Section 30 ILCS 350/2 - FindingsThe 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of bonds of local governmental units in recent years.(b) Various provisions of the Illinois law are inconsistent and outdated.(c) Many of these provisions result in additional costs for the citizens of the State of Illinois residing in local governmental units because of the sale and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.