Illinois General Assembly - Full Text of SB1909
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Full Text of SB1909  96th General Assembly

SB1909ham002 96TH GENERAL ASSEMBLY

Rep. Thomas Holbrook

Filed: 5/22/2009

 

 


 

 


 
09600SB1909ham002 LRB096 11215 RLJ 27364 a

1
AMENDMENT TO SENATE BILL 1909

2     AMENDMENT NO. ______. Amend Senate Bill 1909 by replacing
3 everything after the enacting clause with the following:
 
4     "Section 1. Short title. This Act may be cited as the STAR
5 Bonds Financing Act.
 
6     Section 5. Purpose. It is hereby found and declared that
7 the purpose of this Act is to promote, stimulate, and develop
8 the general and economic welfare of the State of Illinois and
9 its communities and to assist in the development and
10 redevelopment of major tourism, entertainment, retail, and
11 related destination projects within eligible areas of the
12 State, thereby creating new jobs, stimulating significant
13 capital investment, and promoting the general welfare of the
14 citizens of this State, by authorizing municipalities and
15 counties to issue sales tax and revenue (STAR) bonds for the
16 financing of STAR bond projects as defined in Section 10, and

 

 

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1 to otherwise exercise the powers and authorities granted to
2 municipalities. It is further found and declared to be the
3 policy of the State, in the interest of promoting the health,
4 safety, morals, and general welfare of all the people of the
5 State, to provide incentives to create new job opportunities
6 and to promote major tourism, entertainment, retail, and
7 related destination projects within the State. It is further
8 found and declared:
9         (a) that as a result of the costs of land assemblage,
10     financing, infrastructure, and other project costs, the
11     private sector, without the assistance contemplated in
12     this Act, is unable to develop major tourism,
13     entertainment, retail, and related destination projects in
14     the State;
15         (b) that the type of projects for which this Act is
16     intended must be of a certain size, scope, and acreage and
17     have direct access to major highways, and must be developed
18     in a cohesive and comprehensive manner;
19         (c) that the eligible tracts of land, significant
20     portions of which are vacant and located in the 100-year
21     flood plain, present unique development obstacles and are
22     more likely to remain underutilized and undeveloped, or
23     developed in a piecemeal manner resulting in inefficient
24     and poorly planned developments that do not maximize job
25     creation, job retention, tourism, and tax revenue
26     generation within the State;

 

 

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1         (d) that there are multiple eligible areas in the State
2     that could benefit from this Act;
3         (e) that municipalities of the State that already have
4     an enterprise zone in place have a sufficient tool to
5     encourage development and to preserve and enhance their
6     local tax bases and job opportunities and otherwise achieve
7     the purposes set forth in this Act;
8         (f) that investment in major tourism, entertainment,
9     retail, and related destination projects within the State
10     would stimulate economic activity in the State, including
11     the creation and maintenance of jobs, the creation of new
12     and lasting infrastructure and other improvements, and the
13     attraction and retention of interstate tourists and
14     entertainment events that generate significant economic
15     activity;
16         (g) that the continual encouragement, development,
17     growth, and expansion of major tourism, entertainment,
18     retail, and related destination projects within the State
19     requires a cooperative and continuous partnership between
20     government and the public sector;
21         (h) that the State has a responsibility to help create
22     a favorable climate for new and improved job opportunities
23     for its citizens and to increase the tax base of the State
24     and its political subdivisions by encouraging development
25     by the private sector of major tourism, entertainment,
26     retail, and related destination projects within the State;

 

 

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1         (i) that the stagnation of local tax bases and the loss
2     of job opportunities within the State has persisted despite
3     efforts of State and local authorities and private
4     organizations to create major tourism, entertainment,
5     retail, and related destination projects within the State;
6         (j) that the stagnation of local tax bases and the
7     persistent loss of job opportunities in the State may
8     continue and worsen if the State and its political
9     subdivisions are not able to provide additional incentives
10     to developers of major tourism, entertainment, retail, and
11     related destination projects;
12         (k) that the provision of additional incentives by the
13     State and its political subdivisions will relieve
14     conditions of unemployment, maintain existing levels of
15     employment, create new job opportunities, retain jobs
16     within the State, increase tourism and commerce within the
17     State, and increase the tax base of the State and its
18     political subdivisions;
19         (l) that the powers conferred by this Act promote and
20     protect the health, safety, morals, and welfare of the
21     State, and are for a public purpose and public use for
22     which public money and resources may be expended; and
23         (m) that the necessity in the public interest for the
24     provisions of this Act is hereby declared as a matter of
25     legislative determination.
 

 

 

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1     Section 10. Definitions. As used in this Act, the following
2 words and phrases shall have the following meanings unless a
3 different meaning clearly appears from the context:
4     "Base year" means the calendar year immediately prior to
5 the calendar year in which the STAR bond district is
6 established.
7     "Commence work" means the manifest commencement of actual
8 operations on the development site, such as, erecting a
9 building, general on-site and off-site grading and utility
10 installations, commencing design and construction
11 documentation, ordering lead-time materials, excavating the
12 ground to lay a foundation or a basement, or work of like
13 description which a reasonable person would recognize as being
14 done with the intention and purpose to continue work until the
15 project is completed.
16     "County" means the county in which a proposed STAR bond
17 district is located.
18     "De minimus" means an amount less than 15% of the land area
19 within a STAR bond district.
20     "Department of Revenue" means the Department of Revenue of
21 the State of Illinois.
22     "Developer" means any individual, corporation, trust,
23 estate, partnership, limited liability partnership, limited
24 liability company, or other entity. The term does not include a
25 not-for-profit entity, political subdivision, or other agency
26 or instrumentality of the State.

 

 

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1     "Director" means the Director of Revenue, who shall consult
2 with the Director of Commerce and Economic Opportunity in any
3 approvals or decisions required by the Director under this Act.
4     "Economic impact study" means a study conducted by an
5 independent economist to project the financial benefit of the
6 proposed STAR bond project to the local, regional, and State
7 economies, consider the proposed adverse impacts on similar
8 projects and businesses, as well as municipalities within the
9 projected market area, and draw conclusions about the net
10 effect of the proposed STAR bond project on the local,
11 regional, and State economies. A copy of the economic impact
12 study shall be provided to the Director for review.
13     "Eligible area" means any improved or vacant area that is
14 contiguous and is not, in the aggregate, less than 600 acres
15 which must include only parcels of real property directly and
16 substantially benefited by the proposed STAR bond district
17 plan, which is located adjacent to the intersection of at least
18 2 highways, one of which is an interstate highway, which area
19 must be comprised of land which is at least 90% vacant, and at
20 least 30% of which is located in the 100-year flood plain. The
21 area may be bisected by streets, highways, roads, alleys,
22 railways, bike paths, streams, rivers, and other water ways and
23 still be deemed contiguous. In addition, in order to constitute
24 an eligible area one of the following requirements must be
25 satisfied:
26         (a) the governing body of the political subdivision

