Illinois Public Act 93-9 (the "Act") was signed into law in 2003, thereby clarifying, for Illinois non-home rule governmental units, their ability both to issue variable rate debt and to enter into swaps and other types of derivative transactions.
Since the Act became law, we have assisted several Illinois units of local government with transactions that would not have been possible prior to the Act.
The Act clarifies existing law, making it more understandable and usable to a greater number of qualifying governmental units. In an effort to assist our governmental clients in understanding their financing alternatives, Chapman and Cutler LLP assumed a lead role in both the drafting of this legislation and providing relevant information to the legislature.
Over time, the firm anticipates monitoring developments relating to this important law in order to keep our clients up to date on any changes or modifications the state may contemplate.