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| | 104TH GENERAL ASSEMBLY
State of Illinois
2025 and 2026
SB2758 Introduced 1/13/2026, by Sen. Mike Porfirio SYNOPSIS AS INTRODUCED:
| | | Amends the Illinois Municipal Code. Provides that, the beginning on the effective date of the amendatory Act, the Chicago City Council shall not adopt an ordinance authorizing a debt issuance without the affirmative vote of at least three-fifths of the alderpersons then holding office on the Chicago City Council. Defines "debt issuance". Limits home rule powers. |
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| | A BILL FOR |
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| | SB2758 | | LRB104 16597 RTM 29997 b |
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| 1 | | AN ACT concerning local government.
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| 2 | | Be it enacted by the People of the State of Illinois, |
| 3 | | represented in the General Assembly:
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| 4 | | Section 5. The Illinois Municipal Code is amended by |
| 5 | | adding Section 3.1-40-42 as follows:
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| 6 | | (65 ILCS 5/3.1-40-42 new) |
| 7 | | Sec. 3.1-40-42. Approval of debt issuance by the City of |
| 8 | | Chicago; supermajority vote required. |
| 9 | | (a) As used in this Section, "debt issuance" means any |
| 10 | | issuance of indebtedness by the City of Chicago, acting in a |
| 11 | | non-conduit capacity, or by any corporation, trust, or other |
| 12 | | entity established by the City of Chicago pursuant to an |
| 13 | | ordinance or resolution adopted by the Chicago City Council |
| 14 | | for the benefit of the City of Chicago, including the issuance |
| 15 | | of any general obligation or revenue bonds. |
| 16 | | (b) Notwithstanding any other law, beginning on the |
| 17 | | effective date of this amendatory Act of the 104th General |
| 18 | | Assembly, the Chicago City Council shall not adopt an |
| 19 | | ordinance authorizing a debt issuance without the affirmative |
| 20 | | vote of at least three-fifths of the alderpersons then holding |
| 21 | | office on the Chicago City Council. |
| 22 | | (c) A home rule municipality may not issue or incur debt in |
| 23 | | a manner inconsistent with this Section. This Section is a |