[ Search ] [ Legislation ]
[ Home ] [ Back ] [ Bottom ]
91_HB4180
LRB9111770SMdv
1 AN ACT concerning bonds.
2 Be it enacted by the People of the State of Illinois,
3 represented in the General Assembly:
4 Section 5. The Illinois Private Activity Bond Allocation
5 Act is amended by changing Section 5 as follows:
6 (30 ILCS 345/5) (from Ch. 17, par. 6855)
7 Sec. 5. Unit of local government allocation.
8 (a) No unit of local government shall issue any private
9 activity bond, except in conformity with rules established by
10 the Governor's office pursuant to this Act.
11 (b) The total volume cap available to all units of local
12 government is hereby assigned to the Local Government Pool.
13 The Local Government Pool for each calendar year shall be
14 allocated by the Governor's office as follows:
15 (i) Any unit of local government may receive an
16 allocation of volume cap from the Local Government Pool
17 by filing with the Governor's office a request for an
18 allocation, together with a certified copy of the related
19 official action, of the governing body of the local
20 government. Upon receipt the Governor's office shall
21 promptly determine the amount of the Local Government
22 Pool remaining under this subsection (b), and shall
23 allocate to such unit of local government the amount set
24 forth in its official action (or such lesser amount as
25 such unit of local government or person authorized to act
26 on its behalf may request) unless the amount requested
27 shall exceed the amount remaining in the Local Government
28 Pool. All allocations made pursuant to this Section
29 shall be valid for a period of 60 days. Any unit of
30 local government to which an allocation has been made,
31 and which has not issued its private activity bonds prior
-2- LRB9111770SMdv
1 to the expiration of the allocation, may refile with the
2 Governor's office seeking a new allocation under this
3 Section.
4 (ii) In making such allocation, the Governor's
5 office shall consider only the dollar amount set forth in
6 such request and the amount of the Local Government Pool
7 remaining under this Section. No unit of local government
8 may be granted more than 5% 10% of the amount of total
9 allocation initially available to units of local
10 government for a single project, bond issue, or borrower.
11 (iii) All requests for an allocation shall be
12 processed in the order received by the Governor's office.
13 It is the intention of this Act that allocation requests
14 be made only within 60 days prior to the expected
15 issuance of private activity bonds.
16 (iv) For each unit of local government making a
17 request for an allocation, a public official responsible
18 for authorizing the issuance shall make a part of the
19 request a certification that under penalty of perjury, to
20 the best of the public official's knowledge, the issuance
21 of the private activity bond was not made in
22 consideration of any bribe, gift, gratuity or direct or
23 indirect contribution to any political campaign.
24 (v) In the event any unit of local government has
25 issued private activity bonds prior to the effective date
26 of this Act, the Governor's office, upon request made
27 within 30 days after the effective date of this Act by
28 any unit of local government, or any person authorized to
29 act on its behalf, shall promptly allocate the amount
30 requested to such applicant, with the same effect as if
31 such allocation has been made prior to the issuance of
32 such private activity bonds, unless such allocation shall
33 exceed the Local Government Pool remaining under this
34 Section.
-3- LRB9111770SMdv
1 (c) The amount of volume cap remaining in the Local
2 Government Pool as of July 14 of each calendar year, shall
3 be, on July 15, of each calendar year, reserved to the
4 Governor's office for reallocation to the State, State
5 agencies or units of local government applying under this
6 Section. The amount of volume cap, the allocation of which
7 has expired after July 14 of any calendar year, is reserved
8 upon its expiration to the Governor's office for reallocation
9 to the State, State agencies or units of local government
10 applying under this Section. Requests for allocation of
11 volume cap by the State, State agencies and units of local
12 government under this subsection shall be processed as they
13 are received by the Governor's office.
14 (d) The State or State agency which has received an
15 allocation of volume cap from the Governor's office under
16 this Section may issue private activity bonds within such
17 limit during the balance of the calendar year or as provided
18 in subsection (e) of Section 4 of this Act.
19 (Source: P.A. 89-460, eff. 5-24-96.)
20 Section 99. Effective date. This Act takes effect upon
21 becoming law.