ELGIN, IL – Governor Quinn recently signed into law legislation supported by State Senator Michael Noland (D-Elgin) that will assist in the continued growth of Elgin Community College (ECC) while providing more local control to prevent rising property taxes.

Senate Bill 1995 amends the Local Government Debt Reform Act to allow school boards to issue 25-year bonds, rather than 20-year bonds for the purpose of purchasing, constructing, or improving real property. This will give the community the option of paying lower property taxes albeit over a longer period of time.

The President of Elgin Community College, Dr. David Sam is optimistic about the new legislation. "Having passed a referendum in April 2009 for the issuance of $178 million in capital bonds, Elgin Community College will soon be entering the bond market. With the passing of SB1995, the College has several options available when selling bonds in the next few years - 20 year bonds, Build America Bonds and, now, 25 year bonds," said Dr. David Sam. "Exploring all options available to the College will allow us to construct a comprehensive, fiscally responsible long-term debt plan for the College. The College would like to thank Senator Noland, and Representative Farnham, for their support in bringing this bill to the floor and seeing it successfully through both houses."

Senate Bill 1995 was approved by Governor Quinn on August 28th 2009 and will become effective immediately.