97TH GENERAL ASSEMBLY
State of Illinois
2011 and 2012
SB3185

 

Introduced 2/1/2012, by Sen. Ron Sandack

 

SYNOPSIS AS INTRODUCED:
 
30 ILCS 350/4  from Ch. 17, par. 6904

    Amends the Local Government Debt Reform Act. Provides that, whenever a governmental unit has been granted the power to issue bonds, the governmental unit may incur debt only if that the governmental unit first makes a finding that the particular instrument of indebtedness selected is the most cost-effective means or is otherwise the most appropriate method for the particular purpose for which the funds are to be used.


LRB097 19283 PJG 64529 b

 

 

A BILL FOR

 

SB3185LRB097 19283 PJG 64529 b

1    AN ACT concerning finance.
 
2    Be it enacted by the People of the State of Illinois,
3represented in the General Assembly:
 
4    Section 5. The Local Government Debt Reform Act is amended
5by changing Section 4 as follows:
 
6    (30 ILCS 350/4)  (from Ch. 17, par. 6904)
7    Sec. 4. Powers supplemental. The provisions of this Act are
8intended to be supplemental and in addition to all other powers
9or authorities granted to any governmental unit, shall be
10construed liberally and shall not be construed as a limitation
11of any power or authority otherwise granted. Whenever a
12governmental unit has been granted the power or authority to
13issue bonds, the governmental unit may incur debt in any manner
14allowed by subsection (d) of Section 3 of this Act only if that
15the governmental unit first makes a finding that the particular
16instrument of indebtedness selected is the most cost-effective
17means or is otherwise the most appropriate method for the
18particular purpose for which the funds are to be used.
19(Source: P.A. 85-1419.)