Full Text of SB1909 96th General Assembly
SB1909sam001 96TH GENERAL ASSEMBLY
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Sen. James F. Clayborne Jr.
Filed: 3/24/2009
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| AMENDMENT TO SENATE BILL 1909
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| AMENDMENT NO. ______. Amend Senate Bill 1909 by replacing | 3 |
| everything after the enacting clause with the following:
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| "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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| 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 projects for which this Act is intended | 16 |
| must be of a certain size, scope and acreage and have | 17 |
| direct access to major highways, and must be developed in a | 18 |
| 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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| (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 | 7 |
| achieve 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 of interstate tourists and entertainment events | 14 |
| which generate significant economic activity; | 15 |
| (g) that the continual encouragement, development, | 16 |
| growth, and expansion of major tourism, entertainment, | 17 |
| retail, and related destination projects within the State | 18 |
| requires a cooperative and continuous partnership between | 19 |
| government and the public sector; | 20 |
| (h) that the State has a responsibility to help create | 21 |
| a favorable climate for new and improved job opportunities | 22 |
| for its citizens and to increase the tax base of the State | 23 |
| and its political subdivisions by encouraging development | 24 |
| by the private sector of major tourism, entertainment, | 25 |
| retail, and related destination projects within the State; | 26 |
| (i) that the stagnation of local tax bases and the loss |
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| of job opportunities within the State has persisted despite | 2 |
| efforts of State and local authorities and private | 3 |
| organizations to create major tourism, entertainment, | 4 |
| retail, and related destination projects within the State; | 5 |
| (j) that the stagnation of local tax bases and the | 6 |
| persistent loss of job opportunities in the State may | 7 |
| continue and worsen if the State and its political | 8 |
| subdivisions are not able to provide additional incentives | 9 |
| to developers of major tourism, entertainment, retail, and | 10 |
| related destination projects; | 11 |
| (k) that the provision of additional incentives by the | 12 |
| State and its political subdivisions will relieve | 13 |
| conditions of unemployment, maintain existing levels of | 14 |
| employment, create new job opportunities, retain jobs | 15 |
| within the State, increase tourism and commerce within the | 16 |
| State, and increase the tax base of the State and its | 17 |
| political subdivisions; | 18 |
| (l) that the powers conferred by this Act promote and | 19 |
| protect the health, safety, morals, and welfare of the | 20 |
| State, and are for a public purpose and public use for | 21 |
| which public money and resources may be expended; and | 22 |
| (m) that the necessity in the public interest for the | 23 |
| provisions of this Act is hereby declared as a matter of | 24 |
| legislative determination. | 25 |
| Section 10. Definitions. As used in this Act, the following |
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| words and phrases shall have the following meanings unless a | 2 |
| different meaning clearly appears from the context: | 3 |
| "Base Year" means the calendar year immediately prior to | 4 |
| the calendar year in which the STAR bond district is | 5 |
| established.
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| "Commence work" means the manifest commencement of actual | 7 |
| operations on the development site, such as, erecting a | 8 |
| building, general on-site and off-site grading and utility | 9 |
| installations, commencing design and construction | 10 |
| documentation, ordering lead-time materials, excavating the | 11 |
| ground to lay a foundation or a basement, or work of like | 12 |
| description which a reasonable person would recognize as being | 13 |
| done with the intention and purpose to continue work until the | 14 |
| project is completed.
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| "County" means the county in which a proposed STAR bond | 16 |
| district is located.
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| "De minimus" means an amount less than 15% of the land area | 18 |
| within a STAR bond district.
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| "Department of Revenue" means the Department of Revenue of | 20 |
| the State of Illinois.
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| "Developer" means any individual, corporation, trust, | 22 |
| estate, partnership, limited liability partnership, limited | 23 |
| liability company, or other entity. The term does not include a | 24 |
| not-for-profit entity, political subdivision, or other agency | 25 |
| or instrumentality of the State.
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| "Director" means the Director of Commerce and Economic |
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| Opportunity.
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| "Economic impact study" means a study to project the | 3 |
| financial benefit of the proposed STAR bond project to the | 4 |
| local, regional, and State economies.
