Bill > HB4133

This bill amends the Local Government Debt Reform Act to extend the bond authorization period for Iroquois County Community Unit School District Number 9, specifically addressing the referendum held in April 2021. Typically, bond approvals obtained through a referendum remain valid for 5 years, but this bill provides a special exception that allows the district's bond approval to remain in effect for 10 years after the date of the referendum. The bill ensures that the school district retains its ability to issue bonds approved by voters in the 2021 referendum for a longer period, which can provide greater flexibility in financial planning and infrastructure development. By extending the authorization window from the standard 5 years to 10 years, the legislation gives the school district more time to potentially issue the approved bonds without needing to seek additional voter approval. The bill takes effect immediately upon becoming law, which means the extended bond authorization period will apply right away.

https://www.ilga.gov/Legislation/BillStatus?DocNum=4133&GAID=18&DocTypeID=HB&SessionID=114&GA=104