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.