Illinois General Assembly - Full Text of Public Act 096-0912
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Public Act 096-0912


 

Public Act 0912 96TH GENERAL ASSEMBLY

  
  
  

 


 
Public Act 096-0912
 
SB2615 Enrolled LRB096 16593 MJR 31867 b

    AN ACT concerning education.
 
    Be it enacted by the People of the State of Illinois,
represented in the General Assembly:
 
    Section 5. The Public Community College Act is amended by
changing Section 3-33.2 and by adding Section 3-33.7 as
follows:
 
    (110 ILCS 805/3-33.2)  (from Ch. 122, par. 103-33.2)
    Sec. 3-33.2. Bonds for working cash fund.
    (a) Except as provided in subsection (b) of this Section,
in In order to create, maintain or increase such a working cash
fund for the purposes mentioned in Section 3-33.1, the board
may incur an indebtedness for such purpose and issue bonds
therefor from time to time, in an amount or amounts not
exceeding in the aggregate at any one time outstanding 75% of
the taxes permitted to be levied for educational purposes and
for operations and maintenance of facilities purposes for the
then current year to be determined by multiplying the aggregate
of the authorized maximum educational tax rate and the maximum
operations and maintenance tax rate applicable to such district
by the last assessed valuation as determined at the time of the
issue of those bonds plus 75% of the last known entitlement of
such district to taxes as by law now or hereafter enacted or
amended, imposed by the General Assembly of the State of
Illinois to replace revenue lost by units of local government
and school districts as a result of the abolition of ad valorem
personal property taxes, pursuant to Article IX, Section 5(c)
of the Constitution of the State of Illinois.
    (b) For a period of 3 years after the effective date of
this amendatory Act of the 96th General Assembly, in order to
create, maintain, or increase such a working cash fund for the
purposes mentioned in Section 3-33.1, the board may incur an
indebtedness for such purpose and issue bonds therefor from
time to time, in an amount or amounts not exceeding in the
aggregate at any one time outstanding 150% of the taxes
permitted to be levied for educational purposes and for
operations and maintenance of facilities purposes for the then
current year to be determined by multiplying the aggregate of
the authorized maximum educational tax rate and the maximum
operations and maintenance tax rate applicable to such district
by the last assessed valuation as determined at the time of the
issue of those bonds plus 150% of the last known entitlement of
such district to taxes as by law now or hereafter enacted or
amended, imposed by the General Assembly of the State of
Illinois to replace revenue lost by units of local government
and school districts as a result of the abolition of ad valorem
personal property taxes, pursuant to Article IX, Section 5(c)
of the Constitution of the State of Illinois.
    (c) The bonds may be issued without submitting the question
of issuance thereof to the voters of the community college
district for approval. Any bonds issued under this Section
shall bear interest at a rate of not more the maximum rate
authorized by the Bond Authorization Act, as amended at the
time of the making of the contract, and shall mature within 20
years from the date of issue. Subject to the foregoing
limitations as to amount, the bonds may be issued in an amount
including existing indebtedness which will exceed any
statutory debt limitation.
    (d) With respect to instruments for the payment of money
issued under this Section either before, on, or after the
effective date of this amendatory Act of 1989, it is and always
has been the intention of the General Assembly (i) that the
Omnibus Bond Acts are and always have been supplementary grants
of power to issue instruments in accordance with the Omnibus
Bond Acts, regardless of any provision of this Act that may
appear to be or to have been more restrictive than those Acts,
(ii) that the provisions of this Section are not a limitation
on the supplementary authority granted by the Omnibus Bond
Acts, and (iii) that instruments issued under this Section
within the supplementary authority granted by the Omnibus Bond
Acts are not invalid because of any provision of this Act that
may appear to be or to have been more restrictive than those
Acts.
(Source: P.A. 89-281, eff. 8-10-95.)
 
    (110 ILCS 805/3-33.7 new)
    Sec. 3-33.7. Establishment of lines of credit. The board
may establish a line of credit with a bank or other financial
institution in an amount not to exceed the following:
        (1) if anticipating State revenues due in the current
    fiscal year, 85% of the amount or amounts of the revenues
    due in the current fiscal year, as certified by the
    President/CEO of the State Board or other official in a
    position to provide assurances as to the amounts; and
        (2) if anticipating State revenues expected to be due
    in the next subsequent fiscal year, 50% of the amount or
    amounts of the revenues due in the current fiscal year, as
    certified by the President/CEO of the State Board or other
    official in a position to provide assurances as to the
    amounts.
    All moneys so borrowed shall be repaid exclusively from the
anticipated revenues within 60 days after the revenues have
been received. Borrowing authorized under subdivisions (1) and
(2) of this Section shall bear interest at a rate not to exceed
the maximum rate authorized by the Bond Authorization Act, from
the date of issuance until paid.
    Prior to establishing a line of credit under this Section,
the board shall authorize, by resolution, the line of credit.
The resolution shall set forth facts demonstrating the need for
the line of credit, state the amount to be borrowed, establish
a maximum interest rate limit not to exceed that set forth in
this Section, and provide a date by which the borrowed funds
must be repaid. The resolution shall direct the relevant
officials to make arrangements to set apart and hold the
revenue, as received, that will be used to repay the borrowing.
In addition, the resolution may authorize the relevant
officials to make partial repayments of the borrowing as the
revenues become available and may contain any other terms,
restrictions, or limitations not inconsistent with the
provisions of this Section.
 
    Section 99. Effective date. This Act takes effect upon
becoming law.

Effective Date: 06/09/2010