 

 

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1     shall have determined that the area meets the requirements
2     of a "blighted area" as defined under the Tax Increment
3     Allocation Redevelopment Act;
4         (b) the governing body of the political subdivision
5     shall have determined that the area is a blighted area as
6     determined under the provisions of Section 11-74.3-5 of the
7     Illinois Municipal Code;
8         (c) the governing body of the political subdivision
9     shall have made findings with respect to the property, the
10     proposed STAR bond project, and the proposed master
11     developer that would be required to enter into an economic
12     incentive agreement pursuant to the provisions of Section
13     8-11-20 of the Illinois Municipal Code; or
14         (d) the governing body of the political subdivision
15     shall make the following findings:
16             (i) that the vacant portions of the area have
17         remained vacant for at least one year, or that any
18         building located on a vacant portion of the property
19         was demolished within the last year and that the
20         building would have qualified under item (ii) of this
21         subsection;
22             (ii) if portions of the area are currently
23         developed, that the use, condition, and character of
24         the buildings on the property are not consistent with
25         the purposes set forth in Section 5;
26             (iii) that the STAR bond district is expected to

 

 

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1         create or retain job opportunities within the
2         political subdivision;
3             (iv) that the STAR bond district will serve to
4         further the development of adjacent areas;
5             (v) that without the availability of STAR bonds,
6         the projects described in the STAR bond district plan
7         would not be possible;
8             (vi) that the master developer meets high
9         standards of creditworthiness and financial strength
10         as demonstrated by one or more of the following: (i)
11         corporate debenture ratings of BBB or higher by
12         Standard & Poor's Corporation or Baa or higher by
13         Moody's Investors Service, Inc.; (ii) a letter from a
14         financial institution with assets of $10,000,000 or
15         more attesting to the financial strength of the master
16         developer; or (iii) specific evidence of equity
17         financing for not less than 10% of the estimated total
18         STAR bond project costs;
19             (vii) that the STAR bond district will strengthen
20         the commercial sector of the political subdivision;
21             (viii) that the STAR bond district will enhance the
22         tax base of the political subdivision; and
23             (ix) that the formation of a STAR bond district is
24         in the best interest of the political subdivision.
25     "Feasibility study" means a feasibility study as defined in
26 subsection (b) of Section 20.

 

 

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1     "Infrastructure" means the public improvements and private
2 improvements that serve the public purposes set forth in
3 Section 5 of this Act and that benefit the STAR bond district
4 or any STAR bond projects, including, but not limited to,
5 streets, drives and driveways, traffic and directional signs
6 and signals, parking lots and parking facilities,
7 interchanges, highways, sidewalks, bridges, underpasses and
8 overpasses, bike and walking trails, sanitary storm sewers and
9 lift stations, drainage conduits, channels, levees, canals,
10 storm water detention and retention facilities, utilities and
11 utility connections, water mains and extensions, and street and
12 parking lot lighting and connections.
13     "Local sales taxes" means taxes paid to a municipality,
14 county, or other local governmental entity from the Local
15 Government Tax Fund arising from sales by retailers and
16 servicemen within a STAR bond district, and any local taxes
17 received by a local governmental entity arising from sales by
18 retailers and servicemen within a STAR bond district, including
19 sales taxes on goods and services, and business district sales
20 taxes. For the purpose of this Act, "local sales taxes" shall
21 not include any taxes authorized pursuant to the Local Mass
22 Transit District Act, the Metro-East Park and Recreation
23 District Act, or the Flood Prevention District Act or any local
24 sales taxes that are, at the time of formation of a STAR bond
25 district, already subject to tax increment financing under the
26 Tax Increment Allocation Redevelopment Act.

 

 

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1     "Local sales tax increment" means that portion of the
2 revenue derived from local sales taxes collected from taxpayers
3 doing business within that portion of a STAR bond district
4 occupied by a STAR bond project that is in excess of the amount
5 of the base year revenue, as determined by the respective
6 municipality, county, or other unit of the local government.
7     "Market study" means a study to determine the ability of
8 the proposed STAR bond project to gain market share locally and
9 regionally and to remain profitable past the term of repayment
10 of STAR bonds.
11     "Master developer" means a developer cooperating with a
12 political subdivision to plan, develop, and implement a STAR
13 bond project plan for a STAR bond district. The master
14 developer may work with and transfer certain development rights
15 to other developers for the purpose of implementing STAR bond
16 project plans and achieving the purposes of this Act. A master
17 developer for a STAR bond district shall be appointed by a
18 political subdivision in the resolution establishing the STAR
19 bond district, and the master developer must, at the time of
20 appointment, own or have control of, through purchase
21 agreements, option contracts, or other means, not less than 50%
22 of the acreage within the STAR bond district.
23     "Master development agreement" means an agreement between
24 the master developer and the political subdivision to govern a
25 STAR bond district and any STAR bond projects.
26     "Municipality" means the city, village, or incorporated

 

 

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1 town in which a proposed STAR bond district is located.
2     "Net revenue realized" means, for any month, the local
3 sales tax increment and the State sales tax increment collected
4 by the State during that month, less the amount paid out during
5 that same month as refunds to taxpayers for overpayment of
6 liability.
7     "Pledged STAR revenues" means those sales tax and revenues
8 and other sources of funds pledged to pay debt service on STAR
9 bonds or to pay project costs pursuant to Section 30.
10 Notwithstanding any provision to the contrary, the following
11 revenues shall not constitute pledged STAR revenues or be
12 available to pay principal and interest on STAR bonds: any
13 State sales tax increment or local sales tax increment from a
14 retail entity initiating operations in a STAR bond district
15 while terminating operations at another Illinois location
16 within 25 miles of the STAR bond district. For purposes of this
17 paragraph, "terminating operations" means a closing of a retail
18 operation that is directly related to the opening of the same
19 operation or like retail entity owned or operated by more than
20 50% of the original ownership in a STAR bond district within
21 one year before or after initiating operations in the STAR bond
22 district, but it does not mean closing an operation for reasons
23 beyond the control of the retail entity, as documented by the
24 retail entity, subject to a reasonable finding by the
25 municipality that the current location contained inadequate
26 space, had become economically obsolete, or was no longer a

 

 

