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| Public Act 098-0036 | ||||
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AN ACT concerning education.
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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 Local Government Debt Reform Act is amended | ||||
by changing Section 10 as follows:
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(30 ILCS 350/10) (from Ch. 17, par. 6910)
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Sec. 10. General provisions. Bonds authorized by | ||||
applicable law may
be issued in one or more series, bear such | ||||
date or dates, become due at
such time or times within 40 | ||||
years, except as expressly limited by
applicable law, provided | ||||
that notwithstanding any such express limitation bonds issued | ||||
by Lockport High School, Township High School District 113, | ||||
South Suburban Community College District No. 510, Elgin | ||||
Community College District No. 509, or Kishwaukee Community | ||||
College District No. 523 for the purpose of purchasing, | ||||
constructing, or improving real property or paying claims | ||||
against any such district incurred for the purpose of | ||||
purchasing, constructing, or improving real property may | ||||
become due within 25 years, bear interest payable at such | ||||
intervals and at such rate or
rates as authorized under | ||||
applicable law, which rates may be fixed or
variable, be in | ||||
such denominations, be in such form, either coupon,
registered | ||||
or book-entry, carry such conversion, registration, and | ||||
exchange
privileges, be subject to defeasance upon such terms, | ||
have such rank or
priority, be executed in such manner, be | ||
payable in such medium of payment
at such place or places | ||
within or without the State of Illinois, make
provision for a | ||
corporate trustee within or without the State with respect
to | ||
such bonds, prescribe the rights, powers and duties thereof to | ||
be
exercised for the benefit of the governmental unit and the | ||
protection of
the bondholders, provide for the holding in | ||
trust, investment and use of
moneys, funds and accounts held | ||
under an ordinance, provide for assignment
of and direct | ||
payment of the moneys to pay such bonds or to be deposited
into | ||
such funds or accounts directly to such trustee, be subject to | ||
such
terms of redemption with or without premium, and be sold | ||
in such manner at
private or public sale and at such price, all | ||
as the governing body shall
determine. Whenever such bonds are | ||
sold at price less than par, they
shall be sold at such price | ||
and bear interest at such rate or rates such
that either the | ||
true interest cost (yield) or the net interest rate, as may
be | ||
selected by the governing body, received upon the sale of such | ||
bonds
does not exceed the maximum rate otherwise authorized by | ||
applicable law.
Except for an ordinance required to be | ||
published by applicable law in
connection with a backdoor | ||
referendum, any bond ordinance adopted by a
governing body | ||
under applicable law shall, in all instances, become effective
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immediately without publication or posting or any further act | ||
or requirement.
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(Source: P.A. 96-787, eff. 8-28-09; 96-1077, eff. 7-16-10; | ||
97-615, eff. 8-26-11.)
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Section 99. Effective date. This Act takes effect upon | ||
becoming law. | ||