House Sponsors: MOORE,ANDREA-CURRIE-SCHOENBERG AND ERWIN. Senate Sponsors: CRONIN Short description: ED FACILTES AUTH-DEF-LOAN-BOND Synopsis of Bill as introduced: Amends the Illinois Educational Facilities Authority Act. Provides that one of the purposes of the Act is to enable private institutions of higher education and cultural institutions to obtain working capital through financing or refinancing of their accounts receivable or otherwise. Makes changes to the definitions of cost, educational facility, cultural facility, participating institution, and property, and defines "working capital". Allows the Illinois Educational Facilities Authority to make loans to a participating institution for capital needs related to a project. Allows the Authority, in accordance with applicable law, to issue bonds for the purpose of financing working capital for one or more participating institutions. Effective immediately. HOUSE AMENDMENT NO. 1. Adds reference to: 110 ILCS 1015/5.11b new 110 ILCS 1015/5.12 from Ch. 144, par. 1305.12 110 ILCS 1015/5.16 from Ch. 144, par. 1305.16 110 ILCS 1015/24 from Ch. 144, par. 1324 Deletes everything after the enacting clause. Reinserts the contents of the bill, and adds provisions allowing the Illinois Educational Facilities Authority to issue bonds for the purpose of purchasing, leasing, or otherwise acquiring, financing, selling, or transferring commodities or other property for a participating institution, to make loans to a participating institution to refund outstanding obligations or advances for working capital, to issue bonds for the purpose of refunding or refinancing the outstanding indebtedness of a participating institution if incurred for the purpose of acquiring working capital, and to issue bonds for the purpose of purchasing the securities of a participating institution for the financing of working capital or other related capital needs. Also removes a provision that limits the principal amount of bonds for the purchase of securities. Effective immediately. Last action on Bill: PUBLIC ACT.............................. 91-0431 Last action date: 99-08-06 Location: House Amendments to Bill: AMENDMENTS ADOPTED: HOUSE - 1 SENATE - 0 END OF INQUIRY Full Text Bill Status