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1 viable location for the retailer or serviceman.
2     "Political subdivision" means a municipality or county
3 which undertakes to establish a STAR bond district pursuant to
4 the provisions of this Act.
5     "Project costs" means and includes the sum total of all
6 costs incurred or estimated to be incurred on or following the
7 date of establishment of a STAR bond district that are
8 reasonable or necessary to implement a STAR bond district plan
9 or any STAR bond project plans, or both. Such costs include
10 without limitation the following:
11         (a) costs incurred for public improvements and private
12     improvements that serve the public purposes set forth in
13     Section 5 of this Act;
14         (b) costs of studies, surveys, development of plans and
15     specifications, formation, implementation and
16     administration of a STAR bond district, STAR bond district
17     plan, any STAR bond projects, or any STAR bond project
18     plans, including, but not limited to, staff and
19     professional service costs for architectural, engineering,
20     legal, financial, planning, or other services, provided
21     however that no charges for professional services may be
22     based on a percentage of the tax increment collected and no
23     contracts for professional services, excluding
24     architectural and engineering services, may be entered
25     into if the terms of the contract extend beyond a period of
26     3 years;

 

 

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1         (c) property assembly costs, including, but not
2     limited to, acquisition of land and other real property or
3     rights or interests therein, located within the boundaries
4     of a STAR bond district, demolition of buildings, site
5     preparation, site improvements that serve as an engineered
6     barrier addressing ground level or below ground
7     environmental contamination, including, but not limited
8     to, parking lots and other concrete or asphalt barriers,
9     the clearing and grading of land, and importing additional
10     soil and fill materials, or removal of soil and fill
11     materials from the site;
12         (d) subject to paragraph (e), costs of buildings or
13     other vertical improvements that are located within the
14     boundaries of a STAR Bond district and owned by a political
15     subdivision or other public entity, including without
16     limitation police and fire stations, educational
17     facilities, or public restrooms and rest areas;
18         (e) costs of the design and construction of
19     infrastructure and public works located within the
20     boundaries of a STAR bond district that are reasonable or
21     necessary to implement a STAR bond district plan or any
22     STAR bond project plans, or both, except that project costs
23     shall not include the cost of constructing a new municipal
24     public building principally used to provide offices,
25     storage space, or conference facilities or vehicle
26     storage, maintenance, or repair for administrative, public

 

 

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1     safety, or public works personnel and that is not intended
2     to replace an existing public building unless the political
3     subdivision makes a reasonable determination in a STAR bond
4     district plan or any STAR bond project plans, supported by
5     information that provides the basis for that
6     determination, that the new municipal building is required
7     to meet an increase in the need for public safety purposes
8     anticipated to result from the implementation of the STAR
9     bond district plan or any STAR bond project plans;
10         (f) costs of the design and construction of the
11     following infrastructure and public works improvements
12     located outside the boundaries of a STAR bond district,
13     provided that the costs are essential to further the
14     purpose and development of a STAR bond district plan and
15     either (i) part of and connected to sewer, water, or
16     utility service lines that physically connect to the STAR
17     bond district or (ii) significant improvements for
18     adjacent offsite highways, streets, roadways, and
19     interchanges that are approved by the Illinois Department
20     of Transportation. No other cost of infrastructure and
21     public works improvements located outside the boundaries
22     of a STAR bond district may be deemed project costs;
23         (g) costs of job training and retraining projects,
24     including the cost of "welfare to work" programs
25     implemented by businesses located within a STAR bond
26     district;

 

 

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1         (h) financing costs, including, but not limited to, all
2     necessary and incidental expenses related to the issuance
3     of obligations and which may include payment of interest on
4     any obligations issued hereunder including interest
5     accruing during the estimated period of construction of any
6     improvements in a STAR bond district or any STAR bond
7     projects for which such obligations are issued and for not
8     exceeding 36 months thereafter and including reasonable
9     reserves related thereto;
10         (i) to the extent the political subdivision by written
11     agreement accepts and approves the same, all or a portion
12     of a taxing district's capital costs resulting from a STAR
13     bond district or STAR bond projects necessarily incurred or
14     to be incurred within a taxing district in furtherance of
15     the objectives of a STAR bond district plan or STAR bond
16     project plans;
17         (j) payment in lieu of taxes;
18         (k) interest cost incurred by a developer for project
19     costs related to the acquisition, formation,
20     implementation, development, construction, and
21     administration of a STAR bond district, STAR bond district
22     plan, STAR bond projects, or any STAR bond project plans
23     provided that:
24             (i) payment of such costs in any one year may not
25         exceed 30% of the annual interest costs incurred by the
26         developer with regard to the STAR bond district or any

 

 

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1         STAR bond projects during that year; and
2             (ii) the total of such interest payments paid
3         pursuant to this Act may not exceed 30% of the total
4         cost paid or incurred by the developer for a STAR bond
5         district or STAR bond projects, plus project costs,
6         excluding any property assembly costs incurred by a
7         political subdivision pursuant to this Act;
8         (l) costs of common areas located within the boundaries
9     of a STAR bond district;
10         (m) costs of landscaping and plantings, retaining
11     walls and fences, man-made lakes and ponds, shelters,
12     benches, lighting, and similar amenities located within
13     the boundaries of a STAR bond district;
14         (n) costs of mounted building signs, site monument, and
15     pylon signs located within the boundaries of a STAR bond
16     district; or
17         (o) if included in the STAR bond district plan and
18     approved in writing by the Director, salaries or a portion
19     of salaries for local government employees to the extent
20     the same are directly attributable to the work of such
21     employees on the establishment and management of a STAR
22     bond district or any STAR bond projects.
23     Except as specified in items (a) through (o), "project
24 costs" shall not include:
25         (i) the cost of construction of buildings that are
26     privately-owned or owned by a municipality and leased to a

 

 

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1     developer for non-entertainment retail uses;
2         (ii) moving expenses for employees of the businesses
3     locating within the STAR bond district;
4         (iii) property taxes for property located in the STAR
5     bond district;
6         (iv) lobbying costs; and
7         (v) general overhead or administrative costs of the
8     political subdivision that would still have been incurred
9     by the political subdivision if the political subdivision
10     had not established a STAR bond district.
11     "Project development agreement" means any one or more
12 agreements, including any amendments thereto, between a master
13 developer and any co-developer or sub-developer in connection
14 with a STAR bond project, which project development agreement
15 may include the political subdivision as a party.
16     "Projected market area" means any area within the State in
17 which a STAR bond district or STAR bond project is projected to
18 have a significant fiscal or market impact as determined by the
19 Director.
20     "Resolution" means a resolution, order, ordinance, or
21 other appropriate form of legislative action of a political
22 subdivision or other applicable public entity approved by a
23 vote of a majority of a quorum at a meeting of the governing
24 body of the political subdivision or applicable public entity.
25     "STAR bond" means a sales tax and revenue bond, note, or
26 other obligation payable from pledged STAR revenues.

