SB2188 Enrolled LRB096 11506 WGH 21986 b

1     AN ACT concerning local government.
 
2     Be it enacted by the People of the State of Illinois,
3 represented in the General Assembly:
 
4     Section 5. The Local Government Debt Reform Act is amended
5 by changing Section 17.5 as follows:
 
6     (30 ILCS 350/17.5)
7     Sec. 17.5. Bond authorization by referendum.
8     (a) Whenever applicable law provides that the
9 authorization of or the issuance of bonds is subject to either
10 a referendum or backdoor referendum, the approval, once
11 obtained, remains (i) for 5 years after the date of the
12 referendum or (ii) for 3 years after the end of the petition
13 period for a backdoor referendum. However, whenever the
14 applicable law provides that the authorization of or the
15 issuance of bonds under the Water Pollution Control Loan
16 Program or the Public Water Supply Loan Program, under Title
17 IV-A of the Environmental Protection Act, is subject to either
18 a referendum or backdoor referendum, the approval, once
19 obtained, remains (i) for 7 years after the date of the
20 referendum or (ii) for 5 years after the end of the petition
21 period for a backdoor referendum.
22     (b) With respect to any bond approval under subsection (a),
23 if, for any reason, the bonds are not issued because of a court

 

 

SB2188 Enrolled - 2 - LRB096 11506 WGH 21986 b

1 action, then the time limits set forth under subsection (a) for
2 the approval for the bonds is tolled during the time that the
3 court action is pending. This subsection (b) applies to any
4 bond issuance approved by referendum held on or after January
5 1, 2003 or by a backdoor referendum held on or after January 1,
6 2005.
7 (Source: P.A. 95-517, eff. 8-28-07.)
 
8     Section 99. Effective date. This Act takes effect upon
9 becoming law.