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.
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
Amendments to Bill: AMENDMENTS ADOPTED: HOUSE - 2 SENATE - 0
END OF INQUIRY
Full Text Bill Status