Executive Committee

Filed: 10/14/2009

 

 


 

 


 
09600SB1514ham001 LRB096 10283 HLH 29630 a

1
AMENDMENT TO SENATE BILL 1514

2     AMENDMENT NO. ______. Amend Senate Bill 1514 by replacing
3 everything after the enacting clause with the following:
 
4     "Section 5. The Metropolitan Water Reclamation District
5 Act is amended by changing Section 9.6a as follows:
 
6     (70 ILCS 2605/9.6a)  (from Ch. 42, par. 328.6a)
7     Sec. 9.6a. The corporate authorities of a sanitary
8 district, in order to provide funds required for the replacing,
9 remodeling, completing, altering, constructing and enlarging
10 of sewage treatment works, water quality improvement projects,
11 or flood control facilities, and additions therefor, pumping
12 stations, tunnels, conduits, intercepting sewers and outlet
13 sewers, together with the equipment, including air pollution
14 equipment, and appurtenances thereto, to acquire property,
15 real, personal or mixed, necessary for said purposes, for costs
16 and expenses for the acquisition of the sites and rights-of-way

 

 

09600SB1514ham001 - 2 - LRB096 10283 HLH 29630 a

1 necessary thereto, and for engineering expenses for designing
2 and supervising the construction of such works, may issue on or
3 before December 31, 2016, in addition to all other obligations
4 heretofore or herein authorized, bonds, notes or other
5 evidences of indebtedness for such purposes in an aggregate
6 amount at any one time outstanding not to exceed 3.35% of the
7 equalized assessed valuation of all taxable property within the
8 sanitary district, to be ascertained by the last assessment for
9 State and local taxes previous to the issuance of any such
10 obligations. Such obligations shall be issued without
11 submitting the question of such issuance to the legal voters of
12 such sanitary district for approval.
13     The corporate authorities may sell such obligations at
14 private or public sale and enter into any contract or agreement
15 necessary, appropriate or incidental to the exercise of the
16 powers granted by this Act, including, without limitation,
17 contracts or agreements for the sale and purchase of such
18 obligations and the payment of costs and expenses incident
19 thereto. The corporate authorities may pay such costs and
20 expenses, in whole or in part, from the corporate fund.
21     Such obligations shall be issued from time to time only in
22 amounts as may be required for such purposes but the amount of
23 such obligations issued during any one budget year shall not
24 exceed $150,000,000 plus the amount of any obligations
25 authorized by this Act to be issued during the 3 budget years
26 next preceding the year of issuance but which were not issued,

 

 

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1 provided, however, that this limitation shall not be applicable
2 (i) to the issuance of obligations to refund bonds, notes or
3 other evidences of indebtedness, (ii) nor to obligations issued
4 to provide for the repayment of money received from the Water
5 Pollution Control Revolving Fund for the construction or repair
6 of wastewater treatment works, and (iii) to obligations issued
7 as part of the American Recovery and Reinvestment Act of 2009,
8 issued prior to January 1, 2011, that are commonly known as
9 "Build America Bonds" as authorized by Section 54AA of the
10 Internal Revenue Code of 1986, as amended. Each ordinance
11 authorizing the issuance of the obligations shall state the
12 general purpose or purposes for which they are to be issued,
13 and the corporate authorities may at any time thereafter pass
14 supplemental appropriations ordinances appropriating the
15 proceeds from the sale of such obligations for such purposes.
16     The corporate authorities may issue bonds, notes or other
17 evidences of indebtedness in an amount necessary to provide
18 funds to refund outstanding obligations issued pursuant to this
19 Section, including interest accrued or to accrue thereon.
20 (Source: P.A. 95-125, eff. 8-13-07; 95-412, eff. 8-24-07.)
 
21     Section 99. Effective date. This Act takes effect upon
22 becoming law.".