Full Text of SB2969 100th General Assembly
SB2969ham004 100TH GENERAL ASSEMBLY | Rep. Norine K. Hammond Filed: 5/29/2018
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| 1 | | AMENDMENT TO SENATE BILL 2969
| 2 | | AMENDMENT NO. ______. Amend Senate Bill 2969 by replacing | 3 | | everything after the enacting clause with the following:
| 4 | | "Section 5. The State University Certificates of | 5 | | Participation Act is amended by changing Sections 10, 30, and | 6 | | 90 as follows: | 7 | | (110 ILCS 73/10)
| 8 | | Sec. 10. Certificates of participation. | 9 | | (a) The power of the Board of any State University to enter | 10 | | into contracts includes the power to enter into financing | 11 | | agreements in connection with the financing of capital | 12 | | improvements (including technology or other related | 13 | | improvements) by selling certificates of participation in the | 14 | | installment payments made under such financing agreements. | 15 | | Such financing agreements may be entered into for any period of | 16 | | time less than or equal to 30 years, but not to exceed the |
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| 1 | | useful life of the capital improvement. Nothing in this Act | 2 | | authorizes the Board of any State University to incur "State | 3 | | debt" as that term is defined in subsection (a) of Section 9 of | 4 | | Article IX of the Illinois Constitution of 1970. This | 5 | | subsection (a) is declaratory of existing law. | 6 | | (b) Upon determination by the Board of a State University | 7 | | to undertake a transaction for the sale of certificates of | 8 | | participation and enter into related financing agreements in | 9 | | connection with the financing of capital improvements, the | 10 | | Board shall adopt a resolution or resolutions describing in a | 11 | | general way the contemplated facilities or a combination | 12 | | thereof designated as the project, the estimated cost thereof, | 13 | | and any additional relevant information.
| 14 | | (c) A State University with multiple campuses shall | 15 | | distribute funds derived from certificates of participation | 16 | | under this Act proportionately to its respective campuses based | 17 | | on the Current Replacement Value or level of deferred | 18 | | maintenance need of each campus. | 19 | | (d) The Board of any State University must comply with the | 20 | | requirements of the Illinois Procurement Code when entering | 21 | | into contracts under this Act. | 22 | | (Source: P.A. 96-15, eff. 6-22-09.) | 23 | | (110 ILCS 73/30)
| 24 | | Sec. 30. Debt limit. The maximum annual debt service for a | 25 | | State University's total certificate of participation |
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| 1 | | obligation must not exceed the following: | 2 | | (1) For the University of Illinois, $200,000,000 | 3 | | $100,000,000 . | 4 | | (2) For Southern Illinois University, $40,000,000 | 5 | | $20,000,000 . | 6 | | (3) For Northern Illinois University, $40,000,000 | 7 | | $20,000,000 . | 8 | | (4) For Illinois State University, $40,000,000 | 9 | | $10,000,000 . | 10 | | (5) For Western Illinois University, $20,000,000 | 11 | | $10,000,000 . | 12 | | (6) For Eastern Illinois University, $20,000,000 | 13 | | $10,000,000 . | 14 | | (7) For Northeastern Illinois University, $10,000,000 | 15 | | $5,000,000 . | 16 | | (8) For Chicago State University, $10,000,000 | 17 | | $5,000,000 . | 18 | | (9) For Governors State University, $10,000,000 | 19 | | $5,000,000 .
| 20 | | (Source: P.A. 96-15, eff. 6-22-09.) | 21 | | (110 ILCS 73/90)
| 22 | | Sec. 90. Expiration of Act. This Act applies until December | 23 | | 31, 2028 2014 . However, the refunding of certificates of | 24 | | participation issued prior to December 31, 2028 2014 in | 25 | | accordance with the Act is permitted.
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| 1 | | (Source: P.A. 96-15, eff. 6-22-09.)
| 2 | | Section 99. Effective date. This Act takes effect upon | 3 | | becoming law.".
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