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| "Eligible area" means any improved or vacant area that is | 6 |
| contiguous and is not, in the aggregate, less than 600 acres | 7 |
| which must include only parcels of real property directly and | 8 |
| substantially benefited by the proposed STAR bond district | 9 |
| plan, which is located adjacent to the intersection of at least | 10 |
| 2 highways, one of which is an interstate highway, which area | 11 |
| must be comprised of land which is at least 90% vacant, and at | 12 |
| least 30% of which is located in the 100 year flood plain. The | 13 |
| area may be bisected by streets, highways, roads, alleys, | 14 |
| railways, bike paths, streams, rivers, and other water ways and | 15 |
| still be deemed contiguous. In addition, in order to constitute | 16 |
| an eligible area one of the following requirements must be | 17 |
| satisfied:
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| (a) the governing body of the political subdivision | 19 |
| shall have determined that the area meets the requirements | 20 |
| of a "blighted area" as defined under the Tax Increment | 21 |
| Allocation Redevelopment Act;
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| (b) the governing body of the political subdivision | 23 |
| shall have determined that the area is of a blighted area | 24 |
| as determined under the Business District Development and | 25 |
| Redevelopment Act;
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| (c) the governing body of the political subdivision |
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| shall have made findings with respect to the property, the | 2 |
| proposed STAR bond project, and the proposed master | 3 |
| developer that would be required to enter into an economic | 4 |
| incentive agreement pursuant to the provisions of Section | 5 |
| 8-11-20 of the Illinois Municipal Code; or
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| (d) the governing body of the political subdivision | 7 |
| shall make the following findings:
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| (i) That the vacant portions of the area have | 9 |
| remained vacant for at least one year, or that any | 10 |
| building located on a vacant portion of the property | 11 |
| was demolished within the last year and that the | 12 |
| building would have qualified under item (ii) of this | 13 |
| subsection;
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| (ii) If portions of the area are currently | 15 |
| developed, that the use, condition, and character of | 16 |
| the buildings on the property are not consistent with | 17 |
| the purposes set forth in Section 5;
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| (iii) That the STAR bond district is expected to | 19 |
| create or retain job opportunities within the | 20 |
| political subdivision;
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| (iv) That the STAR bond district will serve to | 22 |
| further the development of adjacent areas;
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| (v) That without the availability of STAR bonds, | 24 |
| the projects described in the STAR bond district plan | 25 |
| would not be possible;
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| (vi) That the master developer meets high |
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| standards of creditworthiness and financial strength | 2 |
| as demonstrated by one or more of the following: (i) | 3 |
| corporate debenture ratings of BBB or higher by | 4 |
| Standard & Poor's Corporation or Baa or higher by | 5 |
| Moody's Investors Service, Inc.; (ii) a letter from a | 6 |
| financial institution with assets of $10,000,000 or | 7 |
| more attesting to the financial strength of the master | 8 |
| developer; or (iii) specific evidence of equity | 9 |
| financing for not less than 10% of the estimated total | 10 |
| STAR bond project costs;
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| (vii) That the STAR bond district will strengthen | 12 |
| the commercial sector of the political subdivision;
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| (viii) That the STAR bond district will enhance the | 14 |
| tax base of the political subdivision; and
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| (ix) That the formation of a STAR bond district is | 16 |
| in the best interest of the political subdivision.
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| "Feasibility study" means a feasibility study as defined in | 18 |
| subsection (b) of Section 20.
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| "Local sales taxes" means taxes paid to a municipality, | 20 |
| county, or other local governmental entity from the Local | 21 |
| Government Tax Fund arising from sales by retailers and | 22 |
| servicemen within a STAR bond district, and any local taxes | 23 |
| received by a local governmental entity arising from sales by | 24 |
| retailers and servicemen within a STAR bond district, including | 25 |
| transient guest taxes, sales taxes on goods, services, and | 26 |
| utilities, business district sales taxes, the Metro-East Mass |
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| Transit District Tax, and the Metro-East Park and Recreation | 2 |
| District Tax.
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| "Market study" means a study to determine the ability of | 4 |
| the proposed STAR bond project to gain market share locally and | 5 |
| regionally and to remain profitable past the term of repayment | 6 |
| of STAR bonds.
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| "Master developer" means a developer cooperating with a | 8 |
| political subdivision to plan, develop, and implement a STAR | 9 |
| bond project plan for a STAR bond district. The master | 10 |
| developer may work with and transfer certain development rights | 11 |
| to other developers for the purpose of implementing STAR bond | 12 |
| project plans and achieving the purposes of this Act. A master | 13 |
| developer for a STAR bond district shall be appointed by a | 14 |
| political subdivision in the resolution establishing the STAR | 15 |
| bond district and the master developer must, at the time of | 16 |
| appointment, own or have control of, through purchase | 17 |
| agreements, option contracts, or other means, not less than 50% | 18 |
| of the acreage within the STAR bond district.
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| "Master development agreement" means an agreement between | 20 |
| the master developer and the political subdivision to govern a | 21 |
| STAR bond district and any STAR bond projects.
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| "Municipality" means the city, village, or incorporated | 23 |
| town in which a proposed STAR bond district is located.
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| "Pledged STAR revenues" means the sales tax and revenues | 25 |
| and other sources of funds pledged to pay debt service on STAR | 26 |
| bonds or to pay project costs pursuant to Section 30.
