TOLL HWY-NO FINANCIAL BENEFIT
Synopsis of Bill as introduced:
Amends the Toll Highway Act. Prohibits directors of the Illinois
State Toll Highway Authority, their employees, and agents from
receiving financial benefit from the letting of Authority contracts
during their terms of service and for a period of one year following
termination of their positions or employment with the Authority.
Extends this prohibition to the immediate family or household members
of the directors, employees, and agents of the Authority. Prohibits
those persons from using material non-public information obtained as a
result of their positions with the Authority or their family or
household members' positions for their personal financial benefit and
prohibits them from disclosing that information to others.
STATE MANDATES NOTE, H-AM 1, 2, 3
(Illinois Department of Commerce and Community Affairs)
In the opinion of DCCA, HB 4155 (H-ams 1, 2, 3) does not meet
the definition of a State mandate under the State Mandates Act.
STATE DEBT NOTE, H-AM 1, 2, 3
(Economic and Fiscal Commission)
HB 4155, as amended by H-ams 1, 2 and 3, could affect the
State's bonded indebtedness by an undetermined amount.
FISCAL NOTE (Illinois State Toll Highway Authority)
HB 4155 would likely require a refunding of outstanding bonds,
requiring payment of bond interest plus allocation of necessary
maintenance and operations expenses under the Tollway inden-
ture. The current outstanding debt of the Tollway Authority
is $815 million. This entire amount could become a contingent
liability of the State and impact the State's credit. There
could also be an impact on the credtworthiness of the Tollway
Authority causing a possible downgrade in its credit rating.
Last action on Bill: SESSION SINE DIE
Last action date: JAN-07-2003
Amendments to Bill: AMENDMENTS ADOPTED: HOUSE - 0 SENATE - 0
END OF INQUIRY
Full Text Bill Status