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| | 98TH GENERAL ASSEMBLY
State of Illinois
2013 and 2014
HB5483 Introduced , by Rep. Christian L. Mitchell SYNOPSIS AS INTRODUCED:
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Amends the Private Activity Bond Approval Act. Preempts the concurrent exercise of home rule powers. Effective immediately.
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| | | FISCAL NOTE ACT MAY APPLY | |
| | A BILL FOR |
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| | HB5483 | | LRB098 16039 HLH 51091 b |
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1 | | AN ACT concerning finance.
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2 | | Be it enacted by the People of the State of Illinois,
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3 | | represented in the General Assembly:
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4 | | Section 5. The Private Activity Bond Approval Act is |
5 | | amended by changing Section 15 as follows:
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6 | | (30 ILCS 346/15)
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7 | | Sec. 15. Qualifications for facility requiring host |
8 | | approval. |
9 | | (a) Host approval shall not be granted unless and until the |
10 | | Governor has received the items and information listed in |
11 | | subsection (b) of this Section and has issued an approval as |
12 | | set forth in subsection (c) of this Section. |
13 | | (b) The following items and information must be received by |
14 | | the Governor: |
15 | | (1) a copy of the notice of public hearing pertaining |
16 | | to the facilities; |
17 | | (2) minutes or another official record of the public |
18 | | hearing; |
19 | | (3) the maximum stated principal amount of the bonds; |
20 | | (4) a description of the facility, including its |
21 | | location; |
22 | | (5) a description of the plan of finance; |
23 | | (6) the name of the issuer of the bonds; and |