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| "Political subdivision" means a municipality or county | 2 |
| which undertakes to establish a STAR bond district pursuant to | 3 |
| the provisions of this Act. | 4 |
| "Project development agreement" means any one or more | 5 |
| agreements, including any amendments thereto, between a master | 6 |
| developer and any co-developer or sub-developer in connection | 7 |
| with a STAR bond project, which project development agreement | 8 |
| may include the political subdivision as a party.
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| "Project costs" means those costs, whether incurred prior | 10 |
| to, on, or following the date of establishment of a STAR bond | 11 |
| district, which are necessary to implement a STAR bond district | 12 |
| plan or a STAR bond project plan, or both, including costs | 13 |
| incurred for:
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| (a) acquisition of real property within the STAR bond | 15 |
| project area;
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| (b) payment of relocation assistance pursuant to a | 17 |
| relocation assistance plan;
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| (c) site preparation costs, including but not limited | 19 |
| to: clearance of any area within a STAR bond district by | 20 |
| demolition or removal of any existing buildings, | 21 |
| structures, fixtures, utilities, and improvements; | 22 |
| clearing and grading; importing additional soil and fill | 23 |
| materials or removal of soil and fill materials from the | 24 |
| site; and installation, repair, construction, | 25 |
| reconstruction, extension or relocation of public streets, | 26 |
| public utilities, and other public site improvements |
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| located both within and outside the boundaries of a STAR | 2 |
| bond district that are essential to the preparation of the | 3 |
| STAR bond district;
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| (d) sanitary and storm sewers and lift stations located | 5 |
| within or outside the boundaries of a STAR bond district | 6 |
| that are essential to the preparation of the STAR bond | 7 |
| district;
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| (e) drainage conduits, channels, levees, canals, and | 9 |
| storm water detention and retention facilities located | 10 |
| within or outside the boundaries of a STAR bond district | 11 |
| that are essential to the preparation of the STAR bond | 12 |
| district;
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| (f) street grading, paving, graveling, macadamizing, | 14 |
| curbing, guttering, and surfacing within or outside the | 15 |
| boundaries of a STAR bond district that are essential to | 16 |
| the preparation of the STAR bond district;
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| (g) street light fixtures, parking facility lighting, | 18 |
| connections, and facilities located within or outside the | 19 |
| boundaries of a STAR bond district that are essential to | 20 |
| the preparation of the STAR bond district;
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| (h) underground gas, water, heating, and electrical | 22 |
| services and connections located within the public | 23 |
| right-of-way located within or outside the boundaries of a | 24 |
| STAR bond district that are essential to the preparation of | 25 |
| the STAR bond district;
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| (i) sidewalks and pedestrian underpasses or |
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| overpasses, including bike trails and walking trails, | 2 |
| bridges for pedestrian or vehicular traffic located within | 3 |
| or outside the boundaries of a STAR bond district that are | 4 |
| essential to the preparation of the STAR bond district;
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| (j) drives and driveway approaches located within the | 6 |
| public right-of-way located within or outside the | 7 |
| boundaries of a STAR bond district that are essential to | 8 |
| the preparation of the STAR bond district;
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| (k) water mains and extensions located within or | 10 |
| outside the boundaries of a STAR bond district that are | 11 |
| essential to the preparation of the STAR bond district;
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| (l) plazas, malls, arcades, and other common areas;
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| (m) parking lots and other parking facilities, | 14 |
| including multi-level parking structures;
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| (n) landscaping and plantings, man-made lakes and | 16 |
| ponds, fountains, waterfalls, water features, shelters, | 17 |
| benches, sculptures, lighting, public art, decorations, | 18 |
| and similar amenities;
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| (o) mounted building signs, site monument and pylon | 20 |
| signs, traffic and directional signs and signals located | 21 |
| within or outside the boundaries of a STAR bond district | 22 |
| that are essential to the preparation of the STAR bond | 23 |
| district;
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| (p) public restrooms and rest areas, convention | 25 |
| centers, community centers, sports arenas and complexes, | 26 |
| museums and aquariums;
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| (q) bridge, overpass, interchange, intersection, bus | 2 |
| and train stop stations and shelters, lake or river ports, | 3 |
| rest areas, railroad and other mass transit improvements, | 4 |
| and infrastructure improvements located within or outside | 5 |
| the boundaries of a STAR bond district that are essential | 6 |
| to the preparation of the STAR bond district;
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| (r) retaining walls and fences located within or | 8 |
| outside the boundaries of a STAR bond district that are | 9 |
| essential to the preparation of the STAR bond district;
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| (s) personal property that is a unique amenity to the | 11 |
| STAR bond project, including memorabilia, artifacts, | 12 |
| museum exhibits, and other similar attractions;
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| (t) buildings or other vertical improvements that are | 14 |
| owned by a not-for-profit entity, a political subdivision, | 15 |
| or other public entity, including without limitation, | 16 |
| police and fire stations, stadiums and arenas, and public | 17 |
