Senate Sponsors: WALSH,T. House Sponsors: MOORE,ANDREA-BLACK Short description: LOCAL GOV DEBT REFORM Synopsis of Bill as introduced: Amends the Local Government Debt Reform Act. Permits publication of some notices on the World Wide Web. Provides for escrow accounts designated by units of local government. Sets procedures for issuing certificates evidencing indebtedness incurred under certain leases or agreements. Authorizes alternative bond referendum propositions. Effective immediately. HOUSE AMENDMENT NO. 1. Adds reference to: 30 ILCS 350/15 from Ch. 17, par. 6915 Provides that debt service on alternate bonds issued as variable rate bonds shall be projected based on the rate for the most recent date shown in the 20 G.O. Bond Index of average municipal bond yields as published in the most recent edition of The Bond Buyer. Provides that interest or fees payable on certain forms of credit enhancement need not be taken into account for the purpose of the projection. Pro- vides that amounts payable by a governmental unit and calculated at an agreed-upon rate pursuant to an agreement in connection with the alternate bonds entered into at the time of issuance must be projected based on the agreed-upon rate. HOUSE AMENDMENT NO. 2. Adds reference to: 75 ILCS 16/15-90 Amends the Public Library District Act of 1991. Provides that a library district may extend taxes to pay the principal of and interest on bonds issued to refund general obligation bonds on taxable property that was in the district on the date that the bonds being refunded were issued. Provides that (i) the net interest rate on the refunding bonds may not exceed the net interest rate on the refunded bonds, (ii) the final maturity date of the refunding bonds may not extend beyond the final maturity date of the refunded bonds, and (iii) the debt service payable on the refunding bonds in any year may not exceed the debt service that would have been payable on the refunded bonds in that year. Provides that the amendatory changes are inoperable after December 31, 2000. Last action on Bill: PUBLIC ACT.............................. 91-0868 Last action date: 00-06-22 Location: Senate Amendments to Bill: AMENDMENTS ADOPTED: HOUSE - 2 SENATE - 0 END OF INQUIRY Full Text Bill Status