96TH GENERAL ASSEMBLY
State of Illinois
2009 and 2010
SB1995


 
Introduced 2/20/2009, by Sen. A. J. Wilhelmi
 
SYNOPSIS AS INTRODUCED:
 		








  



30 ILCS 350/10
  from Ch. 17, par. 6910







    Amends the Local Government Debt Reform Act. Provides that bonds issued by school districts for the purpose of purchasing, constructing, or improving real property may become due within 30 years, notwithstanding any other law.
















LRB096 11419 RCE 21887 b

















FISCAL NOTE ACT MAY APPLY


HOUSING AFFORDABILITY IMPACT NOTE ACT MAY APPLY
















 


 


A BILL FOR









 











SB1995

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    AN ACT concerning finance.

 
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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  
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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 
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applicable law may
be issued in one or more series, bear such 
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date or dates, become due at
such time or times within 40 
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years, except as expressly limited by
applicable law, provided 
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that notwithstanding any such express limitation bonds issued 
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by school districts for the purpose of purchasing, 
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constructing, or improving real property may become due within 
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30 years, bear interest payable at such intervals and at such 
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rate or
rates as authorized under applicable law, which rates 
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may be fixed or
variable, be in such denominations, be in such 
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form, either coupon,
registered or book-entry, carry such 
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conversion, registration, and exchange
privileges, be subject 
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to defeasance upon such terms, have such rank or
priority, be 
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executed in such manner, be payable in such medium of payment

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at such place or places within or without the State of 
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Illinois, make
provision for a corporate trustee within or 
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without the State with respect
to such bonds, prescribe the 
 


 






SB1995
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rights, powers and duties thereof to be
exercised for the 
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benefit of the governmental unit and the protection of
the 
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bondholders, provide for the holding in trust, investment and 
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use of
moneys, funds and accounts held under an ordinance, 
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provide for assignment
of and direct payment of the moneys to 
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pay such bonds or to be deposited
into such funds or accounts 
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directly to such trustee, be subject to such
terms of 
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redemption with or without premium, and be sold in such manner 
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at
private or public sale and at such price, all as the 
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governing body shall
determine.  Whenever such bonds are sold at 
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price less than par, they
shall be sold at such price and bear 
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interest at such rate or rates such
that either the true 
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interest cost (yield) or the net interest rate, as may
be 
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selected by the governing body, received upon the sale of such 
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bonds
does not exceed the maximum rate otherwise authorized by 
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applicable law.
Except for an ordinance required to be 
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published by applicable law in
connection with a backdoor 
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referendum, any bond ordinance adopted by a
governing body 
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under applicable law shall, in all instances, become effective

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immediately without publication or posting or any further act 
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or requirement.

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(Source: P.A. 90-306, eff. 8-1-97.)