Bill Status of HB 2660   93rd General Assembly

Short Description:  GO BONDS-TECH

House Sponsors
Rep. Michael J. Madigan-Gary Hannig-Kenneth Dunkin

Senate Sponsors
(Sen. Emil Jones, Jr.-Donne E. Trotter-Patrick Welch-Don Harmon and Mattie Hunter)


Last Action  View All Actions

DateChamber Action
  4/7/2003HousePublic Act . . . . . . . . . 93-0002

Statutes Amended In Order of Appearance
30 ILCS 330/1from Ch. 127, par. 651

Synopsis As Introduced
Amends the General Obligation Bond Act. Makes technical changes in a Section concerning the short title of the Act.

House Amendment No. 1
Deletes reference to:
30 ILCS 330/1
Adds reference to:
30 ILCS 105/5.595 new
30 ILCS 330/2from Ch. 127, par. 652
30 ILCS 330/7.2 new
30 ILCS 330/8from Ch. 127, par. 658
30 ILCS 330/12from Ch. 127, par. 662
30 ILCS 330/13from Ch. 127, par. 663
30 ILCS 330/15from Ch. 127, par. 665
40 ILCS 5/2-124from Ch. 108 1/2, par. 2-124
40 ILCS 5/2-134from Ch. 108 1/2, par. 2-134
40 ILCS 5/14-131from Ch. 108 1/2, par. 14-131
40 ILCS 5/14-135.08from Ch. 108 1/2, par. 14-135.08
40 ILCS 5/15-155from Ch. 108 1/2, par. 15-155
40 ILCS 5/15-165from Ch. 108 1/2, par. 15-165
40 ILCS 5/16-158from Ch. 108 1/2, par. 16-158
40 ILCS 5/18-131from Ch. 108 1/2, par. 18-131
40 ILCS 5/18-140from Ch. 108 1/2, par. 18-140

Deletes everything. Amends the State Finance Act and the General Obligation Bond Act. Authorizes the issuance of an additional $10,000,000,000 in general obligation bonds. Provides for the proceeds of those bonds to be used to reduce the unfunded liabilities of the 5 state-funded retirement systems. Reserves a portion of those proceeds to replace certain moneys used to pay required State contributions to those systems in FY 2004 and a portion of FY 2003. Specifies that these and future issues of general obligation bonds may provide for capitalization of up to 12 month's interest. Makes other changes. Amends the Illinois Pension Code to make corresponding changes in provisions relating to the calculation and certification of required State contributions. Provides that the required State contribution for State fiscal year 2005 and each fiscal year thereafter shall not exceed an amount equal to (i) the amount of the required State contribution that would have been calculated for that fiscal year if the System had not received any payments under this amendatory Act, minus (ii) the amount of the State's debt service payments for that fiscal year on the bonds issued for that purpose that is attributable to the System. Effective immediately.

 Fiscal Note (H-AM 1) (Bureau of the Budget)
 There is no fiscal impact for HB 2660 (HA #1).

 Balanced Budget Note (H-AM 1) (Bureau of the Budget)
 Since HB 2660 (HA #1) is not a supplemental appropriation bill, there is no Balanced Budget Note impact.

 Judicial Note (H-AM 1) (Admin Office of the Illinois Courts)
 House Bill 2660, as amended by House Amendment No. 1, would neither increase nor decrease the number of judges needed in the state.

 State Mandates Fiscal Note (H-AM 1) (Dept of Commerce and Community Affairs)
 The legislation does not impose requirements on units of local government. Therefore, in the opinion of DCCA, HB 2660 (HA #1) does not create a State Mandate under the State Mandates Act.

 Home Rule Note (H-AM 1) (Dept of Commerce and Community Affairs)
 HB 2660 (HA #1) pertains to bond funds used for various State retirement systems. The legislation does not contain language indicating a pre-emption of home rule powers and functions. Therefore, in the opinion of DCCA, HB 2660 (HA #1) does not pre-empt home rule authority.

 Land Conveyance Appraisal Note (H-AM 1) (Department of Transportation)
 As there are no parcels of land being conveyed in HB 2660 (HA #1), there are no appraisals to be filed by the Department of Transportation

 Correctional Note (H-AM 1) (Department of Corrections)
 The fiscal impact is an unknown reduction for the Department because altering conditions within the State Pension Contribution Fund through different investment strategies may result in reduced contributions made by the Department.

 Pension Note (H-AM 1) (Pension Laws Commission)
 HB 2660, as amended by House Amendment 1, provides that a portion of the proceeds of a $10 billion bond issuance will be added to the assets of the State retirement systems, in proportion to their current assets. In effect, this action would substantially increase the FY 2004 State contributions to the State-funded retirement systems. These additional FY 2004 contributions could substantially decrease required annual employer contributions to the systems in FY 2005 and beyond. The estimated changes in the annual employer contributions have not yet been calculated.

