Bill > HB2499

This bill amends the Local Government Debt Reform Act to modify the rules for issuing alternate bonds, which are a type of municipal bond that can be issued with less stringent approval requirements compared to traditional general obligation bonds. Specifically, the bill prohibits alternate bonds issued on or after the effective date of the amendatory Act from being secured by proceeds of general obligation bonds that were initially issued without referendum approval. This means local governments will have additional restrictions on how they can structure and back their alternate bond financing, potentially limiting their financial flexibility. The bill aims to create more transparency and voter involvement in local government debt issuance by preventing certain types of bond financing that might circumvent direct voter approval. The changes apply immediately upon enactment, and the provision is part of broader regulations governing how local governments in Illinois can issue debt and manage their financial obligations.

https://www.ilga.gov/legislation/BillStatus.asp?DocNum=2499&GAID=18&DocTypeID=HB&SessionID=114&GA=104