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Public Act 098-0835
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| SB2975 Enrolled | LRB098 13873 OMW 48486 b |
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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 Downstate Forest Preserve District Act is |
amended by changing Section 13 as follows:
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(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
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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, except |
for the Byron Forest Preserve 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)
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indebtedness for any other purpose except the acquisition of |
land
including acquiring lands in fee simple along or enclosing |
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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 |
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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. |
Notwithstanding any contrary provision in this Section, |
the Byron Forest Preserve District may not incur (i) |
indebtedness
in excess of .6% 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)
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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. |
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 |