(30 ILCS 345/2) (from Ch. 17, par. 6852)
Sec. 2.
Public policy.
The General Assembly has determined that the federal
government has imposed certain restrictions on the aggregate amount of
private activity bonds, the interest on which is not included in
federal gross income for purposes of federal income tax,
which may be issued by the State, its agencies, instrumentalities and
local governments, including home rule and non-home rule governments. It
is necessary for the State to establish procedures in order to achieve
marketability and to ensure the equitable issuance of such bonds. It is
declared to be the purpose of this Act to establish the compliance
provisions for the State and units of local government in the issuance of
such private activity bonds.
(Source: P.A. 85-1141.)
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