Bill Text: IL SB2721 | 2013-2014 | 98th General Assembly | Introduced
NOTE: There are more recent revisions of this legislation. Read Latest Draft
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-Introduced.html
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-Introduced.html
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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 Local Government Debt Reform Act is amended | |||||||||||||||||||
5 | by changing Section 17.5 as follows:
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6 | (30 ILCS 350/17.5) | |||||||||||||||||||
7 | Sec. 17.5. Bond authorization by referendum. | |||||||||||||||||||
8 | (a) Whenever applicable law
provides
that the | |||||||||||||||||||
9 | authorization of or the issuance of bonds is subject to either | |||||||||||||||||||
10 | a
referendum or backdoor referendum, the approval, once | |||||||||||||||||||
11 | obtained, remains
(i) for 5 years
after the date
of the | |||||||||||||||||||
12 | referendum or (ii) for 3 years after the end of the petition
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13 | period for a
backdoor referendum. However, whenever the | |||||||||||||||||||
14 | applicable law
provides
that the authorization of or the | |||||||||||||||||||
15 | issuance of bonds under the Water Pollution Control Loan | |||||||||||||||||||
16 | Program or the Public Water Supply Loan Program, under Title | |||||||||||||||||||
17 | IV-A of the Environmental Protection Act, is subject to either | |||||||||||||||||||
18 | a referendum or backdoor referendum, the approval, once | |||||||||||||||||||
19 | obtained, remains (i) for 7 years after the date of the | |||||||||||||||||||
20 | referendum or (ii) for 5 years after the end of the petition | |||||||||||||||||||
21 | period for a backdoor referendum. In the case of bonds | |||||||||||||||||||
22 | authorized to be issued under the Downstate Forest Preserve | |||||||||||||||||||
23 | District Act and approved by Lake County voters in a November |
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1 | 2008 referendum, the approval, once obtained, remains for 10 | ||||||
2 | years after the date of the referendum. In the case of bonds | ||||||
3 | authorized to be issued under the Counties Code and approved by | ||||||
4 | Jackson County voters in a 1994 referendum, of which less than | ||||||
5 | $200,000 of the original bonds have been issued, and for which | ||||||
6 | the purpose of the bonds is flooding prevention, the approval, | ||||||
7 | once obtained, remains for 25 years after the date of the | ||||||
8 | referendum. | ||||||
9 | (b) With respect to any bond approval under subsection (a), | ||||||
10 | if, for any reason, the bonds are not issued because of a court | ||||||
11 | action, then the time limits set forth under subsection (a) for | ||||||
12 | the approval for the bonds is tolled during the time that the | ||||||
13 | court action is pending. This subsection (b) applies to any | ||||||
14 | bond issuance approved by referendum held on or after January | ||||||
15 | 1, 2003 or by a backdoor referendum held on or after January 1, | ||||||
16 | 2005. | ||||||
17 | (Source: P.A. 96-826, eff. 11-25-09; 97-364, eff. 8-15-11.)
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18 | Section 99. Effective date. This Act takes effect upon | ||||||
19 | becoming law.
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