2001 House Bill 5407 ↩

House Roll Call 28: Passed

To amend the 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.