| educational facilities;
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| (u) reasonable costs of a market study, feasibility | 19 |
| study, economic impact study, and legal, architectural | 20 |
| surveying, title examination and insurance policy, | 21 |
| accounting, engineering and other consulting fees, program | 22 |
| management, development management, bond and underwriting | 23 |
| fees incurred in connection with a STAR bond project; and | 24 |
| any other related expenses to redevelop and finance the | 25 |
| STAR bond project;
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| (v) fees and commissions which are considered |
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| reasonable and customary in commercial real estate | 2 |
| development and paid to developers, real estate brokers, | 3 |
| salespersons, and other agents, financial advisors or any | 4 |
| other consultants who represent the developers or any other | 5 |
| businesses located in a STAR bond district, provided | 6 |
| however that project costs shall not include secondary | 7 |
| commissions or fees paid for leases or sales to users after | 8 |
| original acquisition of the site and the original STAR bond | 9 |
| project between master developer and a developer;
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| (w) if included in the STAR bond district plan and | 11 |
| approved by the Director, salaries or a portion of salaries | 12 |
| for local government employees to the extent the same are | 13 |
| directly attributable to the work of the employees on the | 14 |
| establishment, management, and promotion of a STAR bond | 15 |
| district and STAR bond projects; and
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| (x) financing costs, including but not limited to all | 17 |
| necessary and incidental expenses related to the issuance | 18 |
| of obligations, payment of any interest on any obligations | 19 |
| issued under this Act that accrue during the estimated | 20 |
| period of construction of any STAR bond project for which | 21 |
| the obligations are issued and for not more than 36 months | 22 |
| after that period, and any reasonable reserves related to | 23 |
| the issuance of the obligations.
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| (y) except as specified in subsections (a) through (x), | 25 |
| project costs shall not include:
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| (i) costs incurred in connection with the |
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| construction of buildings or other vertical | 2 |
| improvements that are owned or leased by a developer;
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| (ii) moving expenses for employees of the | 4 |
| businesses locating within the STAR bond district;
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| (iii) property taxes for property located within | 6 |
| the STAR bond district; and
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| (iv) lobbying costs.
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| "Projected market area" means any area within the State in | 9 |
| which a STAR bond district or STAR bond project is projected to | 10 |
| have a significant fiscal or market impact.
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| "Relocation Assistance Plan" means the relocation | 12 |
| assistance plan adopted by the political subdivision as | 13 |
| provided in Section 50.
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| "Resolution" means a resolution, order, ordinance, or | 15 |
| other appropriate form of legislative action of a political | 16 |
| subdivision or other applicable public entity approved by a | 17 |
| vote of a majority of a quorum at a meeting of the governing | 18 |
| body of the political subdivision or applicable public entity.
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| "STAR bond" means a sales tax and revenue bond, note, or | 20 |
| other obligation payable from pledged STAR revenues.
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| "STAR bond district" means the specific area declared to be | 22 |
| an eligible area as determined by the political subdivision, | 23 |
| and approved by the Director, in which the political | 24 |
| subdivision may develop one or more STAR bond projects.
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| "STAR bond district plan" means the preliminary or | 26 |
| conceptual plan that generally identifies the proposed STAR |
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| bond project areas and identifies in a general manner the | 2 |
| buildings, facilities, and improvements to be constructed or | 3 |
| improved in each STAR bond project area.
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| "STAR bond project" means a project within a STAR bond | 5 |
| district which is approved pursuant to Section 20.
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| "STAR bond project area" means the geographic area within a | 7 |
| STAR bond district in which there may be one or more STAR bond | 8 |
| projects.
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| "STAR bond project plan" means the written plan adopted by | 10 |
| a political subdivision for the development of a STAR bond | 11 |
| project in a STAR bond district, the plan may include but is | 12 |
| not limited to (i) project costs incurred prior to the date of | 13 |
| the STAR bond project plan and estimated future STAR bond | 14 |
| project costs, (ii) proposed sources of funds to pay those | 15 |
| costs, (iii) the nature and estimated term of any obligations | 16 |
| to be issued by the political subdivision to pay those costs, | 17 |
| (iv) the most recent equalized assessed valuation of the STAR | 18 |
| bond project area, (v) an estimate of the equalized assessed | 19 |
| valuation of the STAR bond district or applicable project area | 20 |
| after completion of a STAR bond project, (vi) a general | 21 |
| description of the types of any known or proposed developers, | 22 |
| users, or tenants of the STAR bond project or projects included | 23 |
| in the plan, (vii) a general description of the type, | 24 |
| structure, and character of the property or facilities to be | 25 |
| developed or improved, (viii) a description of the general land | 26 |
| uses to apply to the STAR bond project, and (ix) a general |
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| description or an estimate of the type, class, and number of | 2 |
| employees to be employed in the operation of the STAR bond | 3 |
| project.
