HB1577 EngrossedLRB101 06765 AWJ 51792 b

1    AN ACT concerning local government.
 
2    Be it enacted by the People of the State of Illinois,
3represented in the General Assembly:
 
4    Section 5. The Metropolitan Water Reclamation District Act
5is amended by changing Section 9.6a as follows:
 
6    (70 ILCS 2605/9.6a)  (from Ch. 42, par. 328.6a)
7    Sec. 9.6a. Bonds for sewage treatment and water quality
8improvements. The corporate authorities of a sanitary
9district, in order to provide funds required for the replacing,
10remodeling, completing, altering, constructing and enlarging
11of sewage treatment works, administrative buildings, water
12quality improvement projects, or flood control facilities, and
13additions therefor, pumping stations, tunnels, conduits,
14intercepting sewers and outlet sewers, together with the
15equipment, including air pollution equipment, and
16appurtenances thereto, to acquire property, real, personal or
17mixed, necessary for said purposes, for costs and expenses for
18the acquisition of the sites and rights-of-way necessary
19thereto, and for engineering expenses for designing and
20supervising the construction of such works, may issue on or
21before December 31, 2034 2024, in addition to all other
22obligations heretofore or herein authorized, bonds, notes or
23other evidences of indebtedness for such purposes in an

 

 

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1aggregate amount at any one time outstanding not to exceed
23.35% of the equalized assessed valuation of all taxable
3property within the sanitary district, to be ascertained by the
4last assessment for State and local taxes previous to the
5issuance of any such obligations. Such obligations shall be
6issued without submitting the question of such issuance to the
7legal voters of such sanitary district for approval.
8    The corporate authorities may sell such obligations at
9private or public sale and enter into any contract or agreement
10necessary, appropriate or incidental to the exercise of the
11powers granted by this Act, including, without limitation,
12contracts or agreements for the sale and purchase of such
13obligations and the payment of costs and expenses incident
14thereto. The corporate authorities may pay such costs and
15expenses, in whole or in part, from the corporate fund.
16    Such obligations shall be issued from time to time only in
17amounts as may be required for such purposes but the amount of
18such obligations issued during any one budget year shall not
19exceed $150,000,000 plus the amount of any obligations
20authorized by this Act to be issued during the 3 budget years
21next preceding the year of issuance but which were not issued,
22provided, however, that this limitation shall not be applicable
23(i) to the issuance of obligations to refund bonds, notes or
24other evidences of indebtedness, (ii) to obligations issued to
25provide for the repayment of money received from the Water
26Pollution Control Revolving Fund for the construction or repair

 

 

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1of wastewater treatment works, and (iii) to obligations issued
2as part of the American Recovery and Reinvestment Act of 2009,
3issued prior to January 1, 2011, that are commonly known as
4"Build America Bonds" as authorized by Section 54AA of the
5Internal Revenue Code of 1986, as amended. Each ordinance
6authorizing the issuance of the obligations shall state the
7general purpose or purposes for which they are to be issued,
8and the corporate authorities may at any time thereafter pass
9supplemental appropriations ordinances appropriating the
10proceeds from the sale of such obligations for such purposes.
11    The corporate authorities may issue bonds, notes or other
12evidences of indebtedness in an amount necessary to provide
13funds to refund outstanding obligations issued pursuant to this
14Section, including interest accrued or to accrue thereon.
15(Source: P.A. 96-828, eff. 12-2-09; 96-1308, eff. 1-1-11;
1697-367, eff. 8-15-11.)