FINANCE ACT-BONDS AND DEBT

Amends the State Finance Act, General Obligation Bond Act, Bond Authorization Act, and Local Government Credit Enhancement Act. Removes provisions concerning interest payable on variable rate bonds. Removes provisions allowing certain governmental units to enter into agreements to engage in "swap" agreements with respect to all or part of any currently outstanding or proposed bonds. Removes provisions authorizing variable interest rates and certain credit or liquidity enhancement arrangements, including interest rate protection or exchange agreements and guarantees with respect to the issuance of general obligation bonds. Removes provisions requiring the net payments required of the State for such arrangements to be certified by the Director of the Governor's Office of Management and Budget and treated as interest. Makes related changes. Adds definitions. Effective immediately.