98TH GENERAL ASSEMBLY
State of Illinois
2013 and 2014
HB4261

 

Introduced , by Rep. Mike Bost

 

SYNOPSIS AS INTRODUCED:
 
30 ILCS 350/17.5

    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.


LRB098 17143 JLK 52230 b

 

 

A BILL FOR

 

HB4261LRB098 17143 JLK 52230 b

1    AN ACT concerning finance.
 
2    Be it enacted by the People of the State of Illinois,
3represented in the General Assembly:
 
4    Section 5. The Local Government Debt Reform Act is amended
5by changing Section 17.5 as follows:
 
6    (30 ILCS 350/17.5)
7    Sec. 17.5. Bond authorization by referendum.
8    (a) Whenever applicable law provides that the
9authorization of or the issuance of bonds is subject to either
10a referendum or backdoor referendum, the approval, once
11obtained, remains (i) for 5 years after the date of the
12referendum or (ii) for 3 years after the end of the petition
13period for a backdoor referendum. However, whenever the
14applicable law provides that the authorization of or the
15issuance of bonds under the Water Pollution Control Loan
16Program or the Public Water Supply Loan Program, under Title
17IV-A of the Environmental Protection Act, is subject to either
18a referendum or backdoor referendum, the approval, once
19obtained, remains (i) for 7 years after the date of the
20referendum or (ii) for 5 years after the end of the petition
21period for a backdoor referendum. In the case of bonds
22authorized to be issued under the Downstate Forest Preserve
23District Act and approved by Lake County voters in a November

 

 

HB4261- 2 -LRB098 17143 JLK 52230 b

12008 referendum, the approval, once obtained, remains for 10
2years after the date of the referendum. In the case of bonds
3authorized to be issued under the Counties Code and approved by
4Jackson County voters in a 1994 referendum, of which less than
5$200,000 of the original bonds have been issued, and for which
6the purpose of the bonds is flooding prevention, the approval,
7once obtained, remains for 25 years after the date of the
8referendum.
9    (b) With respect to any bond approval under subsection (a),
10if, for any reason, the bonds are not issued because of a court
11action, then the time limits set forth under subsection (a) for
12the approval for the bonds is tolled during the time that the
13court action is pending. This subsection (b) applies to any
14bond issuance approved by referendum held on or after January
151, 2003 or by a backdoor referendum held on or after January 1,
162005.
17(Source: P.A. 96-826, eff. 11-25-09; 97-364, eff. 8-15-11.)
 
18    Section 99. Effective date. This Act takes effect upon
19becoming law.