Illinois 96th Regular Session Status: In Committee 1 R cosponsors

HB 689 — ISAC-BONDS GUARANTEED BY STATE

Last action — Session Sine Die

  1. ✓
    Introduced
  2. 2
    In Committee
  3. 3
    Passed House
  4. 4
    Passed Senate
  5. 5
    To Executive
  6. 6
    Enacted

This bill died with 96th Regular Session. It reached “In Committee” and never advanced before the session ended, so it can no longer move — a new version would have to be reintroduced in the current session.

This bill is no longer active — its legislative session has ended, so there is no live prognosis. It would have to be reintroduced in the current session to move again.

Summary

Amends the Higher Education Student Assistance Act. Provides that bonds issued in accordance with the Act may be designated by the Illinois Student Assistance Commission as guaranteed by the State of Illinois. Provides that this guarantee shall constitute a general obligation of the State of Illinois, with the full faith, credit, and resources of the State of Illinois irrevocably pledged for the punctual payment of the principal of, interest on, and premium, if any, on any such bond. Provides that these provisions are irrepealable until all such bonds are paid in full as to both principal and interest. Provides that any bonds designated pursuant to these provisions shall be issued by the Commission on or prior to December 31, 2009 and shall be limited in aggregate principal issuance amount to not greater than $50,000,000. Sets forth provisions concerning appropriations for insufficient amounts, a continuing appropriation for insufficient appropriations, the rights and powers of the Commission not being impaired, and allowing a civil action to compel payment. Effective immediately.

Bill Text

What changed in the latest version

3 added · 31 removed

Plain-language change summary

The bill HB 689 has made a few significant changes regarding the issuance of bonds for education funding in Illinois. It now clarifies that these bonds can be guaranteed by the state, meaning the state will ensure that funds for repayment are available. This matters because it strengthens the financial backing for educational bonds, potentially making it easier to secure funding for student assistance programs. Additionally, it limits the total issuance of these bonds to $50 million, providing a structured approach to managing state debt.

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*LRB09608622NHT18745b* HB0689 96TH GENERAL ASSEMBLY State of Illinois and 2010 HB0689 Introduced 2/6/2009, by Rep.
HB0689 Engrossed LRB096 08622 NHT 18745 b AN ACT concerning education.
David E.
Miller - Karen May SYNOPSIS AS INTRODUCED:
ILCS 947/152 new Amends the Higher Education Student Assistance Act.
Provides that bonds issued in accordance with the Act may be designated by the Illinois Student Assistance Commission as guaranteed by the State of Illinois.
Provides that this guarantee shall constitute a general obligation of the State of Illinois, with the full faith, credit, and resources of the State of Illinois irrevocably pledged for the punctual payment of the principal of, interest on, and premium, if any, on any such bond.
Provides that these provisions are irrepealable until all such bonds are paid in full as to both principal and interest.
Provides that any bonds designated pursuant to 31, 2009 and shall be limited in aggregate principal issuance amount to not greater than $50,000,000.
Sets forth provisions concerning appropriations for insufficient amounts, a continuing appropriation for insufficient appropriations, the rights and powers of the Commission not being impaired, and allowing a civil action to compel payment.
Effective immediately.
LRB096 08622 NHT 18745 b FISCAL NOTE ACT STATE DEBT MAY APPLY IMPACT NOTE ACT MAY APPLY A BILL FOR HB0689 LRB096 08622 NHT 18745 b AN ACT concerning education.
HB0689 - 2 - LRB096 08622 NHT 18745 b Upon written notice to the Governor from the Chairperson of the Commission that the Commission has determined that amounts pledged pursuant to Section 150 of this Act to pay the bonds will not be sufficient for the payment of amounts due with respect to the bonds during the next State of Illinois fiscal year, the Governor shall include an appropriation in the State of Illinois budget for the next fiscal year with respect to the bonds.
HB0689 Engrossed - 2 - LRB096 08622 NHT 18745 b Upon written notice to the Governor from the Chairperson of the Commission that the Commission has determined that amounts pledged pursuant to Section 150 of this Act to pay the bonds will not be sufficient for the payment of amounts due with respect to the bonds during the next State of Illinois fiscal year, the Governor shall include an appropriation in the State of Illinois budget for the next fiscal year with respect to the bonds.
HB0689 - 3 - LRB096 08622 NHT 18745 b The State of Illinois pledges and agrees that it will not limit or alter the rights and powers vested in the Commission in this Section so as to impair the terms of any such irrevocable guarantee of the State of Illinois until each such guarantee is satisfied in full or the bonds shall have otherwise been paid in full.
HB0689 Engrossed - 3 - LRB096 08622 NHT 18745 b The State of Illinois pledges and agrees that it will not limit or alter the rights and powers vested in the Commission in this Section so as to impair the terms of any such irrevocable guarantee of the State of Illinois until each such guarantee is satisfied in full or the bonds shall have otherwise been paid in full.
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Action History

