Illinois General Assembly - Full Text of HB0192
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Full Text of HB0192  98th General Assembly




HB0192 EnrolledLRB098 05307 NHT 35340 b

1    AN ACT concerning education.
2    Be it enacted by the People of the State of Illinois,
3represented in the General Assembly:
4    Section 5. The Local Government Debt Reform Act is amended
5by changing Section 10 as follows:
6    (30 ILCS 350/10)  (from Ch. 17, par. 6910)
7    Sec. 10. General provisions. Bonds authorized by
8applicable law may be issued in one or more series, bear such
9date or dates, become due at such time or times within 40
10years, except as expressly limited by applicable law, provided
11that notwithstanding any such express limitation bonds issued
12by Lockport High School, Township High School District 113,
13South Suburban Community College District No. 510, Elgin
14Community College District No. 509, or Kishwaukee Community
15College District No. 523 for the purpose of purchasing,
16constructing, or improving real property or paying claims
17against any such district incurred for the purpose of
18purchasing, constructing, or improving real property may
19become due within 25 years, bear interest payable at such
20intervals and at such rate or rates as authorized under
21applicable law, which rates may be fixed or variable, be in
22such denominations, be in such form, either coupon, registered
23or book-entry, carry such conversion, registration, and



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1exchange privileges, be subject to defeasance upon such terms,
2have such rank or priority, be executed in such manner, be
3payable in such medium of payment at such place or places
4within or without the State of Illinois, make provision for a
5corporate trustee within or without the State with respect to
6such bonds, prescribe the rights, powers and duties thereof to
7be exercised for the benefit of the governmental unit and the
8protection of the bondholders, provide for the holding in
9trust, investment and use of moneys, funds and accounts held
10under an ordinance, provide for assignment of and direct
11payment of the moneys to pay such bonds or to be deposited into
12such funds or accounts directly to such trustee, be subject to
13such terms of redemption with or without premium, and be sold
14in such manner at private or public sale and at such price, all
15as the governing body shall determine. Whenever such bonds are
16sold at price less than par, they shall be sold at such price
17and bear interest at such rate or rates such that either the
18true interest cost (yield) or the net interest rate, as may be
19selected by the governing body, received upon the sale of such
20bonds does not exceed the maximum rate otherwise authorized by
21applicable law. Except for an ordinance required to be
22published by applicable law in connection with a backdoor
23referendum, any bond ordinance adopted by a governing body
24under applicable law shall, in all instances, become effective
25immediately without publication or posting or any further act
26or requirement.



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1(Source: P.A. 96-787, eff. 8-28-09; 96-1077, eff. 7-16-10;
297-615, eff. 8-26-11.)
3    Section 99. Effective date. This Act takes effect upon
4becoming law.