093_SB1075ham001
LRB093 08352 JAM 15633 a
1 AMENDMENT TO SENATE BILL 1075
2 AMENDMENT NO. . Amend Senate Bill 1075 by replacing
3 everything after the enacting clause with the following:
4 "Section 5. The Rural Bond Bank Act is amended by
5 changing Section 1-2 as follows:
6 (30 ILCS 360/1-2) (from Ch. 17, par. 7201-2)
7 Sec. 1-2. Declaration of purpose. (a) It is declared to
8 be in the public interest and to be the policy of Illinois
9 this State:
10 (1) To foster and promote by all reasonable means the
11 provision of adequate capital markets and facilities for
12 borrowing money by rural units of local government, and for
13 the financing of their respective public improvements and
14 other governmental purposes within the State from proceeds of
15 bonds or notes issued by those governmental units;
16 (2) To assist rural governmental units in fulfilling
17 their needs for those purposes by use of creation of
18 indebtedness;
19 (3) To the extent possible, to reduce the costs of
20 indebtedness to taxpayers and residents of this State and to
21 encourage continued investor interest in the purchase of
22 bonds or notes of rural governmental units as sound and
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1 preferred securities for investment; and
2 (4) To encourage rural governmental units to continue
3 their independent undertakings of public improvements and
4 other governmental purposes and the financing thereof, and to
5 assist them in those activities by making funds available at
6 reduced interest costs for orderly financing of those
7 purposes, especially during periods of restricted credit or
8 money supply, and particularly for those rural governmental
9 units not otherwise able to borrow for those purposes.
10 (b) It is further declared that current credit and
11 municipal bond market conditions require the exercise of
12 State powers in the interest of rural governmental units to
13 further and implement these policies by:
14 (1) Authorizing a State instrumentality to be created as
15 a body corporate and politic to have full powers to borrow
16 money and to issue its bonds and notes to make funds
17 available through the facilities of the instrumentality at
18 reduced rates and on more favorable terms for borrowing by
19 rural governmental units through the instrumentality's
20 purchase of the bonds or notes of the governmental units in
21 fully marketable form; and
22 (2) Granting broad powers to the instrumentality to
23 accomplish and to carry out these policies of the State which
24 are in the public interest of the State and of its taxpayers
25 and residents.
26 (Source: P.A. 86-927.)".