Illinois 93rd Regular Session Status: In Committee

SB 3097 — GO BONDS-BOND SALES

Last action — Session Sine Die

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

This bill died with 93rd 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This bill is no longer active — its legislative session has ended, so there is no live prognosis.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 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.

Bill Text

Action History

  1. Session Sine Die

  2. Added as Co-Sponsor Sen. Dale E. Risinger

  3. Added as Chief Co-Sponsor Sen. Chris Lauzen

  4. Referred to Rules

  5. First Reading

  6. Chief Co-Sponsor Sen. Pamela J. Althoff

  7. Chief Co-Sponsor Sen. Steven J. Rauschenberger

  8. Chief Co-Sponsor Sen. Dave Syverson

  9. Filed with Secretary by Sen. Christine Radogno

Sponsors

  • Christine Radogno · Cosponsor

Sponsorship breakdown

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

Sponsors (0)

None.

Co-sponsors (1)

  • Christine Radogno

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
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 SB 3097 do?
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.
Who sponsors SB 3097?
SB 3097 is sponsored by Christine Radogno.
What is the current status of SB 3097?
This bill died with 93rd 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 SB 3097?
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