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| "State sales tax" means taxes paid by retailers and | 5 |
| servicemen on transactions at places of business located within | 6 |
| a STAR bond district pursuant to the Retailers' Occupation Tax | 7 |
| Act, the Use Tax Act, the Service Use Tax Act, and the Service | 8 |
| Occupation Tax Act, electric and gas tax charges imposed on | 9 |
| owners and tenants, other than residential customers, of | 10 |
| properties located within the STAR bond district under Section | 11 |
| 9-222 of the Public Utilities Act, the Hotel Operators' | 12 |
| Occupation Tax, and any other sales or use taxes imposed by the | 13 |
| State within a STAR bond district.
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| "State sales tax increment" means that portion of the | 15 |
| revenue derived from State sales taxes collected from taxpayers | 16 |
| doing business within that portion of a STAR bond district | 17 |
| occupied by a STAR bond project that is in excess of the amount | 18 |
| of base year revenue determined by the Department of Revenue.
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| "Substantial change" means a change wherein the proposed | 20 |
| STAR bond project plan differs substantially in size, scope, or | 21 |
| use from the approved STAR bond district plan or STAR bond | 22 |
| project plan.
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| "Taxpayer" means an individual, partnership, corporation, | 24 |
| limited liability company, trust, estate, or other entity that | 25 |
| is subject to the Illinois Income Tax Act.
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| "Vacant" means that portion of the land in a proposed STAR |
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| bond district which is not occupied by a building, facility, or | 2 |
| other vertical improvement.
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| Section 15. Establishment of STAR bond district. The | 4 |
| governing body of a municipality may establish a STAR bond | 5 |
| district within an eligible area within the municipality or | 6 |
| partially outside the boundaries of the municipality in an | 7 |
| unincorporated area of the county. A STAR bond district which | 8 |
| is partially outside the boundaries of the municipality must | 9 |
| also be approved by the governing body of the county by the | 10 |
| passage of a resolution. The governing body of a county may | 11 |
| establish a STAR bond district in an eligible area in any | 12 |
| unincorporated area of the county. | 13 |
| (a) When a political subdivision proposes to establish a | 14 |
| STAR bond district, the political subdivision shall adopt a | 15 |
| resolution stating that the political subdivision is | 16 |
| considering the establishment of a STAR bond district. The | 17 |
| resolution shall: | 18 |
| (1) Give notice that a public hearing will be held to | 19 |
| consider the establishment of a STAR bond district and fix | 20 |
| the date, hour, and place of the public hearing provided | 21 |
| that notice of the hearing shall be provided as set forth | 22 |
| in item (2) of subsection (e) of Section 20;
| 23 |
| (2) describe the proposed general boundaries of the | 24 |
| STAR bond district;
| 25 |
| (3) describe the STAR bond district plan;
|
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| (4) require that a description and map of the proposed | 2 |
| STAR bond district are available for inspection at a time | 3 |
| and place designated;
| 4 |
| (5) identify the master developer for the STAR bond | 5 |
| district; and
| 6 |
| (6) require that the governing body will consider | 7 |
| findings necessary for the establishment of a STAR bond | 8 |
| district.
| 9 |
| (b) Upon (i) the conclusion of the public hearing and (ii) | 10 |
| the filing of the proposed master developer's written approval | 11 |
| with the clerk of the political subdivision, the governing body | 12 |
| of the political subdivision shall consider a resolution to | 13 |
| establish the STAR bond district.
| 14 |
| (1) A resolution to establish a STAR bond district | 15 |
| shall: | 16 |
| (A) Make findings that the proposed STAR bond | 17 |
| district is to be developed with one or more STAR bond | 18 |
| projects;
| 19 |
| (B) make findings that the STAR bond district is an | 20 |
| eligible area;
| 21 |
| (C) contain a STAR bond district plan that | 22 |
| identifies in a general manner the buildings and | 23 |
| facilities that are proposed to be constructed or | 24 |
| improved in subsequent STAR bond projects;
| 25 |
| (D) contain the legal description of the STAR bond | 26 |
| district;
|
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| (E) appoint the master developer for the STAR bond | 2 |
| district; and
| 3 |
| (F) establish the STAR bond district, contingent | 4 |
| upon approval of the Director as set forth in | 5 |
| subsection (d).
| 6 |
| (2) If the resolution is not adopted by the political | 7 |
| subdivision within 60 days from the conclusion of the | 8 |
| public hearing, then the STAR bond district shall not be | 9 |
| established. | 10 |
| (c) Upon the establishment of a STAR bond district, the | 11 |
| STAR bond district and any STAR bond projects shall be governed | 12 |
| by a master development agreement between the political | 13 |
| subdivision and the master developer. A STAR bond district | 14 |
| which is partially outside the boundaries of a municipality | 15 |
| shall only require one master development agreement, the | 16 |
| agreement shall be between the municipality and the master | 17 |
| developer. In no event shall there be more than one master | 18 |
| development agreement governing the terms and conditions of a | 19 |
| STAR bond district.
