HJ0106 101ST GENERAL ASSEMBLY

HJ0106 LRB101 17436 MST 66937 r

HOUSE JOINT RESOLUTION

WHEREAS, Local units of government, including school districts, often rely on the sale of bonds to finance local public works projects; and

WHEREAS, It is pertinent that the General Assembly review the existing bond sale processes of units of local government, including school districts, in an effort to remove potential conflicts of interest; therefore, be it

RESOLVED, BY THE HOUSE OF REPRESENTATIVES OF THE ONE HUNDRED FIRST GENERAL ASSEMBLY OF THE STATE OF ILLINOIS, THE SENATE CONCURRING HEREIN, that the Local Government Bond Reform Task Force is created; and be it further

RESOLVED, That the Task Force shall review and analyze the current processes that units of local governments, including school districts, use to propose, invest in, and sell bonds, including any potential conflicts of interest; and be it further

RESOLVED, That the Task Force shall consist of the following members, who shall serve without compensation:

(1) One member from the majority party of the House of Representatives appointed by the Speaker of the House of Representatives;

(2) One member from the minority party of the House of Representatives appointed by the Minority Leader of the House of Representatives;

(3) One member from the majority party of the Senate appointed by the President of the Senate;

(4) One member from the minority party of the Senate appointed by the Minority Leader of the Senate;

(5) The Director of the Department of Revenue or his or her designee;

(6) The State Superintendent of Education or his or her designee;

(7) One member who represents an organization representing counties appointed by the Governor;

(8) One member who represents an organization representing municipalities appointed by the Governor;

(9) One member who represents an organization representing townships appointed by the Governor;

(10) One member who represents an organization representing park districts appointed by the Governor;

(11) One member who represents an organization representing school board members appointed by the Governor;

(12) One member who represents an organization representing school superintendents appointed by the Governor;

(13) One member who represents an organization representing school business officials appointed by the Governor; and

(14) One member who represents an organization which serves as advocates for taxpayers and businesses appointed by the Governor;

(15) One member who represents the bond industry appointed by the Governor; and be it further

RESOLVED, That members of the Task Force shall be appointed within 30 days after approval of this resolution; and be it further

RESOLVED, That the Task Force shall hold its first meeting as soon as possible at the call of the Director of the Illinois Department of Revenue; at its first meeting, a Chairperson and a Vice Chairperson shall be appointed from among the members of the Task Force; following the first meeting, the Chairperson shall have the authority to call subsequent meetings; and be it further

RESOLVED, That the Illinois Department of Revenue shall provide administrative support for the Task Force; and be it further

RESOLVED, That the Task Force shall issue a final report to the General Assembly by January 1, 2021 that shall include recommendations to reform the bond process to remove any potential conflicts of interest and, upon the filing of its report, is dissolved; and be it further

RESOLVED, That a suitable copy of this resolution be delivered to Governor Pritzker and the Director of the Illinois Department of Revenue.