SB3553 Summary

• Amends the State University Certificates of Participation Act to permit state universities to finance or refinance capital improvements through certificate issuance, extending the prior authorization that only covered financing.

• Requires state universities to present certificate of participation proposals to the Commission before issuance, with the Commission holding a public hearing and issuing findings with recommendations within 60 days.

• Sets maximum annual debt service limits for each state university's outstanding certificates of participation, ranging from $5,000,000 for smaller universities to $100,000,000 for the University of Illinois.

• Extends the Act's expiration date from December 31, 2014 to December 31, 2024, while permitting refunding of previously issued certificates after that date.

• Takes effect upon becoming law.