HB 2909

Abstract

Amends the State Finance Act, the Bond Authorization Act, and the Illinois Mathematics and Science Academy Law. Sets forth certain types of revenue the Illinois Mathematics and Science Academy may retain in its own treasury. Provides that the Board of Trustees of the Academy is authorized to borrow money and issue and sell bonds for the purpose of acquiring, purchasing, completing, building, constructing, reconstructing, enlarging, improving, extending, or equipping buildings, structures, and facilities that are required by or are necessary for the use or benefit of the Academy. Provides that such bonds shall be payable only from tuition, fee, and room and board revenue and from other funds authorized by law to be used for such purpose and applied as a supplement to such revenue. Sets forth other provisions concerning the issuance of bonds by the Academy, including the execution and delivery of trust agreements to a bank or trust company and the adoption of a resolution or resolutions describing in a general way the contemplated facility or facilities designated as the project or projects and the estimated cost. Effective immediately. House Committee Amendment No. 1 Provides that the bonds shall be obligations of the Illinois Mathematics and Science Academy payable only in accordance with the terms thereof and shall not be obligations, general, special, or otherwise, of the State of Illinois. Provides that the bonds shall not constitute a debt, legal or moral, of the State of Illinois and shall not be enforceable against the State of Illinois.