Introduced
by
To amend certain bonding authority contained in the Revised School Code so that it conforms to the changes in the law caused by Senate Bill 29, now Public Act 34 of 2001. Among other things that law authorized local units of government, school districts, and other bonding authorities, to issue debt without prior Department of Treasury approval if they file an annual audit report demonstrating financial soundness. That law authorizes “budget bonds,” now prohibited, which are paid out of the operating budget and do not require a vote of the people, and negotiated bond sales, rather than competitive sales, now required for larger issues. The new law also limits the issuance of refunding bonds and zero-coupon bonds to instances where they actually save taxpayer dollars. See also House Bills 5404 to 5423.
Referred to the Committee on Commerce
Substitute offered
by
To replace the previous version of the bill with a version recommended by the committee which reported it. The substitute incorporates changes resulting from committee testimony and deliberation. These changes do not affect the substance of the bill as previously described.
The substitute passed by voice vote
Passed in the House 101 to 0 (details)
To amend certain bonding authority contained in the Revised School Code so that it conforms to the changes in the law caused by Senate Bill 29, now Public Act 34 of 2001. Among other things that law authorized local units of government, school districts, and other bonding authorities, to issue debt without prior Department of Treasury approval if they file an annual audit report demonstrating financial soundness. That law authorizes “budget bonds,” now prohibited, which are paid out of the operating budget and do not require a vote of the people, and negotiated bond sales, rather than competitive sales, now required for larger issues. The new law also limits the issuance of refunding bonds and zero-coupon bonds to instances where they actually save taxpayer dollars. This is one of more than 100 House and Senate bills amending different public acts to conform with the new law.
Passed in the Senate 35 to 0 (details)
Received
Substitute offered
by
To reconsider the vote by which the bill was passed.
The substitute passed by voice vote
Substitute offered
by
To replace the previous version of the bill with a version with technical changes that do not affect the substance of the bill as previously described.
The substitute passed by voice vote
Passed in the Senate 35 to 0 (details)
To amend certain bonding authority contained in the Revised School Code so that it conforms to the changes in the law caused by Senate Bill 29, now Public Act 34 of 2001. Among other things that law authorized local units of government, school districts, and other bonding authorities, to issue debt without prior Department of Treasury approval if they file an annual audit report demonstrating financial soundness. That law authorizes “budget bonds,” now prohibited, which are paid out of the operating budget and do not require a vote of the people, and negotiated bond sales, rather than competitive sales, now required for larger issues. The new law also limits the issuance of refunding bonds and zero-coupon bonds to instances where they actually save taxpayer dollars. This is one of more than 100 House and Senate bills amending different public acts to conform with the new law.
Passed in the House 98 to 0 (details)