 

 

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1     "STAR bond district" means the specific area declared to be
2 an eligible area as determined by the political subdivision,
3 and approved by the Director, in which the political
4 subdivision may develop one or more STAR bond projects.
5     "STAR bond district plan" means the preliminary or
6 conceptual plan that generally identifies the proposed STAR
7 bond project areas and identifies in a general manner the
8 buildings, facilities, and improvements to be constructed or
9 improved in each STAR bond project area.
10     "STAR bond project" means a project within a STAR bond
11 district which is approved pursuant to Section 20.
12     "STAR bond project area" means the geographic area within a
13 STAR bond district in which there may be one or more STAR bond
14 projects.
15     "STAR bond project plan" means the written plan adopted by
16 a political subdivision for the development of a STAR bond
17 project in a STAR bond district; the plan may include, but is
18 not limited to, (i) project costs incurred prior to the date of
19 the STAR bond project plan and estimated future STAR bond
20 project costs, (ii) proposed sources of funds to pay those
21 costs, (iii) the nature and estimated term of any obligations
22 to be issued by the political subdivision to pay those costs,
23 (iv) the most recent equalized assessed valuation of the STAR
24 bond project area, (v) an estimate of the equalized assessed
25 valuation of the STAR bond district or applicable project area
26 after completion of a STAR bond project, (vi) a general

 

 

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1 description of the types of any known or proposed developers,
2 users, or tenants of the STAR bond project or projects included
3 in the plan, (vii) a general description of the type,
4 structure, and character of the property or facilities to be
5 developed or improved, (viii) a description of the general land
6 uses to apply to the STAR bond project, and (ix) a general
7 description or an estimate of the type, class, and number of
8 employees to be employed in the operation of the STAR bond
9 project.
10     "State sales tax" means taxes paid by retailers and
11 servicemen on transactions at places of business located within
12 a STAR bond district pursuant to the Retailers' Occupation Tax
13 Act, the Use Tax Act, the Service Use Tax Act, and the Service
14 Occupation Tax Act, and any other sales or use taxes imposed by
15 the State within a STAR bond district. For the purposes of this
16 Act, "State sales tax" does not include any State sales taxes
17 that are, at the time of formation of a STAR bond district,
18 already subject to tax increment financing under the Tax
19 Increment Allocation Redevelopment Act.
20     "State sales tax increment" means that portion of the
21 revenue derived from State sales taxes collected from taxpayers
22 doing business within that portion of a STAR bond district
23 occupied by a STAR bond project that is in excess of the amount
24 of base year revenue determined by the Department of Revenue.
25     "Substantial change" means a change wherein the proposed
26 STAR bond project plan differs substantially in size, scope, or

 

 

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1 use from the approved STAR bond district plan or STAR bond
2 project plan.
3     "Taxpayer" means an individual, partnership, corporation,
4 limited liability company, trust, estate, or other entity that
5 is subject to the Illinois Income Tax Act.
6     "Vacant" means that portion of the land in a proposed STAR
7 bond district that is not occupied by a building, facility, or
8 other vertical improvement.
 
9     Section 15. Establishment of STAR bond district. The
10 governing body of a municipality may establish a STAR bond
11 district within an eligible area within the municipality or
12 partially outside the boundaries of the municipality in an
13 unincorporated area of the county. A STAR bond district which
14 is partially outside the boundaries of the municipality must
15 also be approved by the governing body of the county by the
16 passage of a resolution. The governing body of a county may
17 establish a STAR bond district in an eligible area in any
18 unincorporated area of the county.
19     (a) When a political subdivision proposes to establish a
20 STAR bond district, the political subdivision shall adopt a
21 resolution stating that the political subdivision is
22 considering the establishment of a STAR bond district. The
23 resolution shall:
24         (1) give notice that a public hearing will be held to
25     consider the establishment of a STAR bond district and fix

 

 

09600SB1909ham002 - 21 - LRB096 11215 RLJ 27364 a

1     the date, hour, and place of the public hearing provided
2     that notice of the hearing shall be provided as set forth
3     in item (2) of subsection (e) of Section 20;
4         (2) describe the proposed general boundaries of the
5     STAR bond district;
6         (3) describe the STAR bond district plan;
7         (4) require that a description and map of the proposed
8     STAR bond district are available for inspection at a time
9     and place designated;
10         (5) identify the master developer for the STAR bond
11     district; and
12         (6) require that the governing body consider findings
13     necessary for the establishment of a STAR bond district.
14     (b) Upon the conclusion of the public hearing the governing
15 body of the political subdivision may consider a resolution to
16 establish the STAR bond district.
17         (1) A resolution to establish a STAR bond district
18     shall:
19             (A) make findings that the proposed STAR bond
20         district is to be developed with one or more STAR bond
21         projects;
22             (B) make findings that the STAR bond district is an
23         eligible area;
24             (C) contain a STAR bond district plan that
25         identifies in a general manner the buildings and
26         facilities that are proposed to be constructed or

 

 

09600SB1909ham002 - 22 - LRB096 11215 RLJ 27364 a

1         improved in subsequent STAR bond projects;
2             (D) contain the legal description of the STAR bond
3         district;
4             (E) appoint the master developer for the STAR bond
5         district; and
6             (F) establish the STAR bond district, contingent
7         upon approval of the Director as set forth in
8         subsection (d).
9         (2) If the resolution is not adopted by the political
10     subdivision within 60 days from the conclusion of the
11     public hearing, then the STAR bond district shall not be
12     established.
13         (3) Upon adoption of a resolution establishing a STAR
14     bond district, the political subdivision shall send a
15     certified copy of such resolution to the Department of
16     Revenue. If a certified copy of such resolution is filed
17     with the Department of Revenue on or before the first day
18     of April, the Department of Revenue shall proceed to
19     collect and allocate any local sales tax increment and any
20     State sales tax increment and otherwise administer and
21     enforce this Act as of the first day of July next following
22     the adoption and filing. If a certified copy of such
23     resolution is filed with the Department of Revenue on or
24     before the first day of October, the Department of Revenue
25     shall proceed to collect and allocate any local sales tax
26     increment and any State sales tax increment and otherwise

 

 

