Public Act 098-0655
 
SB2721 EnrolledLRB098 17144 JLK 52231 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. 
    (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, 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. 96-826, eff. 11-25-09; 97-364, eff. 8-15-11.)
 
 
    Section 99. Effective date. This Act takes effect upon 
becoming law.