Bill Text: IL HB4261 | 2013-2014 | 98th General Assembly | Introduced

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Bill Title: Amends the Local Government Debt Reform Act. Provides that the approval of bonds authorized to be issued under the Counties Code and approved by Jackson County voters in a 1994 referendum, of which less than $200,000 were issued, and for which the purpose of the bonds is flooding prevention, shall remain approved for 25 years after the date of the referendum. Effective immediately.

Sponsorship: Slight Partisan Bill (Democrat 2-1)

Status: (Failed) 2014-12-03 - Session Sine Die [HB4261 Detail]

Download: Illinois-2013-HB4261-Introduced.html

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98TH GENERAL ASSEMBLY State of Illinois 2013 and 2014 HB4261 Introduced , by Rep. Mike Bost SYNOPSIS AS INTRODUCED:
30 ILCS 350/17.5
Amends the Local Government Debt Reform Act. Provides that the approval of bonds authorized to be issued under the Counties Code and approved by Jackson County voters in a 1994 referendum, of which less than $200,000 were issued, and for which the purpose of the bonds is flooding prevention, shall remain approved for 25 years after the date of the referendum. Effective immediately.
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A BILL FOR
HB4261 LRB098 17143 JLK 52230 b
AN ACT concerning finance.
Be it enacted by the People of the State of Illinois,
represented in the General Assembly:
Section 5. The Local Government Debt Reform Act is amended
by changing Section 17.5 as follows:
(30 ILCS 350/17.5)
Sec. 17.5. Bond authorization by referendum.
(a) Whenever applicable law provides that the
authorization of or the issuance of bonds is subject to either
a referendum or backdoor referendum, the approval, once
obtained, remains (i) for 5 years after the date of the
referendum or (ii) for 3 years after the end of the petition
period for a backdoor referendum. However, whenever the
applicable law provides that the authorization of or the
issuance of bonds under the Water Pollution Control Loan
Program or the Public Water Supply Loan Program, under Title
IV-A of the Environmental Protection Act, is subject to either
a referendum or backdoor referendum, the approval, once
obtained, remains (i) for 7 years after the date of the
referendum or (ii) for 5 years after the end of the petition
period for a backdoor referendum. In the case of bonds
authorized to be issued under the Downstate Forest Preserve
District Act and approved by Lake County voters in a November

HB4261 - 2 - LRB098 17143 JLK 52230 b
2008 referendum, the approval, once obtained, remains for 10
years after the date of the referendum. In the case of bonds
authorized to be issued under the Counties Code and approved by
Jackson County voters in a 1994 referendum, of which less than
$200,000 of the original bonds have been issued, and for which
the purpose of the bonds is flooding prevention, the approval,
once obtained, remains for 25 years after the date of the
referendum.
(b) With respect to any bond approval under subsection (a),
if, for any reason, the bonds are not issued because of a court
action, then the time limits set forth under subsection (a) for
the approval for the bonds is tolled during the time that the
court action is pending. This subsection (b) applies to any
bond issuance approved by referendum held on or after January
1, 2003 or by a backdoor referendum held on or after January 1,
2005.
(Source: P.A. 96-826, eff. 11-25-09; 97-364, eff. 8-15-11.)
Section 99. Effective date. This Act takes effect upon
becoming law.