09600SB1909ham002 - 23 - LRB096 11215 RLJ 27364 a

1     administer and enforce this Act as of the first day of
2     January next following the adoption and filing.
3     (c) Upon the establishment of a STAR bond district, the
4 STAR bond district and any STAR bond projects shall be governed
5 by a master development agreement between the political
6 subdivision and the master developer. A STAR bond district that
7 is partially outside the boundaries of a municipality shall
8 only require one master development agreement; the agreement
9 shall be between the municipality and the master developer. In
10 no event shall there be more than one master development
11 agreement governing the terms and conditions of a STAR bond
12 district.
13     (d) Upon adoption of the resolution to establish a STAR
14 bond district, the political subdivision shall submit the
15 proposed STAR bond district to the Director for consideration.
16 The Director may only approve a STAR bond district if the
17 Director finds that: (i) the proposed STAR bond district is an
18 eligible area, (ii) no portion of the proposed STAR bond
19 district is located within a municipality that has an
20 enterprise zone pursuant to the Illinois Enterprise Zone Act
21 within its municipal boundaries, (iii) the STAR bond district
22 plan includes a projected capital investment of at least
23 $300,000,000, (iv) the STAR bond district plan is reasonably
24 projected to produce at least $300,000,000 of annual gross
25 sales revenues and 1,000 new jobs, (v) the creation of the STAR
26 bond district and STAR bond district plan are not contrary to

 

 

09600SB1909ham002 - 24 - LRB096 11215 RLJ 27364 a

1 the purpose of this Act or the public interest; and (vi) the
2 STAR bond district and STAR bond district plan meet any other
3 requirement that the Director deems appropriate. If a proposed
4 STAR bond district meets all of the foregoing criteria, the
5 Director shall not unreasonably withhold its approval of the
6 proposed STAR bond district. The Director may only approve one
7 STAR bond district within any projected market area. The
8 Director shall promptly send a copy of its written findings and
9 approval or denial of a STAR bond district to the requesting
10 political subdivision.
 
11     Section 20. Approval of STAR bond projects. The governing
12 body of a political subdivision may establish one or more STAR
13 bond projects in any STAR bond district. A STAR bond project
14 which is partially outside the boundaries of a municipality
15 must also be approved by the governing body of the county by
16 resolution.
17     (a) After the establishment of a STAR bond district, the
18 master developer may propose one or more STAR bond projects to
19 a political subdivision and the master developer shall, in
20 cooperation with the political subdivision, prepare a STAR bond
21 project plan in consultation with the planning commission of
22 the political subdivision, if any. The STAR bond project plan
23 may be implemented in separate development stages.
24     (b) Any political subdivision considering a STAR bond
25 project within a STAR bond district shall cause to be prepared

 

 

09600SB1909ham002 - 25 - LRB096 11215 RLJ 27364 a

1 an independent feasibility study by a feasibility consultant.
2 The feasibility study shall include the following:
3         (1) the estimated amount of pledged STAR revenues
4     expected to be collected in each year through the maturity
5     date of the proposed STAR bonds;
6         (2) a statement of how the jobs and taxes obtained from
7     the STAR bond project will contribute significantly to the
8     economic development of the State and region;
9         (3) visitation expectations;
10         (4) the unique quality of the project;
11         (5) an economic impact study;
12         (6) a market study;
13         (7) integration and collaboration with other resources
14     or businesses;
15         (8) the quality of service and experience provided, as
16     measured against national consumer standards for the
17     specific target market;
18         (9) project accountability, measured according to best
19     industry practices;
20         (10) the expected return on State and local investment
21     that the STAR bond project is anticipated to produce; and
22         (11) an anticipated principal and interest payment
23     schedule on the STAR bonds.
24     The failure to include all information enumerated in this
25 subsection in the feasibility study for a STAR bond project
26 shall not affect the validity of STAR bonds issued pursuant to

 

 

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1 this Act.
2     (c) If the political subdivision determines the STAR bond
3 project is feasible, the STAR bond project plan shall include:
4         (1) a summary of the feasibility study;
5         (2) a reference to the STAR bond district plan that
6     identifies the STAR bond project area that is set forth in
7     the STAR bond project plan that is being considered;
8         (3) a legal description and map of the STAR bond
9     project area to be developed or redeveloped;
10         (4) a description of the buildings and facilities
11     proposed to be constructed or improved in such STAR bond
12     project area; and
13         (5) any other information the governing body of the
14     political subdivision deems reasonable and necessary to
15     advise the public of the intent of the STAR bond project
16     plan.
17     (d) Upon a finding by the planning and zoning commission of
18 the political subdivision that the STAR bond project plan is
19 consistent with the intent of the comprehensive plan for the
20 development of the political subdivision, the governing body of
21 the political subdivision shall adopt a resolution stating that
22 the political subdivision is considering the adoption of the
23 STAR bond project plan. The resolution shall:
24         (1) give notice that a public hearing will be held to
25     consider the adoption of the STAR bond project plan and fix
26     the date, hour, and place of the public hearing;

 

 

09600SB1909ham002 - 27 - LRB096 11215 RLJ 27364 a

1         (2) describe the general boundaries of the STAR bond
2     district within which the STAR bond project will be located
3     and the date of establishment of the STAR bond district;
4         (3) describe the general boundaries of the area
5     proposed to be included within the STAR bond project area;
6         (4) provide that the STAR bond project plan and map of
7     the area to be redeveloped or developed are available for
8     inspection during regular office hours in the offices of
9     the political subdivision; and
10         (5) contain a summary of the terms and conditions of
11     any proposed project development agreement with the
12     political subdivision.
13     (e) A public hearing shall be conducted to consider the
14 adoption of any STAR bond project plan.
15         (1) The date fixed for the public hearing to consider
16     the adoption of the STAR bond project plan shall be not
17     less than 20 nor more than 90 days following the date of
18     the adoption of the resolution fixing the date of the
19     hearing.
20         (2) A copy of the political subdivision's resolution
21     providing for the public hearing shall be sent by certified
22     mail, return receipt requested, to the governing body of
23     the county. A copy of the political subdivision's
24     resolution providing for the public hearing shall be sent
25     by certified mail, return receipt requested, to each person
26     or persons in whose name the general taxes for the last

 

 

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1     preceding year were paid on each parcel of land lying
2     within the proposed STAR bond project area within 10 days
3     following the date of the adoption of the resolution. The
4     resolution shall be published once in a newspaper of
5     general circulation in the political subdivision not less
6     than one week nor more than 3 weeks preceding the date
7     fixed for the public hearing. A map or aerial photo clearly
8     delineating the area of land proposed to be included within
9     the STAR bond project area shall be published with the
10     resolution.
11         (3) At the public hearing, a representative of the
12     political subdivision or master developer shall present
13     the STAR bond project plan. Following the presentation of
14     the STAR bond project plan, all interested persons shall be
15     given an opportunity to be heard. The governing body may
16     continue the date and time of the public hearing.
17     (f) Upon conclusion of the public hearing, the governing
18 body of the political subdivision may adopt the STAR bond
19 project plan by a resolution approving the STAR bond project
20 plan.
21     (g) After the adoption by the corporate authorities of the
22 political subdivision of a STAR bond project plan, the
23 political subdivision may enter into a project development
24 agreement if the master developer has requested the political
25 subdivision to be a party to the project development agreement
26 pursuant to subsection (b) of Section 25.