| 20 |
| (d) Upon adoption of the resolution to establish a STAR | 21 |
| bond district, the political subdivision shall submit the | 22 |
| proposed STAR bond district to the Director for approval which | 23 |
| shall include a finding by the Director that (i) the proposed | 24 |
| STAR bond district is an eligible area, (ii) no portion of the | 25 |
| proposed STAR bond district is located in a municipality that | 26 |
| has an enterprise zone created pursuant to the Illinois |
|
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| Promotion Act, (iii) the STAR bond district plan includes a | 2 |
| projected capital investment of at least $300,000,000, and (iv) | 3 |
| the STAR bond district plan is reasonably projected to produce | 4 |
| at least $300,000,000 of annual gross sales revenues and 1,000 | 5 |
| new jobs. The Director may only approve one STAR bond district | 6 |
| within any projected market area.
| 7 |
| Section 20. Approval of STAR bond projects. The governing | 8 |
| body of a political subdivision may establish one or more STAR | 9 |
| bond projects in any STAR bond district. A STAR bond project | 10 |
| which is partially outside the boundaries of a municipality | 11 |
| must also be approved by the governing body of the county by | 12 |
| resolution. | 13 |
| (a) After the establishment of a STAR bond district, the | 14 |
| master developer may propose one or more STAR bond projects to | 15 |
| a political subdivision and the master developer shall, in | 16 |
| cooperation with the political subdivision, prepare a STAR bond | 17 |
| project plan in consultation with the planning commission of | 18 |
| the political subdivision, if any. The STAR bond project plan | 19 |
| may be implemented in separate development stages.
| 20 |
| (b) Any political subdivision considering a STAR bond | 21 |
| project within a STAR bond district, shall cause to be prepared | 22 |
| an independent feasibility study by an accredited feasibility | 23 |
| consultant. The feasibility study shall include the following:
| 24 |
| (1) the estimated amount of pledged STAR revenues | 25 |
| expected to be collected in each year through the maturity |
|
|
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| date of the proposed STAR bonds;
| 2 |
| (2) a statement of how the jobs and taxes obtained from | 3 |
| the STAR bond project will contribute significantly to the | 4 |
| economic development of the State and region;
| 5 |
| (3) visitation expectations;
| 6 |
| (4) the unique quality of the project; | 7 |
| (5) economic impact study;
| 8 |
| (6) market study;
| 9 |
| (7) integration and collaboration with other resources | 10 |
| or businesses;
| 11 |
| (8) the quality of service and experience provided, as | 12 |
| measured against national consumer standards for the | 13 |
| specific target market;
| 14 |
| (9) project accountability, measured according to best | 15 |
| industry practices;
| 16 |
| (10) the expected return on State and local investment | 17 |
| that the STAR bond project is anticipated to produce; and
| 18 |
| (11) an anticipated principal and interest payment | 19 |
| schedule on the STAR bonds.
| 20 |
| The failure to include all information enumerated in this | 21 |
| subsection in the feasibility study for a STAR bond project | 22 |
| shall not affect the validity of STAR bonds issued pursuant to | 23 |
| this Act.
| 24 |
| (c) If the political subdivision determines the STAR bond | 25 |
| project is feasible, the STAR bond project plan shall include: | 26 |
| (1) A summary of the feasibility study;
|
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| (2) a reference to the STAR bond district plan that | 2 |
| identifies the STAR bond project area that is set forth in | 3 |
| the STAR bond project plan that is being considered;
| 4 |
| (3) a legal description and map of the STAR bond | 5 |
| project area to be developed or redeveloped;
| 6 |
| (4) the relocation assistance plan;
| 7 |
| (5) a description of the buildings and facilities | 8 |
| proposed to be constructed or improved in the STAR bond | 9 |
| project area; and
| 10 |
| (6) any other information the governing body of the | 11 |
| political subdivision deems reasonable and necessary to | 12 |
| advise the public of the intent of the STAR bond project | 13 |
| plan.
