Bill would tighten rules for certain bonds

The locally sponsored legislation could affect MCC plans

By CHELSEA McDOUGALL - cmcdougall@shawmedia.com

Created: Thursday, January 31, 2013 5:30 a.m. CDT

Updated: Thursday, January 31, 2013 2:23 p.m. CDT

Legislation filed this week in Springfield could make it harder for McHenry County College to fund its proposed expansion.

Sponsored by state Rep. David McSweeney, R-Barrington Hills, and co-sponsored by state Rep. Jack Franks, D-Marengo, HB983 would make it more difficult for taxing bodies to issue alternate revenue bonds to pay for projects.

Alternate revenue bonds typically are issued by taxing districts to pay for projects with the understanding that the money is backed by an identified revenue stream tied to the project. For example, a municipality could issue alternate revenue bonds for a water treatment plant and use revenue from water bills to repay the bond.

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