 

 

09600SB1909ham002 - 29 - LRB096 11215 RLJ 27364 a

1     (h) Within 30 days after the adoption by the political
2 subdivision of a STAR bond project plan, the clerk of the
3 political subdivision shall transmit a copy of the legal
4 description of the land and a list of all new and existing
5 mailing addresses within the STAR bond district, a copy of the
6 resolution adopting the STAR bond project plan, and a map or
7 plat indicating the boundaries of the STAR bond project area to
8 the clerk, treasurer, and governing body of the county and to
9 the Department of Revenue. Within 30 days of creation of any
10 new mailing addresses within a STAR bond district, the clerk of
11 the political subdivision shall provide written notice of such
12 new addresses to the Department of Revenue.
13     Any substantial changes to a STAR bond project plan as
14 adopted shall be subject to a public hearing following
15 publication of notice thereof in a newspaper of general
16 circulation in the political subdivision and approval by
17 resolution of the governing body of the political subdivision.
18     (i) Any STAR bond project must be approved by the political
19 subdivision prior to that date which is 23 years from the date
20 of the approval of the STAR bond district, provided however
21 that any amendments to such STAR bond project may occur
22 following such date.
23     (j) Any developer of a STAR bond project shall commence
24 work on the STAR bond project within 3 years from the date of
25 adoption of the STAR bond project plan. If the developer fails
26 to commence work on the STAR bond project within the 3-year

 

 

09600SB1909ham002 - 30 - LRB096 11215 RLJ 27364 a

1 period, funding for the project shall cease and the developer
2 of the project or complex shall have one year to appeal to the
3 political subdivision for reapproval of the project and
4 funding. If the project is reapproved, the 3-year period for
5 commencement shall begin again on the date of the reapproval.
6     (k) After the adoption by the corporate authorities of the
7 political subdivision of a STAR bond project plan, the
8 political subdivision may authorize the issuance of the STAR
9 bonds in one or more series to finance the STAR bond project in
10 accordance with the provisions of this Act.
11     (l) The maximum maturity of STAR bonds issued to finance a
12 STAR bond project shall not exceed 23 years from the first date
13 of distribution of State sales tax revenues from such STAR bond
14 project to the political subdivision, unless the political
15 subdivision extends such maturity by resolution up to a maximum
16 of 35 years from such first distribution date. Any such
17 extension shall require the approval of the Director. In no
18 event shall the maximum maturity date for any STAR bonds exceed
19 that date which is 35 years from the first distribution date of
20 the first STAR bonds issued in a STAR bond district.
 
21     Section 25. Co-Developers and sub-developers. Upon
22 approval of a STAR bond project by the political subdivision,
23 the master developer may, subject to the approval of the
24 political subdivision, develop the STAR bond project on its own
25 or it may develop the STAR bond project with another developer.

 

 

09600SB1909ham002 - 31 - LRB096 11215 RLJ 27364 a

1     (a) A master developer may sell, lease, or otherwise convey
2 its property interest in the STAR bond project area to a
3 co-developer or sub-developer and a master developer may also
4 assign or transfer its development rights in the STAR bond
5 project to a co-developer or sub-developer.
6     (b) A master developer may enter into one or more
7 agreements with a co-developer or sub-developer in connection
8 with a STAR bond project, and the master developer may request
9 that the political subdivision become a party to the project
10 development agreement, or the master developer may request that
11 the political subdivision amend its master development
12 agreement to provide for certain terms and conditions that may
13 be related to the co-developer or sub-developer and the STAR
14 bond project. For any project development agreement which the
15 political subdivision would be a party or for any amendments to
16 the master development agreement, the terms and conditions must
17 be acceptable to both the master developer and the political
18 subdivision.
 
19     Section 30. STAR bonds; source of payment. Any political
20 subdivision shall have the power to issue STAR bonds in one or
21 more series to finance the undertaking of any STAR bond project
22 in accordance with the provisions of this Act and the Omnibus
23 Bond Acts. STAR bonds may be issued as revenue bonds, alternate
24 bonds, or general obligation bonds as defined in and subject to
25 the procedures provided in the Local Government Debt Reform

 

 

09600SB1909ham002 - 32 - LRB096 11215 RLJ 27364 a

1 Act.
2     (a) STAR bonds may be made payable, both as to principal
3 and interest, from the following revenues, which to the extent
4 pledged by each respective political subdivision or other
5 public entity for such purpose shall constitute pledged STAR
6 revenues:
7         (1) revenues of the political subdivision derived from
8     or held in connection with the undertaking and carrying out
9     of any STAR bond project or projects under this Act;
10         (2) available private funds and contributions, grants,
11     tax credits, or other financial assistance from the State
12     or federal government;
13         (3) all of the local sales tax increment of a
14     municipality, county, or other unit of local government;
15         (4) any special service area taxes collected within the
16     STAR bond district under the Special Service Area Tax Act,
17     may be used for the purposes of funding project costs or
18     paying debt service on STAR bonds in addition to the
19     purposes contained in the special service area plan;
20         (5) all of the State sales tax increment;
21         (6) any other revenues appropriated by the political
22     subdivision; and
23         (7) any combination of these methods.
24     (b) The political subdivision may pledge the pledged STAR
25 revenues to the repayment of STAR bonds prior to,
26 simultaneously with, or subsequent to the issuance of the STAR

 

 

09600SB1909ham002 - 33 - LRB096 11215 RLJ 27364 a

1 bonds.
2     (c) Bonds issued as revenue bonds shall not be general
3 obligations of the political subdivision, nor in any event
4 shall they give rise to a charge against its general credit or
5 taxing powers, or be payable out of any funds or properties
6 other than those set forth in subsection (a) and the bonds
7 shall so state on their face.
8     (d) For each STAR bond project financed with STAR bonds
9 payable from the pledged STAR revenues, the political
10 subdivision shall prepare and submit to the Department of
11 Revenue by June 1 of each year a report describing the status
12 of the STAR bond project, any expenditures of the proceeds of
13 STAR bonds that have occurred for the preceding calendar year,
14 and any expenditures of the proceeds of the bonds expected to
15 occur in the future, including the amount of pledged STAR
16 revenue, the amount of revenue that has been spent, the
17 projected amount of the revenue, and the anticipated use of the
18 revenue.
19     (e) The State Treasurer shall establish a special fund
20 called the STAR Bonds Revenue Fund. The Department of Revenue
21 shall immediately pay over to the State Treasurer, ex officio,
22 as trustee, all pledged STAR revenues received for deposit into
23 the STAR Bonds Revenue Fund. The State Treasurer shall
24 distribute the net revenue realized from STAR bond projects to
25 the political subdivision on a monthly basis from the STAR
26 Bonds Revenue Fund.
 

