 0.50%) of the principal amount of the proceeds of sale of each bond sale is authorized to be use to pay reasonable costs of issuance and sale of the bonds. Removes language authorizing the bond sale order to provide for a portion of the proceeds of the bond sale, up to 12 month's interest on the bonds, to be deposited directly into the capitalized interest account of the General Obligation Bond Retirement and Interest Fund. Provides that Bonds must be offered for sale with principal or mandatory redemption amounts in substantially equal amounts, with the first maturity offered for sale occurring within the fiscal year in which the Bonds are offered or within the next succeeding fiscal year, with bonds offered for sale maturing or subject to mandatory redemption each fiscal year thereafter up to 25 years. Provides that if more than half of the proceeds of an issue of Bonds to be offered for sale are expected to be used for refunding purposes or if more than half of the principal amount of bonds are offered for sale with a variable rate, the entire issue of the Bonds may be sold pursuant to notice of sale and public bid or by negotiated sale. Provides that all bonds in an issue that include refunding bonds must mature no later than the final maturity date of Bonds being refunded. Requires certain "truth in borrowing disclosures" upon the issuance of bonds and refunding bonds. Effective immediately.

DateChamber Action
  2/6/2004SenateFiled with Secretary by Sen. Christine Radogno
  2/6/2004SenateChief Co-Sponsor Sen. Dave Syverson
  2/6/2004SenateChief Co-Sponsor Sen. Steven J. Rauschenberger
  2/6/2004SenateChief Co-Sponsor Sen. Pamela J. Althoff
  2/6/2004SenateFirst Reading
  2/6/2004SenateReferred to Rules
  2/9/2004SenateAdded as Chief Co-Sponsor Sen. Chris Lauzen
  2/10/2004SenateAdded as Co-Sponsor Sen. Dale E. Risinger
  1/11/2005SenateSession Sine Die