IL SB3776

Establishes the Private Activity Bond Approval Act requiring gubernatorial approval before facilities in Illinois can receive financing through bonds issued by entities without jurisdiction over the facility location.

Defines "host approval" as approval by an elected representative of a governmental unit with jurisdiction over a facility's location, as required under Section 147(f)(2)(A)(ii) of the Internal Revenue Code.

Requires the Governor to receive notice of public hearings, hearing minutes, maximum bond principal amount, facility description and location, financing plan, bond issuer name, and initial owner or principal user information before granting approval.

Grants the Governor authority to issue written approval only if determining that the facility and submitted information are consistent with state laws and public policy and are in the state's best interest.

Takes effect January 1, 2011.