90th General Assembly
Summary of HB3081
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Short description: 
MUNI CD-HOUSING FINANCE BONDS                                              

Synopsis of Bill as introduced:
        Amends the Tax Increment  Allocation  Redevelopment  Act  in  the      
   Illinois  Municipal Code.  Makes a technical change in the short title      
        HOUSE AMENDMENT NO. 1.                                                 
          Deletes reference to:                                                
          65 ILCS 5/11-74.4-1                                                  
          Adds reference to:                                                   
          65 ILCS 5/8-4-1                 from Ch. 24, par. 8-4-1              
          65 ILCS 5/11-74.5-2             from Ch. 24, par. 11-74.5-2          
          65 ILCS 5/11-74.5-3             from Ch. 24, par. 11-74.5-3          
          65 ILCS 5/11-74.5-5             from Ch. 24, par. 11-74.5-5          
          65 ILCS 5/11-74.5-4 rep.                                             
        Deletes  everything.   Amends  the   Illinois   Municipal   Code.      
   Provides  that  bonds  issued  under the Municipal Housing Finance Law      
   shall not be subject to referendum requirements.    In  the  Municipal      
   Housing Finance Law Division, provides that "home mortgage loan" means      
   an interest bearing loan to a mortgagor evidenced by a promissory note      
   and  secured  by  a  mortgage  on a home (now by a first mortgage on a      
   home).  Provides that a municipality  may  acquire  and  contract  and      
   enter  into advance commitments to acquire directly or indirectly (now      
   acquire) home mortgages.  Provides that a municipality may issue bonds      
   under the Municipal Housing Finance Law to defray, among other things,      
   the costs of reasonable reserves.  Provides that  a  municipality  may      
   authorize  the  sale  or  other  disposition of any home mortgage loan      
   after the bonds have  been  paid  or  deemed  to  be  paid.    Deletes      
   provisions  of the Municipal Housing Finance Law concerning the review      
   of bonds and provisions concerning referendums.  Makes other  changes.      
   Effective immediately.                                                      
Last action on Bill: PUBLIC ACT.............................. 90-0706

   Last action date: 98-08-07

           Location: House

 Amendments to Bill: AMENDMENTS ADOPTED: HOUSE -   1     SENATE -   0


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