| |||||||
| |||||||
| |||||||
1 | AN ACT concerning local government.
| ||||||
2 | Be it enacted by the People of the State of Illinois,
| ||||||
3 | represented in the General Assembly:
| ||||||
4 | Section 5. The Conservation District Act is amended by | ||||||
5 | changing Sections 15 and 15.1 as follows: | ||||||
6 | (70 ILCS 410/15) (from Ch. 96 1/2, par. 7116) | ||||||
7 | Sec. 15. (a) Whenever a district does not have sufficient | ||||||
8 | money in its
treasury to meet all necessary expenses and | ||||||
9 | liabilities thereof, it may
issue tax anticipation warrants. | ||||||
10 | Such issue of tax anticipation warrants
shall be subject to the | ||||||
11 | provisions of Section 2 of "An Act to provide
for the manner of | ||||||
12 | issuing warrants upon the treasurer of the State or of
any | ||||||
13 | county, township, or other municipal corporation or quasi | ||||||
14 | municipal
corporation, or of any farm drainage district, river | ||||||
15 | district, drainage
and levee district, fire protection | ||||||
16 | district and jurors' certificates",
approved June 27, 1913, as | ||||||
17 | now and hereafter amended. | ||||||
18 | (b) For the purpose of acquisition of real property, or | ||||||
19 | rights thereto, a
district may incur indebtedness and, as | ||||||
20 | evidence of the indebtedness
thus created, may issue and sell | ||||||
21 | bonds without first obtaining the
consent of the legal voters | ||||||
22 | of the district. | ||||||
23 | (b-5) For the purpose of development of real property, all |
| |||||||
| |||||||
1 | or a portion of which has been acquired with | ||||||
2 | referendum-approved bonds, a district located entirely within | ||||||
3 | McHenry County may incur indebtedness and, as evidence of the | ||||||
4 | indebtedness thus created, may issue and sell bonds without | ||||||
5 | first obtaining the consent of the legal voters of the | ||||||
6 | district. Development, for the purposes of this subsection | ||||||
7 | (b-5), shall mean the improvement or maintenance of existing | ||||||
8 | trails, parking lots, bridges, roads, picnic shelters, and | ||||||
9 | other improvements, adding or improving access to conservation | ||||||
10 | areas or district facilities to comply with the Americans with | ||||||
11 | Disabilities Act, demolition of unnecessary or unsafe | ||||||
12 | structures, and the stabilization, revitalization or | ||||||
13 | rehabilitation of historic structures. | ||||||
14 | (c) For the purpose of development of real property, a | ||||||
15 | district may incur
indebtedness and, as evidence of the | ||||||
16 | indebtedness thus created, may
issue and sell bonds only after | ||||||
17 | the proposition to issue bonds has been
submitted to the legal | ||||||
18 | voters of the district at an election and has
been approved by | ||||||
19 | a majority of those voting on the proposition. Such
election is | ||||||
20 | subject to Section 15.1 of this Act. | ||||||
21 | (d) No district shall become indebted in any manner or for | ||||||
22 | any purpose,
to any amount including existing indebtedness in | ||||||
23 | the aggregate exceeding
0.575% of the value, as equalized or | ||||||
24 | assessed by the Department of Revenue,
of the taxable property | ||||||
25 | therein; except that a district entirely within a
county of | ||||||
26 | under
750,000 inhabitants and contiguous to a county of more |
| |||||||
| |||||||
1 | than
2,000,000 inhabitants may incur indebtedness,
including | ||||||
2 | existing indebtedness, in the aggregate not
exceeding 1.725% of | ||||||
3 | that value if the aggregate indebtedness over 0.575% is
| ||||||
4 | submitted to the legal voters of the district at an election | ||||||
5 | and is
approved by a majority of those voting on the | ||||||
6 | proposition as provided in
Section 15.1. | ||||||
7 | The following do not in any way limit the right of a | ||||||
8 | district to issue non-referendum bonds under this Section: | ||||||
9 | bonds heretofore or hereafter issued and outstanding that are | ||||||
10 | approved by referendum, as described in this subsection (d); | ||||||
