HB1226 Summary

• Amends the Illinois Municipal Code by adding Section 11-76-7 to regulate municipal asset sales
• Prohibits city councils from adopting ordinances or resolutions to sell rights to use or profit from municipal assets (including water resources) without a public hearing and voter referendum
• Requires the referendum to occur at the next election following the public hearing
• Allows the city council to proceed with the sale only if electors approve it by referendum and in accordance with the referendum provisions
• Establishes this requirement as a limitation on home rule municipalities' powers, preventing them from regulating such sales inconsistently with this section