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| Public Act 096-1308 | ||||
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AN ACT concerning local government.
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Be it enacted by the People of the State of Illinois,
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represented in the General Assembly:
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Section 5. The Metropolitan Water Reclamation District Act | ||||
is amended by changing Section 9.6a as follows:
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(70 ILCS 2605/9.6a) (from Ch. 42, par. 328.6a)
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Sec. 9.6a. Bonds for sewage treatment and water quality | ||||
improvements. The corporate authorities of a sanitary | ||||
district, in
order to provide funds required for the replacing, | ||||
remodeling,
completing, altering, constructing and enlarging | ||||
of sewage treatment
works, water quality improvement projects, | ||||
or flood control facilities, and additions therefor, pumping
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stations, tunnels, conduits, intercepting sewers and outlet | ||||
sewers,
together with the equipment, including air pollution | ||||
equipment, and
appurtenances thereto, to acquire property, | ||||
real, personal or mixed,
necessary for said purposes, for costs | ||||
and expenses for the acquisition
of the sites and rights-of-way | ||||
necessary thereto, and for engineering
expenses for designing | ||||
and supervising the construction of such works,
may issue on or | ||||
before December 31, 2024 December 31, 2016, in addition to all
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other obligations heretofore or herein authorized, bonds, | ||||
notes or
other evidences of indebtedness for such purposes in | ||||
an aggregate
amount at any one time outstanding not to exceed | ||||
3.35% of the equalized
assessed valuation of all taxable | ||
property within the sanitary district,
to be ascertained by the | ||
last assessment for State and local taxes
previous to the | ||
issuance of any such obligations. Such obligations shall be
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issued without submitting the question of such issuance to the | ||
legal voters
of such sanitary district for approval.
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The corporate authorities may sell such obligations at | ||
private or
public sale and enter into any contract or agreement | ||
necessary, appropriate
or incidental to the exercise of the | ||
powers granted by this Act, including,
without limitation, | ||
contracts or agreements for the sale and purchase of
such | ||
obligations and the payment of costs and expenses incident | ||
thereto.
The corporate authorities may pay such costs and | ||
expenses, in whole or in
part, from the corporate fund.
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Such obligations shall be issued from time to time only in | ||
amounts as may
be required for such purposes but the amount of | ||
such obligations issued during
any one budget year shall not | ||
exceed $150,000,000 plus
the amount of any obligations | ||
authorized by this Act to be issued during the 3
budget years | ||
next preceding the year of issuance but which were not issued,
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provided, however, that this limitation shall not be applicable | ||
(i) to the issuance
of obligations to refund bonds, notes or | ||
other evidences of indebtedness,
(ii) to obligations issued to | ||
provide for the repayment of money received
from the Water | ||
Pollution Control Revolving Fund for the construction or
repair | ||
of wastewater treatment works, and (iii) to obligations issued | ||
as part of the American Recovery and Reinvestment Act of 2009, | ||
issued prior to January 1, 2011, that are commonly known as | ||
"Build America Bonds" as authorized by Section 54AA of the | ||
Internal Revenue Code of 1986, as amended. Each ordinance | ||
authorizing the
issuance of the obligations shall state the | ||
general purpose or purposes for
which they are to be issued, | ||
and the corporate authorities may at any time
thereafter pass | ||
supplemental appropriations ordinances appropriating the
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proceeds from the sale of such obligations for such purposes.
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The corporate authorities may issue bonds, notes or other | ||
evidences of
indebtedness in an amount necessary to provide | ||
funds to refund outstanding
obligations issued pursuant to this | ||
Section, including interest accrued or
to accrue thereon.
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(Source: P.A. 95-125, eff. 8-13-07; 95-412, eff. 8-24-07; | ||
96-828, eff. 12-2-09.)
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