| 14 |
| (d) Upon a finding by the planning and zoning commission of | 15 |
| the political subdivision that the STAR bond project plan is | 16 |
| consistent with the intent of the comprehensive plan for the | 17 |
| development of the political subdivision, the governing body of | 18 |
| the political subdivision shall adopt a resolution stating that | 19 |
| the political subdivision is considering the adoption of the | 20 |
| STAR bond project plan. The resolution shall:
| 21 |
| (1) Give notice that a public hearing will be held to | 22 |
| consider the adoption of the STAR bond project plan and fix | 23 |
| the date, hour, and place of the public hearing;
| 24 |
| (2) describe the general boundaries of the STAR bond | 25 |
| district within which the STAR bond project will be located | 26 |
| and the date of establishment of the STAR bond district;
|
|
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| (3) describe the general boundaries of the area | 2 |
| proposed to be included within the STAR bond project area;
| 3 |
| (4) provide that the STAR bond project plan and map of | 4 |
| the area to be redeveloped or developed are available for | 5 |
| inspection during regular office hours in the offices of | 6 |
| the political subdivision; and
| 7 |
| (5) contain a summary of the terms and conditions of | 8 |
| any proposed project development agreement with the | 9 |
| political subdivision.
| 10 |
| (e) A public hearing shall be conducted to consider the | 11 |
| adoption of any STAR bond project plan. | 12 |
| (1) The date fixed for the public hearing to consider | 13 |
| the adoption of the STAR bond project plan shall be not | 14 |
| less than 20 nor more than 90 days following the date of | 15 |
| the adoption of the resolution fixing the date of the | 16 |
| hearing.
| 17 |
| (2) A copy of the municipality's resolution providing | 18 |
| for the public hearing shall be sent by certified mail, | 19 |
| return receipt requested, to the governing body of the | 20 |
| county. 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 each person or persons | 23 |
| in whose name the general taxes for the last preceding year | 24 |
| were paid on each parcel of land lying within the proposed | 25 |
| STAR bond project area within 10 days following the date of | 26 |
| the adoption of the resolution. The resolution shall be |
|
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| published once in a newspaper of general circulation in the | 2 |
| political subdivision not less than one week nor more than | 3 |
| 3 weeks preceding the date fixed for the public hearing. A | 4 |
| map or aerial photo clearly delineating the area of land | 5 |
| proposed to be included within the STAR bond project area | 6 |
| shall be published with the resolution.
| 7 |
| (3) At the public hearing, a representative of the | 8 |
| political subdivision or master developer shall present | 9 |
| the STAR bond project plan. Following the presentation of | 10 |
| the STAR bond project plan, all interested persons shall be | 11 |
| given an opportunity to be heard. The governing body may | 12 |
| continue the date and time of the public hearing.
| 13 |
| (f) Upon conclusion of the public hearing, the governing | 14 |
| body of the political subdivision may adopt the STAR bond | 15 |
| project plan by a resolution approving the STAR bond project | 16 |
| plan.
| 17 |
| (g) After the adoption by the corporate authorities of the | 18 |
| political subdivision of a STAR bond project plan, the | 19 |
| political subdivision may enter into a project development | 20 |
| agreement, if the master developer has requested the political | 21 |
| subdivision to be a party to the project development agreement | 22 |
| pursuant to subsection (b) of Section 25.
| 23 |
| (h) Within 60 days after the adoption by the political | 24 |
| subdivision of a STAR bond project plan, the clerk of the | 25 |
| political subdivision shall transmit a copy of the legal | 26 |
| description of the land within the STAR bond district, a copy |
|
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| of the resolution adopting the STAR bond project plan, and a | 2 |
| map or plat indicating the boundaries of the STAR bond district | 3 |
| to the clerk, treasurer, and governing body of the county.
| 4 |
| (i) Any STAR bond project must be approved by the political | 5 |
| subdivision prior to that date which is 23 years from the date | 6 |
| of the approval of the STAR bond district, provided however | 7 |
| that any amendments to such STAR bond project may occur | 8 |
| following such date.
| 9 |
| (j) Any developer of a STAR bond project shall commence | 10 |
| work on the STAR bond project within 3 years from the date of | 11 |
| adoption of the STAR bond project plan. If the developer fails | 12 |
| to commence work on the STAR bond project within the 3-year | 13 |
| period, funding for the project shall cease and the developer | 14 |
| of the project or complex shall have one year to appeal to the | 15 |
| political subdivision for reapproval of the project and | 16 |
| funding. If the project is re-approved, the 3-year period for | 17 |
| commencement shall begin again on the date of the reapproval.
| 18 |
| (k) After the adoption by the corporate authorities of the | 19 |
| political subdivision of a STAR bond project plan, the | 20 |
| political subdivision may authorize the issuance of the STAR | 21 |
| bonds in one or more series to finance the STAR bond project in | 22 |
| accordance with the provisions of this Act.
| 23 |
| (l) The maximum maturity of STAR bonds issued to finance a | 24 |
| STAR bond project shall not exceed 23 years from the first date | 25 |
| of distribution of State sales tax revenues from the STAR bond | 26 |
| project to the political subdivision, unless the political |
|
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| subdivision extends such maturity by resolution up to a maximum | 2 |
| of 35 years from the date of the first distribution. Any | 3 |
| extension shall require the approval of the Director.
