SB1729 95TH GENERAL ASSEMBLY

LRB095 03448 CMK 23452 b

95TH GENERAL ASSEMBLY
State of Illinois
2007 and 2008
SB1729

Introduced 2/9/2007, by Sen. Terry Link

SYNOPSIS AS INTRODUCED:

30 ILCS 350/17.5

Amends the Local Government Debt Reform Act. Exempts the Water Pollution Control Loan Program and the Public Water Supply Loan Program from the statutory time limitations set for bonds authorized by referendum or backdoor referendum. Effective immediately.

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 17.5 as follows:

(30 ILCS 350/17.5)

Sec. 17.5. Bond authorization by referendum. Whenever applicable law provides that the authorization of or the issuance of bonds is subject to either a referendum or backdoor referendum, the approval, once obtained, remains (i) for 5 years after the date of the referendum or (ii) for 3 years after the end of the petition period for a backdoor referendum. This Section applies only to a referendum or a backdoor referendum held after the effective date of this amendatory Act of the 91st General Assembly August 12, 1999, and does not apply to either the Water Pollution Control Loan Program or the Public Water Supply Loan Program, under Title IV-A of the Environmental Protection Act, for which backdoor referendum proceedings were concluded or a referendum held after August 12, 1999.

(Source: P.A. 91-493, eff. 8-13-99.)

Section 99. Effective date. This Act takes effect upon becoming law.