IL HJR0106

Creates the Local Government Bond Reform Task Force to review and analyze current processes used by local governments and school districts to propose, invest in, and sell bonds, including potential conflicts of interest.

Task Force consists of 15 members including: four legislative appointees (one from each party in House and Senate), the Director of Revenue and State Superintendent of Education, and representatives from counties, municipalities, townships, park districts, school boards, school superintendents, school business officials, taxpayers/businesses, and the bond industry appointed by the Governor.

Members serve without compensation; Task Force shall appoint a Chairperson and Vice Chairperson at its first meeting within 30 days of resolution approval; Illinois Department of Revenue provides administrative support.

Task Force must issue a final report to the General Assembly by January 1, 2021 with recommendations to reform the bond process and eliminate potential conflicts of interest, after which the Task Force is dissolved.