Illinois Compiled Statutes
30 ILCS 350/2 (2026)
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(30 ILCS 350/2)
(from Ch. 17, par. 6902)
Sec. 2.
Findings.
The General Assembly finds: (a) There have been
many and important changes in the market for and practices with respect to
the issuance of bonds of local governmental units in recent years.
(b) Various provisions of the Illinois law are inconsistent and outdated.
(c) Many of these provisions result in additional costs for the citizens
of the State of Illinois residing in local governmental units because of
the sale and issuance of bonds at higher rates than would otherwise be
necessary.
(d) The General Assembly deems it advisable and in the best interests of
the residents of Illinois local governmental units to provide supplemental
authority regarding the issuance and sale of bonds to accommodate such
market practices and the provisions of current federal income tax law.
(Source: P.A. 85-1419.)
Notes of Decisions
Cited in 4
cases, 2002–2012 · leading case: City of Chicago Ex Rel. Scachitti v. Prudential Sec., Inc., 772 N.E.2d 906 (Ill. App. Ct. 2002).
City of Chicago Ex Rel. Scachitti v. Prudential Sec., Inc., 772 N.E.2d 906 (Ill. App. Ct. 2002). “6902; see 30 ILCS 350/2 (West 2000). In addition, this case involves claims brought pursuant to Article XX of the Code, which reflects a determination by the General Assembly that the recovery of funds fraudulently obtained from a local government is in the public interest, even…”
100 Lake v. Novak, 2012 IL App (2d) 110708 (Ill. App. Ct. 2012). “” 30 ILCS 350/2 (West 2002). Plaintiffs maintained that the District violated its fiduciary duty to taxpayers by not issuing the bonds at the lowest interest rates possible.”
Commonwealth Edison Co. v. People ex rel. Coffman, 788 N.E.2d 364 (Ill. App. Ct. 2003). “30 ILCS 350/2 (West 2000). The Forest Preserve could properly avail itself of the benefits of the Debt Reform Act while pursuing a proper corporate purpose as enumerated in the Downstate Act.”
City of Chicago ex rel. Scachitti v. Prudential Sec., Inc. (Ill. App. Ct. 2002). “17, ¶ 6902; see 30 ILCS 350/2 (West 2000). In addition, this case involves claims brought pursuant to Article XX of the Code, which reflects a determination by the General Assembly that the recovery of funds fraudulently obtained from a local government is in the public…”
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