Those who don’t read the comments under articles often miss a great expansion of the information available on the subject.
Take, for example, the articles on Pam Althoff’s, Karen McConnaughay’s and Mike Tryon’s Senate Bill 3341.
That’s the bill that allows the McHenry County Conservation District to sell more bonds, that is, borrow more money, without voter approval.
Yesterday, Althoff’s explanation of her bill brought forth erudite comments from two people.
Susan found the following December 8th statement from MCCD President David Brandt:
ADDENDUM TO THE OFFICIAL STATEMENT DATED DECEMBER 16, 2014 Relating to the issuance of MCHENRY COUNTY CONSERVATION DISTRICT MCHENRY COUNTY, ILLINOIS $108,215,000 GENERAL OBLIGATION REFUNDING BONDS, SERIES 2014
Please be advised that the above-referenced Official Statement is hereby amended by adding the following footnote in the Section entitled “Financial Information — Legal Debt Margin”:
(4) The Illinois General Assembly passed Senate Bill 3341 on December 3, 2014 (“SB 3341”).
SB 3341 expands the District’s authority to incur additional debt [emphasis added] by
(a) authorizing the District to issue non-referendum bonds for the development of real property all or a portion of which was acquired with referendum-approved bonds and
(b) providing that referendum-approved bonds and bonds issued to refund or continue to refund referendum-approved bonds do not limit the ability of the District to issue non-referendum bonds within its .575% non-referendum debt limit.
The Governor has yet to act on SB 3341, and the District can give no assurance whether SB 3341 will become law. Even if SB 3341 becomes law, the District has no plans to issue any bonds in the next six months.
/s/ David Brandt
President, Board of Trustees
McHenry County Conservation District,
McHenry County, Illinois
Date of this Addendum: December 8, 2014
= = = = =
Let’s think on that for a while. And, if you want to express your opinion to Govenror Pat Quinn on whether he should sign or veto the bill, you may send him at email at the address below:
If Quinn does not sign or veto the bill, it will automatically become law sixty days after passage.
Read the original addendum here.