A bipartisan bill introduced in Springfield by local legislators is taking aim at alternate revenue bond “abuses,” but some local leaders and bond experts fear it would add another level of bureaucratic red tape and stall what they see as a relatively everyday procedure.

House Bill 983 was introduced last month by state Rep. David McSweeney, R-Lake Barrington, with support from Rep. Jack Franks, D-Marengo. The bill would tighten regulations in the local debt reform act, specifically as it relates to alternate revenue bonds.

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. Often called double-barreled bonds, this funding mechanism promises taxpayer dollars if those revenues fall short.