11 | refunding bonds issued to refund or continue to refund bonds | ||||||
12 | approved by referendum; and bonds issued under this Section | ||||||
13 | that have been paid in full or for which provisions for payment | ||||||
14 | have been made by an irrevocable deposit of funds in an amount | ||||||
15 | sufficient to pay the principal and interest on those bonds to | ||||||
16 | their respective maturity date. | ||||||
17 | (e) Before or at the time of issuing bonds as described in | ||||||
18 | this Section for acquisition or development
of real property , | ||||||
19 | the district shall provide by ordinance for the
collection of | ||||||
20 | an annual tax, in addition to all other taxes authorized
by | ||||||
21 | this act, sufficient to pay such bonds and the interest thereon | ||||||
22 | as
the same respectively become due. Such bonds shall be | ||||||
23 | divided into
series, the first of which shall mature not later | ||||||
24 | than 5 years after the
date of issue and the last of which | ||||||
25 | shall mature not later
than 25 years after the date of issue; | ||||||
26 | shall bear interest at a rate or
rates not exceeding the |
| |||||||
| |||||||
1 | maximum rate permitted in "An Act to authorize
public | ||||||
2 | corporations to issue bonds, other evidences of indebtedness | ||||||
3 | and tax
anticipation warrants subject to interest rate | ||||||
4 | limitations set forth
therein", approved May 26, 1970, as now | ||||||
5 | or hereafter amended; shall be
in such form as the district | ||||||
6 | shall by
resolution provide and shall be payable as to both | ||||||
7 | principal and
interest from the proceeds of the annual levy of | ||||||
8 | taxes authorized to be
levied by this Section, or so much | ||||||
9 | thereof as will be sufficient to pay
the principal thereof and | ||||||
10 | the interest thereon. Prior to the
authorization and issuance | ||||||
11 | of such bonds the district may, with or
without notice, | ||||||
12 | negotiate and enter into an agreement or agreements with
any | ||||||
13 | bank, investment banker, trust company or insurance company or | ||||||
14 | group
thereof whereunder the marketing of such bonds may be | ||||||
15 | assured and
consummated. The proceeds of such bonds shall be | ||||||
16 | deposited in a special
fund, to be kept separate and apart from | ||||||
17 | all other funds of the
conservation district. | ||||||
18 | (Source: P.A. 96-1178, eff. 7-22-10.)
| ||||||
19 | (70 ILCS 410/15.1) (from Ch. 96 1/2, par. 7117)
| ||||||
20 | Sec. 15.1.
When the board of a district proposes to incur
| ||||||
21 | indebtedness and issue bonds, other than tax anticipation | ||||||
22 | warrants, for
the purpose of development of real property as | ||||||
23 | provided in subsection (c) of Section 15 of this Act, or for | ||||||
24 | the purpose of
incurring indebtedness in the aggregate over | ||||||
25 | 0.575% as provided in
subsection (d) of Section 15, it shall |
| |||||||
| |||||||
1 | order a referendum
on the proposition.
| ||||||
2 | The district shall adopt an ordinance calling for the | ||||||
3 | referendum and
setting forth the proposition. The clerk
or | ||||||
4 | secretary of the district shall certify the ordinance and the | ||||||
5 | proposition
to the proper election officials who shall submit | ||||||
6 | the proposition to the
voters of the district at a referendum | ||||||
7 | in accordance with the general election
law. For a bond | ||||||
8 | proposition put forward by a district organized under this Act, | ||||||
9 | including a forest preserve district created under Section | ||||||
10 | 18.5, the ballot must have printed on it, but not as part of | ||||||
11 | the proposition submitted, the following language: | ||||||
12 | The approximate impact of the proposed increase on the | ||||||
13 | owner of a single-family home having a market value of | ||||||
14 | (insert value) would be (insert amount) in the first year | ||||||
15 | of the increase if the increase is fully implemented.
| ||||||
16 | (Source: P.A. 97-364, eff. 8-15-11.)
|