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A bill to amend the bankruptcy law to provide for special revenue bonds, and for other purposes.

Public Law 100-597 · S. 1863 · 100th Congress · began in the Senate

Signed by Ronald Reagan (R) on Nov 3, 1988 · Finance and Financial Sector

Sponsor: Sen. Dennis DeConcini (D-AZ)

Cosponsors (2): Sen. Paul Simon,

Passage votes

  • HouseVoice vote
  • SenateVoice vote
Data notes

The final version of the law, as each chamber passed it. A chamber that passed it by voice vote or unanimous consent has no count. “Method not stated” means the record does not say how the chamber voted. Where the record has a member-by-member vote, the “Who voted for it” section shows who voted yea.

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Summary

The Congressional Research Service’s plain-language summary of what the law does.

Amends Federal bankruptcy provisions relating to the adjustment of debts of a municipality to revise rules relating to the treatment of special revenue bonds.

Treats as an administrative expense any claim against a debtor municipality if the debtor provides adequate protection of the interest of the holder of a claim secured by a lien on property of the debtor and if the creditor has a claim from a stay of action against such property. Specifies that the filing of a bankruptcy petition does not operate as a stay of application of pledged special revenues to payment of indebtedness secured by such revenues.

Specifies that the transfer of property of the debtor to or for the benefit of any holder of a bond or note, on account of such bond or note, may not be avoided.

Provides that the holder of a claim payable solely from special revenues of a debtor municipality under applicable nonbankruptcy law shall not be treated as having recourse against the debtor as an unsecured creditor.

Provides that special revenues acquired by the debtor after the commencement of the case shall remain subject to any lien resulting from any security agreement entered into by the debtor before the commencement of the case. Specifies that any such lien on special revenues derived from a project or system shall be subject to the necessary operating expenses of such project or system.

Specifies that a lease to a municipality shall not be treated as an executory contract or unexpired lease by reason of its being subject to termination in the event the debtor fails to appropriate rent.

Committees

The committees the bill was sent to, and what each did with it.

  • Judiciary Committee · House · referred toSubcommittee: Administrative State, Regulatory Reform, and Antitrust Subcommittee
  • Judiciary Committee · Senate · markup by, referred to, reported bySubcommittee: Administrative Oversight and the Courts Subcommittee
Data notes

A committee links to its page only where it exists in the current Congress; older and renamed committees are named without a link.

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Timeline

From introduction to signing, newest first: the committees, the floor and the president. 16 actions.

  1. Nov 3, 1988Became lawBecame law · Became Public Law No: 100-597.
  2. Became lawBecame law · Signed by President.
  3. Oct 27, 1988PresidentPresident · Presented to President.
  4. Oct 20, 1988Resolving differencesResolving differences · Senate agreed to the House amendment by Voice Vote.
  5. Oct 19, 1988FloorFloor · Passed House (Amended) by Voice Vote.
  6. Sep 27, 1988CommitteeCommittee · Referred to Administrative State, Regulatory Reform, and Antitrust Subcommittee of the House Judiciary Committee
  7. Sep 23, 1988CommitteeCommittee · Referred to House Judiciary Committee
  8. Sep 20, 1988FloorFloor · Passed Senate with an amendment by Voice Vote.
  9. Sep 14, 1988CommitteeCommittee · Reported by Senate Judiciary Committee
  10. Aug 10, 1988CommitteeCommittee · Markup by Senate Judiciary Committee
  11. Aug 9, 1988CommitteeCommittee · Reported by Administrative Oversight and the Courts Subcommittee of the Senate Judiciary Committee
  12. CommitteeCommittee · Markup by Administrative Oversight and the Courts Subcommittee of the Senate Judiciary Committee
  13. Jun 10, 1988CommitteeCommittee · Hearings by Administrative Oversight and the Courts Subcommittee of the Senate Judiciary Committee
  14. Nov 23, 1987CommitteeCommittee · Referred to Administrative Oversight and the Courts Subcommittee of the Senate Judiciary Committee
  15. Nov 12, 1987CommitteeCommittee · Referred to Senate Judiciary Committee
  16. IntroducedIntroduced · Introduced in the Senate
Data notes

Shows the introduction, each committee and subcommittee step the source dates (referral, hearings, markup, report, discharge), and the floor, conference, presidential and became-law steps. Calendar placements, messages between the chambers, amendments and committee report numbers are not shown for laws before the 108th Congress. Two entries the source lists twice are shown once.

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Official record

The bill’s full text and every action, including introduction and committee steps, are on Congress.gov. Data through Oct 7, 2026.