House Sponsors: KUBIK-MURPHY-LYONS,EILEEN-SCULLY-DURKIN, ZICKUS, BERGMAN AND WOJCIK. Senate Sponsors: WALSH,T-PARKER-RADOGNO Short description: REV ANTICIPATION-FED REVENUES Synopsis of Bill as introduced: Amends the Revenue Anticipation Act. Provides that if anticipated revenues under the Act are proceeds or receipts of a loan or grant, or both, from a federal agency in connection with waterworks or wastewater facilities, or both, and related facilities, improvements, and costs, and reasonable provision has been made for the payment of interest on the notes when due while the notes are outstanding; (i) the requirement in the Act for a filing with the County Clerk shall not apply, (ii) the 12-month limit on the due date of the notes in the Act shall be 18 months, and (iii) the 85% limitation on the anticipatory revenues in the Act shall be 100%. HOUSE AMENDMENT NO. 1. Adds reference to: 30 ILCS 360/1-3 from Ch. 17, par. 7201-3 30 ILCS 360/3-3 from Ch. 17, par. 7203-3 Amends the Rural Bond Bank Act. Provides that for the purposes of the Act "rural county" means any county (now any county other than a county having a population in excess of 3,000,000) and "governmental unit" means, among others, any municipality, excluding any home rule municipality in a county contiguous with a county having a population in excess of 3,000,000 or any home rule municipality in a county with a population of 3,000,000 or greater (now any municipality, excluding any home rule municipality in a county contiguous with a county having a population in excess of 3,000,000). Provides that no more than $25,000,000 of all bonds and notes issued by the Bank shall be used to purchase local governmental securities issued by governmental units located in a county having a population in excess of 3,000,000 or in a county contiguous with a county having a population in excess of 3,000,000 (now in a county contiguous with a county having a population in excess of 3,000,000). Effective July 1, 1998. HOUSE AMENDMENT NO. 2. Further amends the Rural Bond Bank Act. Provides that approval of the Governor is not required for issuances of bonds or notes as to which the Bank has determined the nonapplication of the provisions requiring the Chairman's certification and the Governor's report concerning amounts needed to pay the principal and interest. Increases to $200,000,000 (now $150,000,000) the total aggregate original principal amount of all bonds and notes allowed to be issued by the Bank. Provides that no more than $50,000,000 (now $25,000,000) in aggregate original principal amount of the bonds and notes shall be used to purchase local governmental securities. Last action on Bill: PUBLIC ACT.............................. 90-0709 Last action date: 98-08-07 Location: House Amendments to Bill: AMENDMENTS ADOPTED: HOUSE - 2 SENATE - 0 END OF INQUIRY Full Text Bill Status