House Sponsors: MATHIAS-CROSS-SCOTT. Senate Sponsors: DILLARD Short description: LOC GOVT DEBT REFORM-TAX Synopsis of Bill as introduced: Amends the Local Government Debt Reform Act by making a technical change to the short title. HOUSE AMENDMENT NO. 1. Deletes reference to: 30 ILCS 350/1 Adds reference to: 30 ILCS 350/15 from Ch. 17, par. 6915 30 ILCS 350/16 from Ch. 17, par. 6916 30 ILCS 350/17 from Ch. 17, par. 6917 30 ILCS 350/17.5 new Deletes everything. Amends the Local Government Debt Reform Act. Provides that a governmental unit may levy a tax to pay the principal and interest on general obligation bonds or limited bonds (now, general obligation bonds). Provides that for the purposes of the Section concerning bonds consisting of leases and installment or financing contracts, interest on bonds sold at less than 95% of their stated value includes the difference between the amount set forth on the face of the bond as the original principal amount and the bond's stated value at maturity (now, interest includes the difference between the amount received for the sale of the bonds and their stated value at maturity). Allows a governmental unit to purchase or lease real or personal property through installments paid at stated intervals for a period of 20 years or another period of time otherwise authorized by law. Allows governmental units to issue certificates evidencing indebtedness incurred under these agreements. Provides that indebtedness incurred under these agreements may not exceed the applicable debt limits when aggregated with the existing indebtedness of the governmental unit. Allows a governmental unit to sell, convey, and reacquire the property on any terms and conditions and in any manner that the governmental unit determines, if the governmental unit will lease the property. Provides that the approval for bonds obtained through a referendum remains valid (i) for 10 years after the date of a front-door referendum or (ii) for 3 years after the end of the petition period for a back-door referendum. Makes other changes. Effective immediately. SENATE AMENDMENT NO. 1. Adds reference to: 65 ILCS 5/11-61-3 from Ch. 24, par. 11-61-3 Further amends the Local Government Debt Reform Act. In the provisions concerning bond authorization by referendum, changes references to "front-door referendum" to "referendum". Provides that the approval is valid for 5 years after the date of the referendum (now, the approval is valid for 10 years after the date of the referendum). Provides that these provisions apply only to referenda and backdoor referenda held after the effective date of this amendatory Act. Amends the Illinois Municipal Code. Allows certain municipalities to purchase or lease property through contracts to be paid through installments during a period of time not to exceed 20 years (now, 10 years). SENATE AMENDMENT NO. 2. Further amends the Local Government Debt Reform Act. Provides that the approval of a referendum or backdoor referendum, once obtained, remains (now, remains valid) (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. Last action on Bill: PUBLIC ACT.............................. 91-0493 Last action date: 99-08-13 Location: House Amendments to Bill: AMENDMENTS ADOPTED: HOUSE - 1 SENATE - 2 END OF INQUIRY Full Text Bill Status