Public Act 097-0364
 
HB1127 EnrolledLRB097 03122 PJG 43157 b

    AN ACT concerning finance.
 
    Be it enacted by the People of the State of Illinois,
represented in the General Assembly:
 
    Section 5. The Local Government Debt Reform Act is amended
by changing Section 17.5 as follows:
 
    (30 ILCS 350/17.5)
    Sec. 17.5. Bond authorization by referendum.
    (a) Whenever applicable law provides that the
authorization of or the issuance of bonds is subject to either
a referendum or backdoor referendum, the approval, once
obtained, remains (i) for 5 years after the date of the
referendum or (ii) for 3 years after the end of the petition
period for a backdoor referendum. However, whenever the
applicable law provides that the authorization of or the
issuance of bonds under the Water Pollution Control Loan
Program or the Public Water Supply Loan Program, under Title
IV-A of the Environmental Protection Act, is subject to either
a referendum or backdoor referendum, the approval, once
obtained, remains (i) for 7 years after the date of the
referendum or (ii) for 5 years after the end of the petition
period for a backdoor referendum. In the case of bonds
authorized to be issued under the Downstate Forest Preserve
District Act and approved by Lake County voters in a November
2008 referendum, the approval, once obtained, remains for 10
years after the date of the referendum.
    (b) With respect to any bond approval under subsection (a),
if, for any reason, the bonds are not issued because of a court
action, then the time limits set forth under subsection (a) for
the approval for the bonds is tolled during the time that the
court action is pending. This subsection (b) applies to any
bond issuance approved by referendum held on or after January
1, 2003 or by a backdoor referendum held on or after January 1,
2005.
(Source: P.A. 95-517, eff. 8-28-07; 96-826, eff. 11-25-09.)
 
    Section 10. The Conservation District Act is amended by
changing Section 15.1 as follows:
 
    (70 ILCS 410/15.1)  (from Ch. 96 1/2, par. 7117)
    Sec. 15.1. When the board of a district proposes to incur
indebtedness and issue bonds, other than tax anticipation
warrants, for the purpose of development of real property or
for the purpose of incurring indebtedness in the aggregate over
0.575% as provided in subsection (d) of Section 15, it shall
order a referendum on the proposition.
    The district shall adopt an ordinance calling for the
referendum and setting forth the proposition. The clerk or
secretary of the district shall certify the ordinance and the
proposition to the proper election officials who shall submit
the proposition to the voters of the district at a referendum
in accordance with the general election law. For a bond
proposition put forward by a district organized under this Act,
including a forest preserve district created under Section
18.5, the ballot must have printed on it, but not as part of
the proposition submitted, the following language:
        The approximate impact of the proposed increase on the
    owner of a single-family home having a market value of
    (insert value) would be (insert amount) in the first year
    of the increase if the increase is fully implemented.
(Source: P.A. 86-785.)
 
    Section 15. The Downstate Forest Preserve District Act is
amended by changing Section 13 as follows:
 
    (70 ILCS 805/13)  (from Ch. 96 1/2, par. 6323)
    Sec. 13. Bonds; limitation on indebtedness. The board of
any forest preserve district organized hereunder may, for any
of the purposes enumerated in this Act, borrow money upon the
faith and credit of such district, and may issue bonds
therefor. However, a district with a population of less than
3,000,000 may not become indebted in any manner or for any
purpose to an amount including existing indebtedness in the
aggregate exceeding 2.3% of the assessed value of the taxable
property therein, as ascertained by the last equalized
assessment for State and county purposes. No district may incur
(i) indebtedness in excess of .3% of the assessed value of
taxable property in the district, as ascertained by the last
equalized assessment for State and county purposes, for the
development of forest preserve lands held by the district, or
(ii) indebtedness for any other purpose except the acquisition
of land including acquiring lands in fee simple along or
enclosing water courses, drainage ways, lakes, ponds, planned
impoundments or elsewhere which are required to store flood
waters or control other drainage and water conditions necessary
for the preservation and management of the water resources of
the District, unless the proposition to issue bonds or
otherwise incur indebtedness is certified by the board to the
proper election officials who shall submit the proposition at
an election in accordance with the general election law, and
approved by a majority of those voting upon the proposition. No
district containing fewer than 3,000,000 inhabitants may incur
indebtedness for the acquisition of land or lands for any
purpose in excess of 55,000 acres, including all lands
theretofore acquired, unless the proposition to issue bonds or
otherwise incur indebtedness is first submitted to the voters
of the district at a referendum in accordance with the general
election law and approved by a majority of those voting upon
the proposition. Before or at the time of issuing bonds, the
board shall provide by ordinance for the collection of an
annual tax sufficient to pay the interest on the bonds as it
falls due, and to pay the bonds as they mature. All bonds
issued by any forest preserve district must be divided into
series, the first of which matures not later than 5 years after
the date of issue and the last of which matures not later than
25 years after the date of issue, or for bonds issued prior to
January 1, 2011, commonly known as "Build America Bonds" as
authorized by Section 54AA of the Internal Revenue Code of
1986, as amended, and for bonds issued from time to time to
refund "Build America Bonds", not later than 25 years after the
date of issue.
    For a bond proposition put forward by a district organized
under this Act, the ballot must have printed on it, but not as
part of the proposition submitted, the following language:
        The approximate impact of the proposed increase on the
    owner of a single-family home having a market value of
    (insert value) would be (insert amount) in the first year
    of the increase if the increase is fully implemented.
    This Section does not apply to a forest preserve district
created under Section 18.5 of the Conservation District Act.
(Source: P.A. 96-828, eff. 12-2-09; 96-1178, eff. 7-22-10.)
 
    Section 99. Effective date. This Act takes effect upon
becoming law.

Effective Date: 8/15/2011