HB4119 100TH GENERAL ASSEMBLY

LRB100 14827 NHT 29648 b

100TH GENERAL ASSEMBLY
State of Illinois
2017 and 2018
HB4119

Introduced , by Rep. Barbara Wheeler

SYNOPSIS AS INTRODUCED:

105 ILCS 5/19-16

from Ch. 122, par. 19-16

Amends the School Code. Removes a provision allowing the corporate authorities of a school district to issue refunding bonds without submitting the question to the electors of the school district for approval. Instead, sets forth provisions requiring elector approval before issuance.

FISCAL NOTE ACT MAY APPLY

A BILL FOR

AN ACT concerning education.

Be it enacted by the People of the State of Illinois, represented in the General Assembly:

Section 5. The School Code is amended by changing Section 19-16 as follows:

(105 ILCS 5/19-16) (from Ch. 122, par. 19-16)

Sec. 19-16. Resolution and referendum for issuance. The corporate authorities of any school district, without submitting the question to the electors thereof for approval, may authorize by resolution the submission to the electors thereof for approval the question of the issuance of refunding bonds (1) to refund its bonds prior to their maturity; (2) to refund its unpaid matured bonds; (3) to refund matured coupons evidencing interest upon its unpaid bonds; (4) to refund interest at the coupon rate upon its unpaid matured bonds that has accrued since the maturity of those bonds; (5) to refund its bonds which by their terms are subject to redemption before maturity; and (6) to refund other valid and subsisting evidences of indebtedness that are due and payable. These refunding bonds may not be issued unless authorized by a majority of the votes cast on the proposition, which must be conducted in accordance with the general election law. The refunding bonds and the procedure for issuing them shall comply with Sections 19-5 through 19-7.

(Source: Laws 1961, p. 31.)