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95TH GENERAL ASSEMBLY
State of Illinois
2007 and 2008
SB1729
Introduced 2/9/2007, by Sen. Terry Link SYNOPSIS AS INTRODUCED:
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Amends the Local Government Debt Reform Act. Exempts the Water Pollution Control Loan Program and the Public Water Supply Loan Program from the statutory time limitations set for bonds authorized by referendum or backdoor referendum. Effective immediately.
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A BILL FOR
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SB1729 |
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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 |
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| 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 |
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| applicable law
provides
that the authorization of or the |
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| issuance of bonds is subject to either a
referendum or backdoor |
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| referendum, the approval, once obtained, remains
(i) for 5 |
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| years
after the date
of the referendum or (ii) for 3 years |
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| after the end of the petition
period for a
backdoor referendum. |
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| This Section applies only to a referendum or a backdoor
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| referendum held
after
the effective date of this amendatory Act |
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| of the 91st General Assembly
August 12, 1999, and does not |
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| apply to either the Water Pollution Control Loan Program or the |
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| Public Water Supply Loan Program, under Title IV-A of the |
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| Environmental Protection Act, for which backdoor referendum |
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| proceedings were concluded or a referendum held after August |
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| 12, 1999.
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| (Source: P.A. 91-493, eff. 8-13-99.)
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| Section 99. Effective date. This Act takes effect upon |