House Sponsors: LEITCH-SCOTT-MOORE,EUGENE. Senate Sponsors: SYVERSON-RADOGNO-SHAW 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 Section. 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 END OF INQUIRY Full Text Bill Status