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 
3everything after the enacting clause with the following:


 
 
4    "Section 5. The State University Certificates of 
5Participation Act is amended  by changing Sections 10, 30, and 
690 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 
10into contracts includes the power to enter into financing 
11agreements in connection with the financing of capital 
12improvements (including technology or other related 
13improvements) by selling certificates of participation in the 
14installment payments made under such financing agreements. 
15Such financing agreements may be entered into for any period of 
16time less than or equal to 30 years, but not to exceed the 
 
 
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1useful life of the capital improvement. Nothing in this Act 
2authorizes the Board of any State University to incur "State 
3debt" as that term is defined in subsection (a) of Section 9 of 
4Article IX of the Illinois Constitution of 1970.  This 
5subsection (a) is declaratory of existing law.
6    (b)  Upon determination by the Board of a State University 
7to undertake a transaction for the sale of certificates of 
8participation and enter into related financing agreements in 
9connection with the financing of capital improvements, the 
10Board shall adopt a resolution or resolutions describing in a 
11general way the contemplated facilities or a combination 
12thereof designated as the project, the estimated cost thereof, 
13and any additional relevant information.

14    (c) A State University with multiple campuses shall 
15distribute funds derived from certificates of participation 
16under this Act proportionately to its respective campuses based 
17on the Current Replacement Value or level of deferred 
18maintenance need of each campus. 
19    (d) The Board of any State University must comply with the 
20requirements of the Illinois Procurement Code when entering 
21into 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 
25State University's total certificate of participation 
 
 
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1obligation 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 
2331, 2028 2014.  However, the refunding of certificates of 
24participation issued prior to December 31, 2028 2014 in 
25accordance 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 
3becoming law.".