97TH GENERAL ASSEMBLY
State of Illinois
2011 and 2012
HB5205

 

Introduced 2/8/2012, by Rep. Mike Fortner

 

SYNOPSIS AS INTRODUCED:
 
30 ILCS 350/4  from Ch. 17, par. 6904

    Amends the Local Government Debt Reform Act. Provides that, whenever a governmental unit has been granted the power or authority to issue bonds, the governmental unit may incur debt provided that the governmental unit shall first make a finding that the particular instrument of indebtedness selected is the most cost-effective means and is the most appropriate method for the particular purpose for which the funds are to be used. Effective immediately.


LRB097 17030 PJG 62226 b

FISCAL NOTE ACT MAY APPLY

 

 

A BILL FOR

 

HB5205LRB097 17030 PJG 62226 b

1    AN ACT concerning finance.
 
2    Be it enacted by the People of the State of Illinois,
3represented in the General Assembly:
 
4    Section 5. The Local Government Debt Reform Act is amended
5by changing Section 4 as follows:
 
6    (30 ILCS 350/4)  (from Ch. 17, par. 6904)
7    Sec. 4. Powers supplemental. The provisions of this Act are
8intended to be supplemental and in addition to all other powers
9or authorities granted to any governmental unit, shall be
10construed liberally and shall not be construed as a limitation
11of any power or authority otherwise granted. Whenever a
12governmental unit has been granted the power or authority to
13issue bonds, the governmental unit may incur debt in any manner
14described in subsection (d) of Section 3 of this Act, provided
15that the governmental unit shall first make a finding that the
16particular instrument of indebtedness selected is the most
17cost-effective means and is the most appropriate method for the
18particular purpose for which the funds are to be used.
19(Source: P.A. 85-1419.)
 
20    Section 99. Effective date. This Act takes effect upon
21becoming law.