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HB 3374

Relating to medical services for injured workers; prescribing an effective date.

2025 Regular Session Introduced by Hai Pham

Extends the Renewable Energy Law to 2030 and tightens GO bond debt service funding from the Capital Projects Fund with backstops and transfers.

In committee upon adjournment.
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Bill Summary · HB 3374

Summary — HB 3374 (Bond Authorization Act of 2025) — Public Act 104-0008

Status: Enacted (Public Act 104-0008) — Governor approved 6/16/2025; effective date: January 1, 2026.
Primary sponsor: Rep. Robert “Bob” Rita; Senate floor sponsor: Sen. Elgie R. Sims, Jr. (companion: SB 714)

Purpose / intent

HB 3374 is a multi-part bond authorization and state finance bill. It (1) amends the State Finance Act and the General Obligation Bond Act to set bond authorizations and to prescribe how capital-project debt service is funded from the Capital Projects Fund, and (2) extends the statutory repeal date for the Renewable Energy, Energy Efficiency, and Coal Resources Development Law of 1997.

Key provisions

  • Name: designates the measure the “Bond Authorization Act of 2025.”

  • General obligation bond authorization:

    • Adjusts the total amount authorized in the General Obligation Bond Act for capital projects (text shows a change from $82,664,839,969 to $81,789,839,969 — a net reduction of $875,000,000 in the stated total authorization).
    • Retains authorizations (and references) for several existing Public Acts and for certain special-purpose GO bonds:
    • Up to $2.2 billion may be issued as General Obligation College Savings Bonds.
    • Up to $300 million may be issued as General Obligation Retirement Savings Bonds.
    • References prior-authorized amounts reserved for specific sections (e.g., Sections 7.2, 7.6, 7.7) and prior Public Acts.

  • Capital Projects Fund / debt-service transfers (amendment to 30 ILCS 105/6z-78):

    • Requires the State Comptroller to compute and certify annual debt-service amounts (principal, interest, premium) for bonds authorized under listed Public Acts and this Act.
    • Requires monthly transfers from the Capital Projects Fund to the General Obligation Bond Retirement & Interest Fund in amounts prorated between bond payment dates.
    • For variable-rate bonds, interest must be calculated at the maximum possible rate for the relevant period (after applicable indenture credits).
    • For certain pre-2012 bonds issued under Section 4(d) of the General Obligation Bond Act, if Capital Projects Fund balances are insufficient, the Road Fund may be used to make the monthly transfer; such Road Fund transfers create a debt of the Capital Projects Fund that must be repaid monthly until discharged.
    • Establishes that Road Fund transfers made under these rules take priority over other Capital Projects Fund expenditures/transfers.

  • Renewable Energy Law repeal-date extension:

    • Amends the Renewable Energy, Energy Efficiency, and Coal Resources Development Law of 1997 to extend its scheduled repeal date from December 31, 2025 to December 31, 2030 — preserving the statutory framework and programs established under that law for an additional five years.
    • This provision is effective upon enactment (as incorporated into the Public Act).

Who is affected

  • State fiscal management: Comptroller, Treasurer, and budget offices (monthly transfer, certification, and repayment mechanics).
  • Capital Projects Fund recipients (state capital programs) — timing and priority of transfers may affect capital spending cadence.
  • Road Fund — may be tapped temporarily to meet GO bond debt-service obligations in limited circumstances, with repayment required.
  • Bondholders and debt managers — affects mechanics for calculating and funding debt service, especially for variable-rate bonds.
  • Energy-sector stakeholders (utilities, alternative suppliers, program administrators) — continuation (until 2030) of the Renewable Energy, Energy Efficiency, and Coal Resources Development Law and its programs/incentives.

Procedural timeline (selected)

  • Filed: 2/26/2025
  • Passed both houses: 6/4/2025 (with Senate floor amendments adopted)
  • Sent to Governor: 6/11/2025
  • Approved by Governor: 6/16/2025
  • Public Act: 104-0008; Effective: 1/1/2026

Potential fiscal/operational impact (high level)

  • Clarifies and strengthens the procedure for ensuring timely debt-service payments from the Capital Projects Fund, which may improve bond-market confidence but could accelerate drawdowns from capital balances.
  • Use of the Road Fund as a backstop provides short-term liquidity for GO debt service but creates an obligation the Capital Projects Fund must repay, which could delay some capital expenditures until repaid.
  • The extension of the Renewable Energy Law preserves program authority and incentives through 2030, maintaining regulatory and funding continuity for renewable and efficiency programs.

For full legal language and line-item details (including precise allocations under referenced sections 7.2/7.6/7.7), consult the enrolled Public Act PDF (Public Act 104-0008).

Compiled from official sources — confirm details with the bill’s official record.

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