(30 ILCS 350/2)
(from Ch. 17, par. 6902)
The General Assembly finds: (a) There have been
many and important changes in the market for and practices with respect to
the issuance of bonds of local governmental units in recent years.
(b) Various provisions of the Illinois law are inconsistent and outdated.
(c) Many of these provisions result in additional costs for the citizens
of the State of Illinois residing in local governmental units because of
the sale and issuance of bonds at higher rates than would otherwise be
(d) The General Assembly deems it advisable and in the best interests of
the residents of Illinois local governmental units to provide supplemental
authority regarding the issuance and sale of bonds to accommodate such
market practices and the provisions of current federal income tax law.
(Source: P.A. 85-1419.)