Full Text of HB0668 94th General Assembly
HB0668 94TH GENERAL ASSEMBLY
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94TH GENERAL ASSEMBLY
State of Illinois
2005 and 2006 HB0668
Introduced 01/28/05, by Rep. Michael Tryon SYNOPSIS AS INTRODUCED: |
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70 ILCS 410/15 |
from Ch. 96 1/2, par. 7116 |
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Amends the Conservation District Act. Provides that a district entirely within a county with a population under 750,000 (now, 300,000) and contiguous to a county of more than 2,000,000 inhabitants may incur additional debt if approved by referendum. Effective immediately.
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| FISCAL NOTE ACT MAY APPLY | |
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A BILL FOR
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HB0668 |
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LRB094 07518 AJO 37685 b |
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| AN ACT concerning local government.
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| Be it enacted by the People of the State of Illinois,
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| represented in the General Assembly:
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| Section 5. The Conservation District Act is amended by | 5 |
| changing Section 15 as follows:
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| (70 ILCS 410/15) (from Ch. 96 1/2, par. 7116)
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| 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.
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| (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.
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| (c) For the purpose of development of real property, a | 24 |
| district may incur
indebtedness and, as evidence of the | 25 |
| indebtedness thus created, may
issue and sell bonds only after | 26 |
| the proposition to issue bonds has been
submitted to the legal | 27 |
| voters of the district at an election and has
been approved by | 28 |
| a majority of those voting on the proposition. Such
election is | 29 |
| subject to Section 15.1 of this Act.
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| (d) No district shall become indebted in any manner or for | 31 |
| any purpose,
to any amount including existing indebtedness in | 32 |
| the aggregate exceeding
0.575% of the value, as equalized or |
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HB0668 |
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LRB094 07518 AJO 37685 b |
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| assessed by the Department of Revenue,
of the taxable property | 2 |
| therein; except that a district entirely within a
county of | 3 |
| under
750,000
300,000 inhabitants and contiguous to a county of | 4 |
| more than
2,000,000 inhabitants may incur indebtedness,
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| including existing indebtedness, in the aggregate not
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| exceeding 1.725% of that value if the aggregate indebtedness | 7 |
| over 0.575% is
submitted to the legal voters of the district at | 8 |
| an election and is
approved by a majority of those voting on | 9 |
| the proposition as provided in
Section 15.1.
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| (e) Before or at the time of issuing bonds for acquisition | 11 |
| or development
of real property, the district shall provide by | 12 |
| ordinance for the
collection of an annual tax, in addition to | 13 |
| all other taxes authorized
by this act, sufficient to pay such | 14 |
| bonds and the interest thereon as
the same respectively become | 15 |
| due. Such bonds shall be divided into
series, the first of | 16 |
| which shall mature not later than 5 years after the
date of | 17 |
| issue and the last of which shall mature not later
than 20 | 18 |
| years after the date of issue; shall bear interest at a rate or
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| rates not exceeding the maximum rate permitted in "An Act to | 20 |
| authorize
public corporations to issue bonds, other evidences | 21 |
| of indebtedness and tax
anticipation warrants subject to | 22 |
| interest rate limitations set forth
therein", approved May 26, | 23 |
| 1970, as now or hereafter amended; shall be
in such form as the | 24 |
| district shall by
resolution provide and shall be payable as to | 25 |
| both principal and
interest from the proceeds of the annual | 26 |
| levy of taxes authorized to be
levied by this Section, or so | 27 |
| much thereof as will be sufficient to pay
the principal thereof | 28 |
| and the interest thereon. Prior to the
authorization and | 29 |
| issuance of such bonds the district may, with or
without | 30 |
| notice, negotiate and enter into an agreement or agreements | 31 |
| with
any bank, investment banker, trust company or insurance | 32 |
| company or group
thereof whereunder the marketing of such bonds | 33 |
| may be assured and
consummated. The proceeds of such bonds | 34 |
| shall be deposited in a special
fund, to be kept separate and | 35 |
| apart from all other funds of the
conservation district.
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| (Source: P.A. 91-629, eff. 8-19-99.)
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LRB094 07518 AJO 37685 b |
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| Section 99. Effective date. This Act takes effect upon | 2 |
| becoming law.
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