Executive Committee

Filed: 11/29/2010

 

 


 

 


 
09600SB3776ham001LRB096 20865 PJG 44183 a

1
AMENDMENT TO SENATE BILL 3776

2    AMENDMENT NO. ______. Amend Senate Bill 3776 by replacing
3everything after the enacting clause with the following:
 
4    "Section 1. Short title. This Act may be cited as the
5Private Activity Bond Approval Act.
 
6    Section 5. Public policy. It is the policy of this State
7that in order to maintain an effective system of monitoring the
8use of federal subsidies within the State, facilities within
9the State proposed to be financed with bonds issued by an
10issuer that does not have jurisdiction over the location of
11those facilities must receive prior approval from the Governor
12in accordance with this Act.
 
13    Section 10. Definition. "Host approval" means an approval
14by an applicable elected representative of a governmental unit,
15for purposes of Section 147(f)(2)(A)(ii) of the Internal

 

 

09600SB3776ham001- 2 -LRB096 20865 PJG 44183 a

1Revenue Code, having jurisdiction over the area in which a
2facility is located that is to be financed with bonds issued by
3an issuer that does not have jurisdiction over the location of
4the facility.
 
5    Section 15. Qualifications for facility requiring host
6approval.
7    (a) Host approval shall not be granted unless and until the
8Governor has received the items and information listed in
9subsection (b) of this Section and has issued an approval as
10set forth in subsection (c) of this Section.
11    (b) The following items and information must be received by
12the Governor:
13        (1) a copy of the notice of public hearing pertaining
14    to the facilities;
15        (2) minutes or another official record of the public
16    hearing;
17        (3) the maximum stated principal amount of the bonds;
18        (4) a description of the facility, including its
19    location;
20        (5) a description of the plan of finance;
21        (6) the name of the issuer of the bonds; and
22        (7) the name of the initial owner or principal user of
23    the facility.
24    (c) If, and only if, the Governor determines that the
25facility and the items and information submitted under

 

 

09600SB3776ham001- 3 -LRB096 20865 PJG 44183 a

1subsection (b) of this Section are consistent with the laws and
2public policy of the State and are in the best interest of the
3State, then the Governor shall issue a written approval under
4this Section authorizing the governmental unit to grant its
5host approval in its discretion.
 
6    Section 99. Effective date. This Act takes effect January
71, 2011.".