Illinois General Assembly - Full Text of Public Act 096-0826
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Public Act 096-0826


 

Public Act 0826 96TH GENERAL ASSEMBLY



 


 
Public Act 096-0826
 
SB2188 Enrolled LRB096 11506 WGH 21986 b

    AN ACT concerning local government.
 
    Be it enacted by the People of the State of Illinois,
represented in the General Assembly:
 
    Section 5. The Local Government Debt Reform Act is amended
by changing Section 17.5 as follows:
 
    (30 ILCS 350/17.5)
    Sec. 17.5. Bond authorization by referendum.
    (a) Whenever applicable law provides that the
authorization of or the issuance of bonds is subject to either
a referendum or backdoor referendum, the approval, once
obtained, remains (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. However, whenever the
applicable law provides that the authorization of or the
issuance of bonds under the Water Pollution Control Loan
Program or the Public Water Supply Loan Program, under Title
IV-A of the Environmental Protection Act, is subject to either
a referendum or backdoor referendum, the approval, once
obtained, remains (i) for 7 years after the date of the
referendum or (ii) for 5 years after the end of the petition
period for a backdoor referendum.
    (b) With respect to any bond approval under subsection (a),
if, for any reason, the bonds are not issued because of a court
action, then the time limits set forth under subsection (a) for
the approval for the bonds is tolled during the time that the
court action is pending. This subsection (b) applies to any
bond issuance approved by referendum held on or after January
1, 2003 or by a backdoor referendum held on or after January 1,
2005.
(Source: P.A. 95-517, eff. 8-28-07.)
 
    Section 99. Effective date. This Act takes effect upon
becoming law.

Effective Date: 11/25/2009