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