Illinois General Assembly - Bill Status for HB5163
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 Bill Status of HB5163  97th General Assembly


Short Description:  LOCAL GOVT DEBT-REFUNDED BONDS

House Sponsors
Rep. Brandon W. Phelps

Last Action
DateChamber Action
  1/8/2013HouseSession Sine Die

Statutes Amended In Order of Appearance
30 ILCS 350/11from Ch. 17, par. 6911


Synopsis As Introduced
Amends the Local Government Debt Reform Act. Provides that bonds that have been refunded shall not be considered to be indebtedness for the purposes of any statutory or other debt limitation if the refunded bonds are secured by and to be paid as to principal, interest, and premium from an escrow account that is invested in certain obligations and is determined to be sufficient for the timely payment of principal and interest on the refunded bonds. Provides that any governmental unit may deposit cash into an escrow account to be held uninvested for the purpose of refunding or providing for the payment of principal, interest, and premium on its bonds.

Actions 
DateChamber Action
  2/8/2012HouseFiled with the Clerk by Rep. Brandon W. Phelps
  2/8/2012HouseFirst Reading
  2/8/2012HouseReferred to Rules Committee
  1/8/2013HouseSession Sine Die

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