 

 

09600SB1909ham002 - 34 - LRB096 11215 RLJ 27364 a

1     Section 35. Alternate bonds and general obligation bonds. A
2 political subdivision shall have the power to issue alternate
3 revenue and other general obligation bonds to finance the
4 undertaking, establishment, or redevelopment of any STAR bond
5 project as provided and pursuant to the procedures set forth in
6 the Local Government Debt Reform Act. A political subdivision
7 shall have the power to issue general obligation bonds to
8 finance the undertaking, establishment, or redevelopment of
9 any STAR bond project on approval by the voters of the
10 political subdivision of a proposition authorizing the issue of
11 such bonds.
12     The full faith and credit of the State, any department,
13 authority, public corporation or quasi-public corporation of
14 the State, any State college or university, or any other public
15 agency created by the State shall not be pledged for any
16 payment under any obligation authorized by this Act.
 
17     Section 40. Amendments to STAR bond district. Any addition
18 of real property to a STAR bond district or any substantial
19 change to a STAR bond district plan shall be subject to the
20 same procedure for public notice, hearing, and approval as is
21 required for the establishment of the STAR bond district
22 pursuant to this Act.
23     (a) The addition or removal of land to or from a STAR bond
24 district shall require the consent of the master developer of

 

 

09600SB1909ham002 - 35 - LRB096 11215 RLJ 27364 a

1 the STAR bond district.
2     (b) Any land that is outside of, but is contiguous to an
3 established STAR bond district and is subsequently owned,
4 leased, or controlled by the master developer shall be added to
5 a STAR bond district at the request of the master developer and
6 by approval of the political subdivision, provided that the
7 land becomes a part of a STAR bond project area.
8     (c) If a political subdivision has undertaken a STAR bond
9 project within a STAR bond district, and the political
10 subdivision desires to subsequently remove more than a de
11 minimus amount of real property from the STAR bond district,
12 then prior to any removal of property the political subdivision
13 must provide a revised feasibility study showing that the
14 pledged STAR revenues from the resulting STAR bond district
15 within which the STAR bond project is located are estimated to
16 be sufficient to pay the project costs. If the revenue from the
17 resulting STAR bond district is insufficient to pay the project
18 costs, then the property may not be removed from the STAR bond
19 district. Any removal of real property from a STAR bond
20 district shall be approved by a resolution of the governing
21 body of the political subdivision.
 
22     Section 45. Restrictions. No portion of a STAR bond project
23 shall be financed with tax increment financing pursuant to the
24 Tax Increment Allocation Redevelopment Act. During any period
25 of time that STAR bonds are outstanding for a STAR bond

 

 

09600SB1909ham002 - 36 - LRB096 11215 RLJ 27364 a

1 district, a developer may not use any land located in the STAR
2 bond district for any (i) retail store whose primary business
3 is the sale of automobiles, including trucks and other
4 automotive vehicles with 4 wheels designed for passenger
5 transportation on public streets and thoroughfares or (ii)
6 stadium or facility for playing National Association of Minor
7 League Baseball or Professional Independent Baseball League
8 games.
 
9     Section 50. Reporting taxes. Notwithstanding any other
10 provisions of law to the contrary, the Department of Revenue
11 shall provide a certified report of the net revenue realized
12 from all taxpayers within a STAR bond district to the bond
13 trustee, escrow agent, or paying agent for such bonds upon the
14 written request of the political subdivision on or before the
15 25th day of each month. Such report shall provide a detailed
16 allocation of net revenue realized from each local sales tax
17 and State sales tax reported to the Department of Revenue.
18     (a) The bond trustee, escrow agent, or paying agent shall
19 keep such retailers' sales and use tax returns and the
20 information contained therein confidential, but may use such
21 information for purposes of allocating and depositing the sales
22 and use tax revenues in connection with the bonds used to
23 finance project costs in such STAR bond district. Except as
24 otherwise provided herein, the sales and use tax returns
25 received by the bond trustee, escrow agent, or paying agent

 

 

09600SB1909ham002 - 37 - LRB096 11215 RLJ 27364 a

1 shall be subject to the provisions of Chapter 35 of the
2 Illinois Compiled Statutes, including Section 3 of the
3 Retailer's Occupation Tax Act and Section 9 of the Use Tax Act.
4     (b) The political subdivision shall determine when the
5 amount of sales tax and other revenues that have been collected
6 and distributed to the bond debt service or reserve fund is
7 sufficient to satisfy all principal and interest costs to the
8 maturity date or dates of any STAR bond issued by a political
9 subdivision to finance a STAR bond project and shall give the
10 Department of Revenue written notice of such determination.
11 Thereafter, all sales tax and other revenues shall be collected
12 and distributed in accordance with applicable law.
 
13     Section 55. Severability. If any provision of this Act or
14 the application thereof to any persons or circumstances is held
15 invalid, such invalidity shall not affect other provisions or
16 application of the Act that can be given effect without the
17 invalid provisions or application and to this end the
18 provisions of this Act are declared to be severable.
 
19     Section 60. Open meetings. The public hearing records,
20 feasibility study, and other documents that do not otherwise
21 meet a confidentiality exemption shall be subject to the Open
22 Meetings Act.
 
23     Section 65. Powers of political subdivisions. The

 

 

09600SB1909ham002 - 38 - LRB096 11215 RLJ 27364 a

1 provisions of this Act are intended to be supplemental and in
2 addition to all other power or authority granted to political
3 subdivisions, shall be construed liberally, and shall not be
4 construed as a limitation of any power or authority otherwise
5 granted. In addition to the powers a political subdivision may
6 have under other provisions of law, a political subdivision
7 shall have all of the following powers in connection with a
8 STAR bond district:
9         (a) To make and enter into all contracts necessary or
10     incidental to the implementation and furtherance of a STAR
11     bond district plan.
12         (b) Within a STAR bond district, to acquire by
13     purchase, donation, or lease, and to own, convey, lease,
14     mortgage, or dispose of land and other real or personal
15     property or rights or interests in property and to grant or
16     acquire licenses, easements, and options with respect to
17     property, all in the manner and at a price the political
18     subdivision determines is reasonably necessary to achieve
19     the objectives of the STAR bond project.
20         (c) To clear any area within a STAR bond district by
21     demolition or removal of any existing buildings,
22     structures, fixtures, utilities, or improvements and to
23     clear and grade land.
24         (d) To install, repair, construct, reconstruct, extend
25     or relocate public streets, public utilities, and other
26     public site improvements located both within and outside

