DANVILLE – June 9, 2010. Governor Pat Quinn today signed legislation into law to help community colleges throughout Illinois borrow additional funds while awaiting already-authorized state funding.
“We must give our community colleges all the tools and resources necessary to manage their checkbooks in these tough economic times,” said Governor Quinn. “Our students’ education is the state’s foremost priority. We will continue to fight to ensure they receive the best education possible.”
Senate Bill 2615, sponsored by Sen. Gary Forby (D-Benton) and Rep. John Bradley (D-Marion), allows community colleges to issue double the amount of bonds they are permitted to issue under current Illinois law for the next three years. The legislation also permits community college districts to establish a line of credit, which is subject to amount, repayment and interest restrictions.
Under the new law, a community college’s board of trustees must pass a resolution to allow the borrowing. The legislation passed the Illinois General Assembly with strong bi-partisan support and takes effect immediately.
Governor Quinn is committed to helping Illinois’ community colleges and universities weather the unprecedented national economic crisis. Yesterday, Governor Quinn signed Senate Bill 642 to allow state universities to borrow money equal to the amount of vouchers that have been submitted to the state but remain unpaid for fiscal year 2010.
Governor Quinn also signed two additional bills. Senate Bill 2548, sponsored by Sen. Deanna Demuzio (D-Carlinville) and Rep. Bill Black (R-Danville), allows community colleges to submit monthly, rather than quarterly, payment vouchers to the Comptroller. House Bill 4972, sponsored by Sen. Edward Maloney (DChicago) and Rep. Cynthia Soto (D-Chicago), allows the Illinois Community College Board to limit some travel reimbursements.