IL HB0308

Prohibits issuance of alternate bonds if they would create or continue accumulation of "stacked alternate-bonded debt," defined as debt with 2 or more layers where one finances another and at least one layer is financed with alternate revenue.

Defines "stacked alternate-bonded debt" as a new term in the Local Government Debt Reform Act to restrict certain multi-layered bonding structures.

Exempts transactions or debt agreements already in place before the effective date of this amendatory act from the new stacked alternate-bonded debt prohibition.

Amends Sections 3 and 15 of the Local Government Debt Reform Act to add these restrictions on alternate bond issuance.

Takes effect immediately upon becoming law.