House Sponsors: MATHIAS-BROSNAHAN-CROSS. Senate Sponsors: DILLARD Short description: LOCAL GOV DEBT REFORM ACT Synopsis of Bill as introduced: Amends to Local Government Debt Reform Act. Makes a technical change in a Section concerning the short title. SENATE AMENDMENT NO. 1. Deletes reference to: 30 ILCS 350/1 Adds reference to: 30 ILCS 350/3 from Ch. 17, par. 6903 30 ILCS 350/5.5 new 30 ILCS 350/9 from Ch. 17, par. 6909 30 ILCS 350/15 from Ch. 17, par. 6915 30 ILCS 350/16.5 30 ILCS 350/17 from Ch. 17, par. 6917 Deletes everything. Amends the Local Government Debt Reform Act. Provides that required notices are sufficient if they appear above the name or title of the person required to give the notices. Provides that notice to governing bodies or the news media may be given by fax or e-mail. Allows a governmental unit to transfer interest earned on moneys not designated for certain purposes to the governmental unit's fund that is most in need of the interest. In the provisions concerning a backdoor referendum for alternate bonds, changes references from "principal and interest" on bonds to "debt service" on bonds. Provides that a governmental unit must, in addition to other amounts, collect enough revenue to pay 1.10 (now, 1.25) times debt service if the revenue source is a governmental revenue source. Defines "governmental revenue source". In the provisions concerning the form of a proposition for school district bonds, provides that the proposition may include additional language if the school district expects to receive a school construction grant from the State of Illinois (now, has received a grant entitlement from the Illinois State Board of Education). Provides that the bonds issued must be based on (i) a grant entitlement from the State Board of Education and (ii) current recognized project costs determined by the Capital Development Board. Provides that investments, investment agreements, or investment services purchased in connection with a bond issue may be paid through installments made at stated intervals for a period of time not to exceed the maximum term of the bond issue. Effective immediately. Last action on Bill: PUBLIC ACT.............................. 92-0879 Last action date: JAN-13-2003 Location: House Amendments to Bill: AMENDMENTS ADOPTED: HOUSE - 0 SENATE - 1 END OF INQUIRY Full Text Bill Status