Public Act 095-0517
 
SB1729 Enrolled LRB095 03448 CMK 23452 b

    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. 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 This Section applies
only to a referendum or a backdoor referendum held after the
effective date of this amendatory Act of the 91st General
Assembly.
(Source: P.A. 91-493, eff. 8-13-99.)
 
    Section 99. Effective date. This Act takes effect upon
becoming law.