91st General Assembly
Summary of SB1627
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Short description: 
LOCAL GOV DEBT REFORM                                                      

Synopsis of Bill as introduced:
        Amends the Local Government Debt Reform Act.  Permits publication      
   of some notices on the World Wide Web.  Provides for  escrow  accounts      
   designated  by units of local government.  Sets procedures for issuing      
   certificates evidencing indebtedness incurred under certain leases  or      
   agreements.   Authorizes  alternative  bond  referendum  propositions.      
   Effective immediately.                                                      
        HOUSE AMENDMENT NO. 1.                                                 
          Adds reference to:                                                   
          30 ILCS 350/15                  from Ch. 17, par. 6915               
        Provides that debt service on alternate bonds issued as variable       
   rate bonds shall be projected based on the rate for the most recent         
   date shown in the 20 G.O. Bond Index of average municipal bond yields       
   as published in the most recent edition of The Bond Buyer. Provides         
   that interest or fees payable on certain forms of credit enhancement        
   need not be taken into account for the purpose of the projection. Pro-      
   vides that amounts payable by a governmental unit and calculated at an      
   agreed-upon rate pursuant to an agreement in connection with the            
   alternate bonds entered into at the time of issuance must be projected      
   based on the agreed-upon rate.                                              
        HOUSE AMENDMENT NO. 2.                                                 
          Adds reference to:                                                   
          75 ILCS 16/15-90                                                     
        Amends the Public Library District Act of 1991.  Provides that  a      
   library district may extend taxes to pay the principal of and interest      
   on bonds issued to refund general obligation bonds on taxable property      
   that  was  in  the  district on the date that the bonds being refunded      
   were issued.  Provides that (i) the net interest rate on the refunding      
   bonds may not exceed the net interest rate on the refunded bonds, (ii)      
   the final maturity date of the refunding bonds may not  extend  beyond      
   the  final  maturity  date  of  the refunded bonds, and (iii) the debt      
   service payable on the refunding bonds in any year may not exceed  the      
   debt  service  that  would  have been payable on the refunded bonds in      
   that year.  Provides that the amendatory changes are inoperable  after      
   December 31, 2000.                                                          
Last action on Bill: PUBLIC ACT.............................. 91-0868

   Last action date: 00-06-22

           Location: Senate

 Amendments to Bill: AMENDMENTS ADOPTED: HOUSE -   2     SENATE -   0


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