Illinois HB 2499: LOCAL GOV DEBT-ALTERNATE BONDS
Status: Referred to Rules Committee (as of 2025-02-04)
State: Illinois · Session: 104th · Bill: HB 2499
Sponsors: Steven Reick
Bill Text
• Illinois General Assembly - Full Text of HB2499 • • • • • • • • • • • • Select Language × The Illinois General Assembly offers the Google Translate™ service for visitor convenience. In no way should it be considered accurate as to the translation of any content herein. Visitors of the Illinois General Assembly website are encouraged to use other translation services available on the internet. The English language version is always the official and authoritative version of this website. NOTE: To return to the original English language version, select the "Show Original" button on the Google Translate™ menu bar at the top of the window. Choose Language English Afrikaans Albanian Arabic Armenian Azerbaijani Basque Bengali Bosnian Catalan Croatian Czech Danish Dutch Esperanto Estonian Filipino Finnish French Galician Georgian German Greek Gujarati Haitian Creole Hausa Hawaiian Hebrew Hindi Hungarian Icelandic Indonesian Interlingua Interlingue Inuktitut Irish Italian Japanese Javanese Kannada Khmer Korean Latin Latvian Lithuanian Luxembourgish Macedonian Malagasy Malayalam Maltese Maori Marathi Myanmar Nepali Norwegian Odia Pashto Punjabi Romanian Russian Samoan Sango Sanskrit Sardinian Sindhi Sinhala Slovak Slovenian Somali Southern Sotho Spanish Sundanese Swahili Swedish Tamil Telugu Thai Tigrinya Tonga Turkish Ukrainian Urdu Vietnamese Welsh Xhosa Yiddish Yoruba Zulu Powered by Translate Close Illinois General Assembly Top Navigation Bar Translate Learn Select General Assembly Search the 104th General Assembly Enter search terms for legislation, members, committees, or schedules. ILGA.GOV • • LEGISLATION & LAWS • Bills & Resolutions • Public Acts • Illinois Compiled Statutes • Illinois Constitution • Search Legislation • Glossary • Guide • Reports & Inquiry • Legislative Reports • Special Reports • FTP Site • Legislator Lookup • Capitol Complex Phone Numbers • Rules & Regulations • Illinois Register • Administrative Rules • Senate • Members • Schedules • Committees • Request for Remote Testimony • Journals • Transcripts • Rules • Audio/Video • FOIA Information • Senate Employment Opportunities • Media Guidelines • House • Members • Schedules • Committees • Submit testimony for House Committees • Journals • Transcripts • Rules • Audio/Video • FOIA Information • House Employment Opportunities • Log In Mobile Top Bar Search the 104th General Assembly Enter keywords to search the Illinois General Assembly website. Full Text of HB2499 • Home • Legislation • Full Text HB2499 - 104th General Assembly • Bill Status • Full Text • Votes • Witness Slips Select Menu Bill Status Full Text Votes Witness Slips Printer Friendly Version Introduced Printer Friendly Version Introduced Open PDF 104TH GENERAL ASSEMBLY State of Illinois 2025 and 2026 HB2499 Introduced 2/4/2025, by Rep. Steven Reick SYNOPSIS AS INTRODUCED: 30 ILCS 350/15 from Ch. 17, par. 6915 Amends the Local Government Debt Reform Act. Provides that alternate bonds issued on or after the effective date of the amendatory Act may not be secured by the proceeds of general obligation bonds issued without referendum approval. Effective immediately. LRB104 04608 HLH 14635 b A BILL FOR HB2499LRB104 04608 HLH 14635 b 1 AN ACT concerning revenue. 2 Be it enacted by the People of the State of Illinois, 3represented in the General Assembly: 4 Section 5. The Local Government Debt Reform Act is amended 5by changing Section 15 as follows: 6 (30 ILCS 350/15) (from Ch. 17, par. 6915) 7 Sec. 15. Double-barrelled bonds. Whenever revenue bonds 8have been authorized to be issued pursuant to applicable law 9or whenever there exists for a governmental unit a revenue 10source, the procedures set forth in this Section may be used by 11a governing body. General obligation bonds may be issued in 12lieu of such revenue bonds as authorized, and general 13obligation bonds may be issued payable from any revenue 14source. Such general obligation bonds may be referred to as 15"alternate bonds". Alternate bonds may be issued without any 16referendum or backdoor referendum except as provided in this 17Section, upon the terms provided in Section 10 of this Act 18without reference to other provisions of law, but only upon 19the conditions provided in this Section. Alternate bonds shall 20not be regarded as or included in any computation of 21indebtedness for the purpose of any statutory provision or 22limitation except as expressly provided in
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