SB1729sam001 95TH GENERAL ASSEMBLY

Sen. Terry Link

Filed: 3/16/2007

09500SB1729sam001 LRB095 03448 CMK 33604 a

AMENDMENT TO SENATE BILL 1729

AMENDMENT NO. ______. Amend Senate Bill 1729 by replacing everything after the enacting clause with the following:

"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. However, whenever the applicable law provides that the authorization of or the issuance of bonds under the Water Pollution Control Loan Program or the Public Water Supply Loan Program, under Title IV-A of the Environmental Protection Act, is subject to either a referendum or backdoor referendum, the approval, once obtained, remains (i) for 7 years after the date of the referendum or (ii) for 5 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.

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

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