Bill Text: IL SB2721 | 2013-2014 | 98th General Assembly | Chaptered
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.
Spectrum: Partisan Bill (Republican 29-0)
Status: (Passed) 2014-06-18 - Public Act . . . . . . . . . 98-0655 [SB2721 Detail]
Download: Illinois-2013-SB2721-Chaptered.html
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Public Act 098-0655 | ||||
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AN ACT concerning finance.
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Be it enacted by the People of the State of Illinois,
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represented in the General Assembly:
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Section 5. The Local Government Debt Reform Act is amended | ||||
by changing Section 17.5 as follows:
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(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
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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 |
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.)
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Section 99. Effective date. This Act takes effect upon | ||
becoming law.
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