Alternate revenue bonds bill edited
Amendment waters down voters’ ability to halt certain taxing district spending plans
Facing opposition from lobbyists and members of his own party, state Rep. David McSweeney filed an amendment that tempers his bill aimed at ending alternate revenue bond abuses.
A revised HB983, co-sponsored by McSweeney, R-Barrington Hills, and Jack Franks, D-Marengo, still tightens regulations in the debt reform act, specifically for double-barrel bonds, but the bill’s original parameters have been watered down.
“I want to get something done that meets my objectives,” McSweeney said. “I stand by the original legislation, but it’s clear it wasn’t going to pass.”
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