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91_HB1951
LRB9102718MWgc
1 AN ACT in relation to debt issuance.
2 Be it enacted by the People of the State of Illinois,
3 represented in the General Assembly:
4 Section 1. Short title. This Act may be cited as the
5 Debt Issuance Reform Act.
6 Section 5. Sale of bonds. Notwithstanding any other
7 provision of law to the contrary, State of Illinois Build
8 Illinois Bonds, certificates of participation issued by the
9 Illinois Bureau of the Budget and the Department of Central
10 Management Services or any other State agency, and bonds or
11 other evidence of indebtedness (including but not limited to
12 certificates of participation) issued by the Illinois Sports
13 Facilities Authority, the Illinois State Toll Highway
14 Authority, the Illinois Rural Bond Bank, the Illinois Housing
15 Development Authority, the Illinois Student Assistance
16 Commission, the Board of Trustees of the University of
17 Illinois, Southern Illinois University, Chicago State
18 University, Eastern Illinois University, Governors State
19 University, Illinois State University, Northeastern Illinois
20 University, Northern Illinois University, and Western
21 Illinois University, the Illinois Educational Facilities
22 Authority, the Illinois Development Finance Authority, the
23 Illinois Health Facilities Authority, the Metropolitan Pier
24 and Exposition Authority, and the Regional Transportation
25 Authority shall be sold to the highest and best bidder, upon
26 receipt of sealed bids, and at an interest rate not exceeding
27 the maximum interest rate for any maturity as fixed in the
28 order authorizing the issuance of the bonds or other evidence
29 of indebtedness.
30 Section 10. Post-employment restrictions. No employee
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1 or officer of the Governor's Office, the Office of the State
2 Treasurer, Office of the State Comptroller, Office of the
3 Attorney General, Office of the Secretary of State, Office of
4 the Auditor General, the Illinois Sports Facilities
5 Authority, the Illinois State Toll Highway Authority, the
6 Illinois Rural Bond Bank, the Illinois Housing Development
7 Authority, the Illinois Student Assistance Commission, the
8 Board of Trustees of the University of Illinois, Southern
9 Illinois University, Chicago State University, Eastern
10 Illinois University, Governors State University, Illinois
11 State University, Northeastern Illinois University, Northern
12 Illinois University, and Western Illinois University, the
13 Illinois Educational Facilities Authority, the Illinois
14 Development Finance Authority, the Illinois Health Facilities
15 Authority, the Metropolitan Pier and Exposition Authority, or
16 the Regional Transportation Authority may discuss, transact,
17 or otherwise deal on any matter pertaining to the issuance of
18 bonds, certificates of participation, or other evidence of
19 indebtedness with any former employee or officer of these
20 offices, or any employee or agent of any former employee or
21 officer of these offices or agencies, within one year of the
22 former employee's termination of employment, on any matter of
23 that office or agency's business that concerns the subject
24 matter of the former employee's duties. Any former employee
25 or officer of these offices or agencies shall, upon engaging
26 in any employment, professional practice, consulting
27 activities, or other work either directly or indirectly
28 connected to the issuance of bonds, certificates of
29 participation, or other evidence of indebtedness of the State
30 of Illinois or any of the above agencies, file with the Index
31 Department of the Secretary of State a statement indicating
32 the former employee's name and address and the nature of the
33 employment, professional practice, consulting activities, or
34 other work that is directly or indirectly connected to the
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1 issuance of bonds, certificates of participation, or other
2 evidence of indebtedness of the State of Illinois or any of
3 the above agencies. The Secretary of State shall make such
4 statements available, upon request, to any employee of the
5 State of Illinois or of the above agencies. Willful failure
6 to file the statement required by this Section with the
7 Secretary of State within 10 days of the commencement of
8 activities requiring the filing constitutes a Class A
9 misdemeanor.