Public Act 095-0517
 		





SB1729 Enrolled
LRB095 03448 CMK 23452 b






    AN ACT concerning finance.

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


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



    (30 ILCS 350/17.5)



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

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

 

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





Effective Date:  8/28/2007