Bill Text: IL HB5495 | 2011-2012 | 97th General Assembly | Amended

NOTE: There are more recent revisions of this legislation. Read Latest Draft

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Bill Title: Amends the State Mandates Act. Provides that nothing in the amendatory Act shall override the process established under the provision of the School Code concerning the prohibition against unfunded mandates. Amends the Counties Code and Illinois Municipal Code to provide that beginning January 1, 2015, if a county or municipality offers a 457(b) plan to its officers, employees, or both, or makes contributions to such a plan on behalf of its officers, employees, or both, then that county or municipality, and the persons acting under its authority, must act in accordance with the prudent investor rule when making plan-related decisions. Limits the concurrent exercise of home rule powers. Amends the School Code to provide that beginning January 1, 2015, if a school board other than the Chicago Board of Education offers a 403(b) or 457(b) plan to its officers, employees, or both, or makes contributions to such a plan on behalf of its officers, employees, or both, then that school board, and the persons acting under its authority, must act in accordance with the prudent investor rule when making plan-related decisions.

Spectrum: Moderate Partisan Bill (Democrat 4-1)

Status: (Passed) 2013-01-25 - Public Act . . . . . . . . . 97-1154 [HB5495 Detail]

Download: Illinois-2011-HB5495-Amended.html

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Sen. Don Harmon

Filed: 5/30/2012

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AMENDMENT TO HOUSE BILL 5495
AMENDMENT NO. ______. Amend House Bill 5495, AS AMENDED,
with reference to page and line numbers of Senate Amendment No.
2, on page 33, by replacing lines 1 through 9 with the
following:
"camping and hunting. On and after January 1, 2013, no
redevelopment plan may be approved that allocates more than 40%
of the estimated redevelopment project costs to residential
developments, and no redevelopment plan shall be amended to
exceed that 40% limitation. The limitations on the allocation
of estimated redevelopment project costs to residential
developments imposed by this amendatory Act of the 97th General
Assembly do not apply to residential development projects that:
(i) include affordable housing for low-income and very
low-income households, as defined by the Illinois Affordable
Housing Act; (ii) are located in a municipality with a
population of less than 25,000 inhabitants; or (iii) are

09700HB5495sam003 - 2 - LRB097 18371 KMW 70465 a
subject to a contract between the municipality and a developer
in existence prior to the effective date of this amendatory Act
of the 97th General Assembly. Each redevelopment plan".