SCH CD-LINES OF CREDIT House SponsorsRep. Roger L. Eddy-William B. Black and Monique D. Davis Senate Sponsors(Sen. Deanna Demuzio) 6/26/2009HousePublic Act . . . . . . . . . 96-0019 105 ILCS 5/17-17105 ILCS 5/17-18 new105 ILCS 5/17-19 new Amends the School Code. Allows a school district to establish a line of credit with a bank or other financial institution (instead of just a bank). Provides that the line of credit must be in an amount not to exceed 95% of the amount of property taxes most recently levied for educational, operations and maintenance, transportation, or other tax levy purposes or any combination thereof (instead of just for educational and building purposes). Provides that moneys thus borrowed shall be applied to the purposes for which the tax or any combination of the taxes may be levied (instead of the purposes for which they were obtained). Allows a school board to anticipate revenues due in the current fiscal year or expected to be due in the next subsequent fiscal year and issue notes, bonds, or other obligations and, in connection with that issuance, establish a line of credit in a specified amount under certain conditions. Allows other educational entities or a regional superintendent of schools to anticipate revenues due in the current fiscal year or expected to be due in the next subsequent fiscal year and issue notes or other obligations and, in connection with that issuance, establish a line of credit in a specified amount under certain conditions. Effective immediately. 2/10/2009HouseFiled with the Clerk by Rep. Roger L. Eddy 2/10/2009HouseFirst Reading 2/10/2009HouseReferred to Rules Committee 2/18/2009HouseAssigned to Elementary & Secondary Education Committee 2/25/2009HouseDo Pass / Short Debate Elementary & Secondary Education Committee; 020-000-000 2/25/2009HousePlaced on Calendar 2nd Reading - Short Debate 2/25/2009HouseAdded Co-Sponsor Rep. Monique D. Davis 3/17/2009HouseSecond Reading - Short Debate 3/17/2009HousePlaced on Calendar Order of 3rd Reading - Short Debate 3/25/2009HouseAdded Chief Co-Sponsor Rep. William B. Black 3/25/2009HouseThird Reading - Short Debate - Passed 113-001-001 3/26/2009SenateArrive in Senate 3/26/2009SenatePlaced on Calendar Order of First Reading 3/26/2009SenateChief Senate Sponsor Sen. Deanna Demuzio 3/26/2009SenateFirst Reading 3/26/2009SenateReferred to Assignments 4/22/2009SenateAssigned to Education 4/29/2009SenateDo Pass Education; 007-000-000 4/29/2009SenatePlaced on Calendar Order of 2nd Reading April 30, 2009 5/12/2009SenateSecond Reading 5/12/2009SenatePlaced on Calendar Order of 3rd Reading ** May 18, 2009 5/19/2009SenateThird Reading - Passed; 058-000-000 5/19/2009HousePassed Both Houses 6/17/2009HouseSent to the Governor 6/26/2009HouseGovernor Approved 6/26/2009HouseEffective Date June 26, 2009 6/26/2009HousePublic Act . . . . . . . . . 96-0019