IL HB0883

Removes provisions authorizing variable interest rate bonds, including language allowing bonds to bear interest at fluctuating rates and requirements to calculate interest at maximum rates.

Eliminates authority for governmental units to enter into interest rate swap agreements, collar agreements, and other derivative contracts related to bond financing.

Removes provisions authorizing credit or liquidity enhancement arrangements for bonds, including bond insurance, letters of credit, and interest rate protection agreements.

Deletes language requiring Director of Governor's Office of Management and Budget to certify net swap payments and treat them as interest for bond calculations.

Takes effect immediately upon becoming law.