[ Search ] [ Legislation ] [ Bill Summary ]
[ Home ] [ Back ] [ Bottom ]
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.