FINANCE-LOCGOV DEBT REFORM House SponsorsRep. Dan Reitz 1/9/2007HouseSession Sine Die 30 ILCS 350/3from Ch. 17, par. 690330 ILCS 350/9from Ch. 17, par. 690930 ILCS 350/10from Ch. 17, par. 691030 ILCS 350/11from Ch. 17, par. 691130 ILCS 350/16.530 ILCS 350/17from Ch. 17, par. 691730 ILCS 350/17.5 Amends the Local Government Debt Reform Act. In a Section concerning definitions, provides that public corporations are included within the definition of "governmental unit", and deletes provisions that a bureau, board, commission, university, or similar agency of the State is a "governmental unit". Provides that the proceeds of bonds may be used to provide for the payment of interest upon such bonds for a period not to exceed the greater of 3 years (now, 2 years) or a period ending 6 months after the estimated date of completion of the acquisition and construction of the project or accomplishment of the purpose for which such bonds are issued. Provides that bonds must become due within 30 years (now, 40 years unless limited by law). Provides that a refunding bond issue may authorize the use of the proceeds to pay interest on the refunding bond issue during the period of time from delivery of the issue to the redemption date of the bonds being refunded. Provides that bonds that have been wholly refunded or provided for with qualifying securities shall not be included as debt for the purposes of any calculation or limitation. In a Section concerning referenda for bonds, provides that no action may be brought by any person in any court or other tribunal seeking in any way to challenge or contest the validity of an election outcome based upon the wording set forth in any election notice or the ballot after a period of 30 days after the canvass of such election. In a Section concerning lease and installment contracts, provides that certificates evidencing the indebtedness incurred under a lease or agreement may be refunded under certain provisions of the Act. In a Section concerning bond authorization by referendum, provides that bond approval subject to a backdoor referendum expires after 5 years (now, 3 years). Effective immediately. 2/17/2005HouseFiled with the Clerk by Rep. Dan Reitz 2/17/2005HouseFirst Reading 2/17/2005HouseReferred to Rules Committee 2/23/2005HouseAssigned to Executive Committee 3/10/2005HouseRule 19(a) / Re-referred to Rules Committee 1/9/2007HouseSession Sine Die