  1. Session Sine Die

  2. Rule 19(a) / Re-referred to Rules Committee

  3. Added Chief Co-Sponsor Rep. Arthur L. Turner

  4. Fiscal Note Filed

  5. Placed on Calendar Order of 3rd Reading - Short Debate

  6. Second Reading - Short Debate

  7. Added Co-Sponsor Rep. William B. Black

  8. State Debt Impact Note Filed

  9. Placed on Calendar 2nd Reading - Short Debate

  10. Do Pass / Short Debate Higher Education Committee; 007-000-000

  11. Assigned to Higher Education Committee

  12. Added Chief Co-Sponsor Rep. Robert W. Pritchard

  13. Referred to Rules Committee

  14. First Reading

  15. Chief Co-Sponsor Rep. Karen May

  16. Filed with the Clerk by Rep. David E. Miller

Sponsors

Sponsorship breakdown

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0 sponsors · 1 co-sponsors · 182 not signed on

Sponsors (0)

None.

Co-sponsors (1)

Not signed on (182)

182 members have not signed on to this bill.

Show all 182 →

"Not signed on" means a member has not sponsored or co-sponsored this bill — it does not imply opposition. Members flagged Voted No have a recorded No vote on this bill.

Whip count is in markup. Polling the chamber and every recorded vote this session. Only the first open is slow. It’s instant for you after this. Calling the roll · Tallying · Engrossing

Subjects

finance education
Cross-referencing the record. Reading this bill against every other bill in the corpus by meaning, not keywords. Only the first open is slow. It’s instant for you after this. Matching · Ranking · Engrossing

Frequently asked questions

What does HB 689 do?
Amends the Higher Education Student Assistance Act. Provides that bonds issued in accordance with the Act may be designated by the Illinois Student Assistance Commission as guaranteed by the State of Illinois. Provides that this guarantee shall constitute a general obligation of the State of Illinois, with the full faith, credit, and resources of the State of Illinois irrevocably pledged for the punctual payment of the principal of, interest on, and premium, if any, on any such bond. Provides that these provisions are irrepealable until all such bonds are paid in full as to both principal and interest. Provides that any bonds designated pursuant to these provisions shall be issued by the Commission on or prior to December 31, 2009 and shall be limited in aggregate principal issuance amount to not greater than $50,000,000. Sets forth provisions concerning appropriations for insufficient amounts, a continuing appropriation for insufficient appropriations, the rights and powers of the Commission not being impaired, and allowing a civil action to compel payment. Effective immediately.
Who sponsors HB 689?
HB 689 is sponsored by Chris Miller (Republican).
What is the current status of HB 689?
This bill died with 96th Regular Session. It reached “In Committee” and never advanced before the session ended, so it can no longer move — a new version would have to be reintroduced in the current session.
Where can I track HB 689?
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