| ||||
| Public Act 104-0456 | ||||
| ||||
AN ACT concerning finance. | ||||
Be it enacted by the People of the State of Illinois, | ||||
represented in the General Assembly: | ||||
Section 5. The Local Government Debt Reform Act is amended | ||||
by changing Section 17.5 as follows: | ||||
(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 | ||||
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 or in the case of bonds authorized to be issued | ||
under the School Code and approved by voters of Sandoval | ||
Community Unit School District 501 in a March 2012 referendum, | ||
or in the case of bonds authorized to be issued under the | ||
School Code and approved by voters of Iroquois County | ||
Community Unit School District Number 9 in an April 2021 | ||
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. 98-655, eff. 6-18-14; 99-926, eff. 1-20-17.) | ||
Section 99. Effective date. This Act takes effect upon | ||
becoming law. | ||