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| | 97TH GENERAL ASSEMBLY
State of Illinois
2011 and 2012
HB5205 Introduced 2/8/2012, by Rep. Mike Fortner SYNOPSIS AS INTRODUCED:
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30 ILCS 350/4 | from Ch. 17, par. 6904 |
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Amends the Local Government Debt Reform Act. Provides that, whenever a governmental unit has been granted the power or authority to issue bonds, the governmental unit may incur debt provided that the governmental unit shall first make a finding that the particular instrument of indebtedness selected is the most cost-effective means and is the most appropriate method for the particular purpose for which the funds are to be used. Effective immediately.
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| | | FISCAL NOTE ACT MAY APPLY | |
| | A BILL FOR |
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| | HB5205 | | LRB097 17030 PJG 62226 b |
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| 1 | | AN ACT concerning finance.
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| 2 | | Be it enacted by the People of the State of Illinois,
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| 3 | | represented in the General Assembly:
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| 4 | | Section 5. The Local Government Debt Reform Act is amended |
| 5 | | by changing Section 4 as follows:
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| 6 | | (30 ILCS 350/4) (from Ch. 17, par. 6904)
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| 7 | | Sec. 4. Powers supplemental. The provisions of this Act are |
| 8 | | intended
to be supplemental and in addition to all other powers |
| 9 | | or authorities granted
to any governmental unit, shall be |
| 10 | | construed liberally and shall not be
construed as a limitation |
| 11 | | of any power or authority otherwise granted. Whenever a |
| 12 | | governmental unit has been granted the power or authority to |
| 13 | | issue bonds, the governmental unit may incur debt in any manner |
| 14 | | described in subsection (d) of Section 3 of this Act, provided |
| 15 | | that the governmental unit shall first make a finding that the |
| 16 | | particular instrument of indebtedness selected is the most |
| 17 | | cost-effective means and is the most appropriate method for the |
| 18 | | particular purpose for which the funds are to be used.
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| 19 | | (Source: P.A. 85-1419.)
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| 20 | | Section 99. Effective date. This Act takes effect upon |
| 21 | | becoming law.
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