Sen. Julie A. Morrison
Filed: 4/23/2013
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1 | AMENDMENT TO HOUSE BILL 192
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2 | AMENDMENT NO. ______. Amend House Bill 192 by replacing | ||||||
3 | everything after the enacting clause with the following:
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4 | "Section 5. The Local Government Debt Reform Act is amended | ||||||
5 | by changing Section 10 as follows:
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6 | (30 ILCS 350/10) (from Ch. 17, par. 6910)
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7 | Sec. 10. General provisions. Bonds authorized by | ||||||
8 | applicable law may
be issued in one or more series, bear such | ||||||
9 | date or dates, become due at
such time or times within 40 | ||||||
10 | years, except as expressly limited by
applicable law, provided | ||||||
11 | that notwithstanding any such express limitation bonds issued | ||||||
12 | by Lockport High School, Township High School District 113, | ||||||
13 | South Suburban Community College District No. 510, Elgin | ||||||
14 | Community College District No. 509, or Kishwaukee Community | ||||||
15 | College District No. 523 for the purpose of purchasing, | ||||||
16 | constructing, or improving real property or paying claims |
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1 | against any such district incurred for the purpose of | ||||||
2 | purchasing, constructing, or improving real property may | ||||||
3 | become due within 25 years, bear interest payable at such | ||||||
4 | intervals and at such rate or
rates as authorized under | ||||||
5 | applicable law, which rates may be fixed or
variable, be in | ||||||
6 | such denominations, be in such form, either coupon,
registered | ||||||
7 | or book-entry, carry such conversion, registration, and | ||||||
8 | exchange
privileges, be subject to defeasance upon such terms, | ||||||
9 | have such rank or
priority, be executed in such manner, be | ||||||
10 | payable in such medium of payment
at such place or places | ||||||
11 | within or without the State of Illinois, make
provision for a | ||||||
12 | corporate trustee within or without the State with respect
to | ||||||
13 | such bonds, prescribe the rights, powers and duties thereof to | ||||||
14 | be
exercised for the benefit of the governmental unit and the | ||||||
15 | protection of
the bondholders, provide for the holding in | ||||||
16 | trust, investment and use of
moneys, funds and accounts held | ||||||
17 | under an ordinance, provide for assignment
of and direct | ||||||
18 | payment of the moneys to pay such bonds or to be deposited
into | ||||||
19 | such funds or accounts directly to such trustee, be subject to | ||||||
20 | such
terms of redemption with or without premium, and be sold | ||||||
21 | in such manner at
private or public sale and at such price, all | ||||||
22 | as the governing body shall
determine. Whenever such bonds are | ||||||
23 | sold at price less than par, they
shall be sold at such price | ||||||
24 | and bear interest at such rate or rates such
that either the | ||||||
25 | true interest cost (yield) or the net interest rate, as may
be | ||||||
26 | selected by the governing body, received upon the sale of such |
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1 | bonds
does not exceed the maximum rate otherwise authorized by | ||||||
2 | applicable law.
Except for an ordinance required to be | ||||||
3 | published by applicable law in
connection with a backdoor | ||||||
4 | referendum, any bond ordinance adopted by a
governing body | ||||||
5 | under applicable law shall, in all instances, become effective
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6 | immediately without publication or posting or any further act | ||||||
7 | or requirement.
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8 | (Source: P.A. 96-787, eff. 8-28-09; 96-1077, eff. 7-16-10; | ||||||
9 | 97-615, eff. 8-26-11.)
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10 | Section 99. Effective date. This Act takes effect upon | ||||||
11 | becoming law.".
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