SB1729 Engrossed

LRB095 03448 CMK 23452 b






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    AN ACT concerning finance.

 
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    Be it enacted by the People of the State of Illinois,
 
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represented in the General Assembly:


 
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    Section 5. The Local Government Debt Reform Act is amended  
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by changing Section 17.5 as follows:
 



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    (30 ILCS 350/17.5)



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    Sec. 17.5. Bond authorization by referendum. Whenever 
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applicable law
provides
that the authorization of or the 
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issuance of bonds is subject to either a
referendum or backdoor 
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referendum, the approval, once obtained, remains
(i) for 5 
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years
after the date
of the referendum or (ii) for 3 years 
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after the end of the petition
period for a
backdoor referendum.  
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However, whenever the applicable law
provides
that the 
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authorization of or the issuance of bonds under the Water 
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Pollution Control Loan Program or the Public Water Supply Loan 
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Program, under Title IV-A of the Environmental Protection Act, 
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is subject to either a referendum or backdoor referendum, the 
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approval, once obtained, remains (i) for 7 years after the date 
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of the referendum or (ii) for 5 years after the end of the 
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petition period for a backdoor referendum
This Section applies 
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only to a referendum or a backdoor
referendum held
after
the 
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effective date of this amendatory Act of the 91st General 
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Assembly.

 


 






SB1729 Engrossed
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LRB095 03448 CMK 23452 b




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(Source: P.A. 91-493, eff. 8-13-99.)

 

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    Section 99. Effective date. This Act takes effect upon 
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becoming law.