Bill Text: IL HB5205 | 2011-2012 | 97th General Assembly | Introduced

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Bill Title: Amends the Local Government Debt Reform Act. Provides that, whenever a governmental unit has been granted the power or authority to issue bonds, the governmental unit may incur debt provided that the governmental unit shall first make a finding that the particular instrument of indebtedness selected is the most cost-effective means and is the most appropriate method for the particular purpose for which the funds are to be used. Effective immediately.

Sponsorship: Partisan Bill (Republican 1)

Status: (Failed) 2013-01-08 - Session Sine Die [HB5205 Detail]

Download: Illinois-2011-HB5205-Introduced.html

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97TH GENERAL ASSEMBLY State of Illinois 2011 and 2012 HB5205 Introduced , by Rep. Mike Fortner SYNOPSIS AS INTRODUCED:
30 ILCS 350/4 from Ch. 17, par. 6904
Amends the Local Government Debt Reform Act. Provides that, whenever a governmental unit has been granted the power or authority to issue bonds, the governmental unit may incur debt provided that the governmental unit shall first make a finding that the particular instrument of indebtedness selected is the most cost-effective means and is the most appropriate method for the particular purpose for which the funds are to be used. Effective immediately.
LRB097 17030 PJG 62226 b
FISCAL NOTE ACT MAY APPLY
A BILL FOR
HB5205 LRB097 17030 PJG 62226 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 4 as follows:
(30 ILCS 350/4) (from Ch. 17, par. 6904)
Sec. 4. Powers supplemental. The provisions of this Act are
intended to be supplemental and in addition to all other powers
or authorities granted to any governmental unit, shall be
construed liberally and shall not be construed as a limitation
of any power or authority otherwise granted. Whenever a
governmental unit has been granted the power or authority to
issue bonds, the governmental unit may incur debt in any manner
described in subsection (d) of Section 3 of this Act, provided
that the governmental unit shall first make a finding that the
particular instrument of indebtedness selected is the most
cost-effective means and is the most appropriate method for the
particular purpose for which the funds are to be used.
(Source: P.A. 85-1419.)
Section 99. Effective date. This Act takes effect upon
becoming law.