State of Illinois
90th General Assembly
Legislation

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90_HB1024

      New Act
          Creates the Debt Issuance  Reform  Act.   Requires  bonds
      issued  by specified State agencies to be sold to the highest
      bidder, by sealed bid, for an interest rate not exceeding the
      maximum rate fixed in the order authorizing the  issuance  of
      the  bonds.   Prohibits employees of specified State officers
      and agencies from any  discussions  or  dealings  on  matters
      pertaining to bond issuance with a former employee of a State
      agency   or   office   for  one  year  after  the  employee's
      termination of employment, if specified conditions  are  met.
      Requires  former  employees  of State offices or agencies who
      engage in work related to the issuance of bonds by the  State
      or  its  agencies  to  register  with the Secretary of State.
      Willful  failure  to  register  is  a  Class  A  misdemeanor.
      Provides that registration statements shall be made available
      to State agencies upon request.
                                                     LRB9003073LDpk
                                               LRB9003073LDpk
 1        AN ACT in relation to debt issuance.
 2        Be it enacted by the People of  the  State  of  Illinois,
 3    represented in the General Assembly:
 4        Section  1.  Short  title.   This Act may be cited as the
 5    Debt Issuance Reform Act.
 6        Section 5.  Sale of  bonds.   Notwithstanding  any  other
 7    provision  of  law  to  the contrary, State of Illinois Build
 8    Illinois Bonds, certificates of participation issued  by  the
 9    Illinois  Bureau  of the Budget and the Department of Central
10    Management Services or any other State agency, and  bonds  or
11    other  evidence of indebtedness (including but not limited to
12    certificates of participation) issued by the Illinois  Sports
13    Facilities   Authority,   the  Illinois  State  Toll  Highway
14    Authority, the Illinois Rural Bond Bank, the Illinois Housing
15    Development  Authority,  the  Illinois   Student   Assistance
16    Commission, the Board of Governors, the Board of Regents, the
17    University  of  Illinois,  Southern  Illinois University, the
18    Illinois  Educational  Facilities  Authority,  the   Illinois
19    Development Finance Authority, the Illinois Health Facilities
20    Authority,  the  Metropolitan  Pier and Exposition Authority,
21    and the Regional Transportation Authority shall  be  sold  to
22    the highest and best bidder, upon receipt of sealed bids, and
23    at  an  interest rate not exceeding the maximum interest rate
24    for any maturity  as  fixed  in  the  order  authorizing  the
25    issuance of the bonds or other evidence of indebtedness.
26        Section  10.  Post-employment  restrictions.  No employee
27    or officer of the Governor's Office, the Office of the  State
28    Treasurer,  Office  of  the  State Comptroller, Office of the
29    Attorney General, Office of the Secretary of State, Office of
30    the  Auditor  General,   the   Illinois   Sports   Facilities
                            -2-                LRB9003073LDpk
 1    Authority,  the  Illinois  State  Toll Highway Authority, the
 2    Illinois Rural Bond Bank, the  Illinois  Housing  Development
 3    Authority,  the  Illinois  Student Assistance Commission, the
 4    Board of Governors, the Board of Regents, the  University  of
 5    Illinois,   Southern   Illinois   University,   the  Illinois
 6    Educational Facilities Authority,  the  Illinois  Development
 7    Finance  Authority, the Illinois Health Facilities Authority,
 8    the  Metropolitan  Pier  and  Exposition  Authority,  or  the
 9    Regional Transportation Authority may discuss,  transact,  or
10    otherwise  deal  on  any matter pertaining to the issuance of
11    bonds, certificates of participation, or  other  evidence  of
12    indebtedness  with  any  former  employee or officer of these
13    offices, or any employee or agent of any former  employee  or
14    officer  of these offices or agencies, within one year of the
15    former employee's termination of employment, on any matter of
16    that office or agency's business that  concerns  the  subject
17    matter  of the former employee's duties.  Any former employee
18    or officer of these offices or agencies shall, upon  engaging
19    in   any   employment,   professional   practice,  consulting
20    activities, or  other  work  either  directly  or  indirectly
21    connected   to   the   issuance  of  bonds,  certificates  of
22    participation, or other evidence of indebtedness of the State
23    of Illinois or any of the above agencies, file with the Index
24    Department of the Secretary of State a  statement  indicating
25    the  former employee's name and address and the nature of the
26    employment, professional practice, consulting activities,  or
27    other  work  that  is directly or indirectly connected to the
28    issuance of bonds, certificates of  participation,  or  other
29    evidence  of  indebtedness of the State of Illinois or any of
30    the above agencies.  The Secretary of State shall  make  such
31    statements  available,  upon  request, to any employee of the
32    State of Illinois or of the above agencies.  Willful  failure
33    to  file  the  statement  required  by  this Section with the
34    Secretary of State within 10  days  of  the  commencement  of
                            -3-                LRB9003073LDpk
 1    activities   requiring  the  filing  constitutes  a  Class  A
 2    misdemeanor.

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