HB2936 Summary

• Amends the Local Government Debt Reform Act to prohibit alternate bonds from being secured by proceeds of general obligation bonds issued without referendum approval.

• Adds a new restriction in Section 15(a) stating "Alternate bonds may not be secured by the proceeds of general obligation bonds issued without referendum approval."

• Maintains existing provisions allowing alternate bonds to be issued without referendum under specified conditions, subject to backdoor referendum procedures.

• Takes effect immediately upon becoming law.