 

 

09600SB1909ham002 - 39 - LRB096 11215 RLJ 27364 a

1     the boundaries of a STAR bond district that are essential
2     to the preparation of a STAR bond district for use in
3     accordance with a STAR bond district plan.
4         (e) To renovate, rehabilitate, reconstruct, relocate,
5     repair, or remodel any existing buildings, improvements,
6     and fixtures within a STAR bond district.
7         (f) To install or construct any public buildings,
8     structures, works, streets, improvements, utilities, or
9     fixtures within a STAR bond district.
10         (g) To issue STAR bonds as provided in this Act.
11         (h) Subject to the limitations set forth in the
12     definition of "project costs" in Section 10 of this Act, to
13     fix, charge, and collect fees, rents, and charges for the
14     use of any building, facility, or property or any portion
15     of a building, facility, or property owned or leased by the
16     political subdivision in furtherance of a STAR bond project
17     under this Act within a STAR bond district.
18         (i) To accept grants, guarantees, donations of
19     property or labor, or any other thing of value for use in
20     connection with a STAR bond project.
21         (j) To pay or cause to be paid STAR bond project costs,
22     including, specifically, to reimburse any developer or
23     nongovernmental person for STAR bond project costs
24     incurred by that person. A political subdivision is not
25     required to obtain any right, title, or interest in any
26     real or personal property in order to pay STAR bond project

 

 

09600SB1909ham002 - 40 - LRB096 11215 RLJ 27364 a

1     costs associated with the property. The political
2     subdivision shall adopt accounting procedures necessary to
3     determine that the STAR bond project costs are properly
4     paid.
5         (k) To exercise any and all other powers necessary to
6     effectuate the purposes of this Act.
 
7     Section 70. The Illinois Municipal Code is amended by
8 changing Section 8-4-1 as follows:
 
9     (65 ILCS 5/8-4-1)  (from Ch. 24, par. 8-4-1)
10     Sec. 8-4-1. No bonds shall be issued by the corporate
11 authorities of any municipality until the question of
12 authorizing such bonds has been submitted to the electors of
13 that municipality provided that notice of the bond referendum,
14 if held before July 1, 1999, has been given in accordance with
15 the provisions of Section 12-5 of the Election Code in effect
16 at the time of the bond referendum, at least 10 and not more
17 than 45 days before the date of the election, notwithstanding
18 the time for publication otherwise imposed by Section 12-5, and
19 approved by a majority of the electors voting upon that
20 question. Notices required in connection with the submission of
21 public questions on or after July 1, 1999 shall be as set forth
22 in Section 12-5 of the Election Code. The clerk shall certify
23 the proposition of the corporate authorities to the proper
24 election authority who shall submit the question at an election

 

 

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1 in accordance with the general election law, subject to the
2 notice provisions set forth in this Section.
3     Notice of any such election shall contain the amount of the
4 bond issue, purpose for which issued, and maximum rate of
5 interest.
6     However, without the submission of the question of issuing
7 bonds to the electors, the corporate authorities of any
8 municipality may authorize the issuance of any of the following
9 bonds:
10     (1) Bonds to refund any existing bonded indebtedness;
11     (2) Bonds to fund or refund any existing judgment
12 indebtedness;
13     (3) In any municipality of less than 500,000 population,
14 bonds to anticipate the collection of installments of special
15 assessments and special taxes against property owned by the
16 municipality and to anticipate the collection of the amount
17 apportioned to the municipality as public benefits under
18 Article 9;
19     (4) Bonds issued by any municipality under Sections 8-4-15
20 through 8-4-23, 11-23-1 through 11-23-12, 11-25-1 through
21 11-26-6, 11-71-1 through 11-71-10, 11-74.3-1 through
22 11-74.3-7, 11-74.4-1 through 11-74.4-11, 11-74.5-1 through
23 11-74.5-15, 11-94-1 through 11-94-7, 11-102-1 through
24 11-102-10, 11-103-11 through 11-103-15, 11-118-1 through
25 11-118-6, 11-119-1 through 11-119-5, 11-129-1 through
26 11-129-7, 11-133-1 through 11-133-4, 11-139-1 through

 

 

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1 11-139-12, 11-141-1 through 11-141-18 of this Code or 10-801
2 through 10-808 of the Illinois Highway Code, as amended;
3     (5) Bonds issued by the board of education of any school
4 district under the provisions of Sections 34-30 through 34-36
5 of The School Code, as amended;
6     (6) Bonds issued by any municipality under the provisions
7 of Division 6 of this Article 8; and by any municipality under
8 the provisions of Division 7 of this Article 8; or under the
9 provisions of Sections 11-121-4 and 11-121-5;
10     (7) Bonds to pay for the purchase of voting machines by any
11 municipality that has adopted Article 24 of The Election Code,
12 approved May 11, 1943, as amended;
13     (8) Bonds issued by any municipality under Sections 15 and
14 46 of the "Environmental Protection Act", approved June 29,
15 1970;
16     (9) Bonds issued by the corporate authorities of any
17 municipality under the provisions of Section 8-4-25 of this
18 Article 8;
19     (10) Bonds issued under Section 8-4-26 of this Article 8 by
20 any municipality having a board of election commissioners;
21     (11) Bonds issued under the provisions of "An Act to
22 provide the manner of levying or imposing taxes for the
23 provision of special services to areas within the boundaries of
24 home rule units and nonhome rule municipalities and counties",
25 approved September 21, 1973;
26     (12) Bonds issued under Section 8-5-16 of this Code;

 

 

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1     (13) Bonds to finance the cost of the acquisition,
2 construction or improvement of water or wastewater treatment
3 facilities mandated by an enforceable compliance schedule
4 developed in connection with the federal Clean Water Act or a
5 compliance order issued by the United States Environmental
6 Protection Agency or the Illinois Pollution Control Board;
7 provided that such bonds are authorized by an ordinance adopted
8 by a three-fifths majority of the corporate authorities of the
9 municipality issuing the bonds which ordinance shall specify
10 that the construction or improvement of such facilities is
11 necessary to alleviate an emergency condition in such
12 municipality;
13     (14) Bonds issued by any municipality pursuant to Section
14 11-113.1-1;
15     (15) Bonds issued under Sections 11-74.6-1 through
16 11-74.6-45, the Industrial Jobs Recovery Law of this Code.
17     (16) Bonds issued under the STAR Bond Financing Act, except
18 as may be required by Section 35 of that Act.
19 (Source: P.A. 90-706, eff. 8-7-98; 90-812, eff. 1-26-99; 91-57,
20 eff. 6-30-99.)
 
21     Section 99. Effective date. This Act takes effect upon
22 becoming law.".