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IL HB5205

Bill

Official Source

Status

Failed

1/8/2013

Primary Sponsor

Mike Fortner

Click for details

Origin

House of Representatives

97th General Assembly

AI Summary

  • Amends the Local Government Debt Reform Act (30 ILCS 350/4) to require governmental units with bond-issuing authority to make a finding before incurring debt.

  • Requires governmental units to determine that the selected debt instrument is the most cost-effective means and most appropriate method for the intended purpose.

  • Applies to any manner of debt described in subsection (d) of Section 3 of the Local Government Debt Reform Act.

  • Takes effect immediately upon becoming law.

Legislative Description

LOCAL GOVT DEBT-FINDING

Last Action

Session Sine Die

1/8/2013

Committee Referrals

Rules2/8/2012

Full Bill Text

No bill text available