 State Debt Impact Note (H-AM 1) (Economic and Fiscal Commission)
 HB 2660, as amended by House Floor Amendment 1, would increase: General Obligation principal by $10.0 billion, Potential General Obligation debt by $23.0 billion, and Annual debt service by an average $0.6-$1.3 billion.

 Housing Affordability Impact Note (H-AM1) (Housing Development Authority)
 No fiscal impact.

Actions 
DateChamber Action
  2/21/2003HouseFiled with the Clerk by Rep. Michael J. Madigan
  2/21/2003HouseChief Co-Sponsor Rep. Gary Hannig
  2/21/2003HouseFirst Reading
  2/21/2003HouseReferred to Rules Committee
  2/26/2003HouseAssigned to Executive Committee
  3/12/2003HouseDo Pass / Short Debate Executive Committee; 010-000-000
  3/12/2003HousePlaced on Calendar 2nd Reading - Short Debate
  3/19/2003HouseHouse Amendment No. 1 Filed with Clerk by Rep. Gary Hannig
  3/19/2003HouseHouse Amendment No. 1 Referred to Rules Committee
  3/19/2003HouseSecond Reading - Short Debate
  3/19/2003HousePlaced on Calendar Order of 3rd Reading - Short Debate
  3/19/2003HouseHouse Amendment No. 1 Rules Refers to Revenue Committee
  3/20/2003HouseHouse Amendment No. 1 Recommends Be Adopted Revenue Committee; 009-000-000
  3/20/2003HouseFiscal Note Filed as amended by House Amendment No. 1
  3/20/2003HouseBalanced Budget Note Filed as amended by House Amendment No. 1
  3/20/2003HouseJudicial Note Filed as amended by House Amendment No. 1
  3/20/2003HouseState Mandates Fiscal Note Filed as amended by House Amendment No. 1
  3/20/2003HouseHome Rule Note Filed as amended by House Amendment No. 1
  3/20/2003HouseLand Conveyance Appraisal Note Filed as amended by House Amendment No. 1
  3/20/2003HouseCorrectional Note Filed as amended by House Amendment No. 1
  3/20/2003HousePension Note Filed as amended by House Amendment No. 1
  3/20/2003HouseState Debt Impact Note Filed as amended by House Amendment No. 1
  3/20/2003HouseHousing Affordability Impact Note Filed as amended by House Amendment No. 1
  3/20/2003HouseAdded Chief Co-Sponsor Rep. Kenneth Dunkin
  3/20/2003HouseRecalled to Second Reading - Short Debate
  3/20/2003HouseHouse Amendment No. 1 Adopted by Voice Vote
  3/20/2003HousePlaced on Calendar Order of 3rd Reading - Short Debate
  3/20/2003House3/5 Vote Required
  3/20/2003HouseThird Reading - Short Debate - Passed 079-018-018
  3/21/2003SenateArrive in Senate
  3/21/2003SenatePlaced on Calendar Order of First Reading
  3/21/2003SenateChief Senate Sponsor Sen. Emil Jones, Jr.
  3/21/2003SenateAdded as Alternate Chief Co-Sponsor Sen. Donne E. Trotter
  3/21/2003SenateAdded as Alternate Chief Co-Sponsor Sen. Patrick Welch
  3/21/2003SenateFirst Reading
  3/21/2003SenateReferred to Rules
  3/21/2003SenateAssigned to Executive
  3/27/2003SenateDo Pass Executive; 008-000-005
  3/27/2003SenatePlaced on Calendar Order of 2nd Reading April 2, 2003
  3/27/2003SenateAdded as Alternate Chief Co-Sponsor Sen. Don Harmon
  3/27/2003SenateSecond Reading
  3/27/2003SenatePlaced on Calendar Order of 3rd Reading April 2, 2003
  4/2/2003SenateThird Reading - Consideration Postponed
  4/2/2003SenatePlaced on Calendar - Consideration Postponed April 3, 2003
  4/4/2003SenateAdded as Alternate Co-Sponsor Sen. Mattie Hunter
  4/4/2003Senate3/5 Vote Required
  4/4/2003SenateThird Reading - Passed; 037-016-005
  4/4/2003HousePassed Both Houses
  4/4/2003HouseSent to the Governor
  4/7/2003HouseGovernor Approved
  4/7/2003HouseEffective Date April 7, 2003
  4/7/2003HousePublic Act . . . . . . . . . 93-0002

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