SB3185 97TH GENERAL ASSEMBLY

LRB097 19283 PJG 64529 b

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.

A BILL FOR

AN ACT concerning finance.

Be it enacted by the People of the State of Illinois, represented in the General Assembly:

Section 5. The Local Government Debt Reform Act is amended by changing Section 4 as follows:

(30 ILCS 350/4) (from Ch. 17, par. 6904)

Sec. 4. Powers supplemental. The provisions of this Act are intended to be supplemental and in addition to all other powers or authorities granted to any governmental unit, shall be construed liberally and shall not be construed as a limitation of any power or authority otherwise granted. Whenever a governmental unit has been granted the power or authority to issue bonds, the governmental unit may incur debt in any manner allowed by subsection (d) of Section 3 of this Act 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.

(Source: P.A. 85-1419.)