Full Text of HB2584 100th General Assembly
HB2584ham001 100TH GENERAL ASSEMBLY | Rep. Anthony DeLuca Filed: 4/24/2017
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| 1 | | AMENDMENT TO HOUSE BILL 2584
| 2 | | AMENDMENT NO. ______. Amend House Bill 2584 by replacing | 3 | | everything after the enacting clause with the following:
| 4 | | "Section 5. The Local Government Debt Reform Act is amended | 5 | | by adding Section 13.1 as follows: | 6 | | (30 ILCS 350/13.1 new) | 7 | | Sec. 13.1. Statutory lien for bonds. | 8 | | (a) As used in this Section, "statutory lien" shall have | 9 | | the meaning given to that term under 11 U.S.C. 101(53) of the | 10 | | federal Bankruptcy Code. | 11 | | (b) All bonds, including general obligation bonds and | 12 | | revenue bonds heretofore and hereafter issued and sold under | 13 | | this Act, home rule powers, or related laws, issued by a | 14 | | governmental unit shall be secured by a statutory lien on all | 15 | | revenues received, or entitled to be received, pursuant to (i) | 16 | | the levy of taxes supporting payment of the bonds and (ii) the |
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| 1 | | assessment of user fees, rates, or other charges supporting | 2 | | payment of the bonds; provided, however, that this Section | 3 | | shall have no force or effect with respect to bonds issued by a | 4 | | governmental unit that are payable primarily from payments to | 5 | | be made by a private person or private entity pursuant to a | 6 | | loan or lease arrangement with the governmental unit. The | 7 | | statutory lien shall automatically attach from the time the | 8 | | bonds are issued without further action or authorization by the | 9 | | governing authority of the governmental unit. The statutory | 10 | | lien shall be valid and binding from the time the bonds are | 11 | | executed and delivered without any physical delivery thereof or | 12 | | further act required, and shall be a first priority lien unless | 13 | | the bonds, or the statutes or documents authorizing the bonds | 14 | | or providing a source of payment or security for those bonds, | 15 | | shall otherwise provide, and the taxes, user fees, rates, or | 16 | | other charges supporting payment of the bonds shall not be used | 17 | | for other purposes until the bonds are paid in full unless the | 18 | | bonds, or the statutes or documents authorizing the bonds or | 19 | | providing a source of payment or security for those bonds, | 20 | | shall otherwise provide. | 21 | | The revenues received, or entitled to be received, from the | 22 | | following shall be immediately subject to the statutory lien, | 23 | | and the statutory lien shall automatically attach to the | 24 | | revenues and be effective, binding, and enforceable against the | 25 | | governmental unit or its successors, transferees, and | 26 | | creditors, and all others asserting rights therein or having |
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| 1 | | claims of any kind in tort, contract, or otherwise against the | 2 | | governmental unit, irrespective of whether those parties have | 3 | | notice of the lien and without the need for any physical | 4 | | delivery, recordation, filing, or further act: (i) the levy of | 5 | | taxes supporting payment of the bonds, and (ii) the assessment | 6 | | of user fees, rates, or other charges supporting payment of the | 7 | | bonds. In addition, bonds issued by a governmental unit under | 8 | | this Act or related laws, including bonds issued by a | 9 | | governmental unit with home rule powers, shall have all of the | 10 | | protection afforded to special revenue bonds under the federal | 11 | | Bankruptcy Code.
| 12 | | Section 99. Effective date. This Act takes effect upon | 13 | | becoming law.".
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