92nd General Assembly
Summary of HB2277
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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


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