| 4 |
| Any substantial changes to a STAR bond project plan as | 5 |
| adopted shall be subject to a public hearing following | 6 |
| publication of notice thereof in a newspaper of general | 7 |
| circulation in the political subdivision and approval by | 8 |
| resolution of the governing body of the political subdivision.
| 9 |
| Section 25. Co-Developers and sub-developers. Upon | 10 |
| approval of a STAR bond project by the political subdivision, | 11 |
| the master developer may, in its discretion, develop the STAR | 12 |
| bond project on its own or it may develop the STAR bond project | 13 |
| with another developer. | 14 |
| (a) A master developer may sell, lease, or otherwise convey | 15 |
| its property interest in the STAR bond project area to a | 16 |
| co-developer or sub-developer and a master developer may also | 17 |
| assign or transfer its development rights in the STAR bond | 18 |
| project to a co-developer or sub-developer.
| 19 |
| (b) A master developer may enter into one or more | 20 |
| agreements with a co-developer or sub-developer in connection | 21 |
| with a STAR bond project, and the master developer may request | 22 |
| that the political subdivision become a party to the project | 23 |
| development agreement, or the master developer may request that | 24 |
| the political subdivision amend its master development | 25 |
| agreement to provide for certain terms and conditions that may |
|
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| be related to the co-developer or sub-developer and the STAR | 2 |
| bond project. For any project development agreement which the | 3 |
| political subdivision would be a party or for any amendments to | 4 |
| the master development agreement, the terms and conditions must | 5 |
| be acceptable to both the master developer and the political | 6 |
| subdivision.
| 7 |
| Section 30. STAR bonds; source of payment. Any political | 8 |
| subdivision shall have the power to issue STAR bonds in one or | 9 |
| more series to finance the undertaking of any STAR bond project | 10 |
| in accordance with the provisions of this Act and the Omnibus | 11 |
| Bond Acts. STAR bonds may be issued as revenue bonds, alternate | 12 |
| bonds, or general obligation bonds as defined in and subject to | 13 |
| the procedures provided in the Local Government Debt Reform | 14 |
| Act. | 15 |
| (a) STAR bonds may be made payable, both as to principal | 16 |
| and interest, from the following revenues, which to the extent | 17 |
| pledged by each respective political subdivision or other | 18 |
| public entity for such purpose shall constitute pledged STAR | 19 |
| revenues:
| 20 |
| (1) revenues of the political subdivision derived from | 21 |
| or held in connection with the undertaking and carrying out | 22 |
| of any STAR bond project or projects under this Act;
| 23 |
| (2) available private funds and contributions, grants, | 24 |
| tax credits, or other financial assistance from the State | 25 |
| or federal government;
|
|
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| (3) all of the local sales taxes of a municipality and | 2 |
| county;
| 3 |
| (4) any tax increment financing revenues collected | 4 |
| within the STAR bond district under the Tax Increment | 5 |
| Allocation Act, and any special service area taxes | 6 |
| collected within the STAR bond district under the Special | 7 |
| Service Area Act, may be used for the purposes of funding | 8 |
| project costs or paying debt service on STAR bonds in | 9 |
| addition to the purposes contained in the tax increment | 10 |
| financing plan or special service area plan;
| 11 |
| (5) all of the State sales tax increment; the | 12 |
| Director's approval of a STAR bond district shall be deemed | 13 |
| an irrevocable pledge of the State sales tax increment;
| 14 |
| (6) any other revenues appropriated by the political | 15 |
| subdivision; and | 16 |
| (7) any combination of these methods.
| 17 |
| (b) The political subdivision may pledge the pledged STAR | 18 |
| revenues to the repayment of STAR bonds prior to, | 19 |
| simultaneously with, or subsequent to the issuance of the STAR | 20 |
| bonds.
| 21 |
| (c) Local sales taxes and State sales taxes shall, for the | 22 |
| purposes of this Act, be deemed to accrue and shall be | 23 |
| collected at the point of sale for all sales transactions | 24 |
| within a STAR bond district, regardless of whether goods or | 25 |
| services sold are subsequently delivered to customers at a | 26 |
| location outside of the STAR bond district.
|
|
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| (d) Bonds issued as revenue bonds shall not be general | 2 |
| obligations of the political subdivision, nor in any event | 3 |
| shall they give rise to a charge against its general credit or | 4 |
| taxing powers, or be payable out of any funds or properties | 5 |
| other than those set forth in subsection (a) and the bonds | 6 |
| shall so state on their face.
| 7 |
| (e) For each STAR bond project financed with STAR bonds | 8 |
| payable from the pledged STAR revenues, the political | 9 |
| subdivision shall prepare and submit to the Director by June 1 | 10 |
| of each year, a report describing the status of the STAR bond | 11 |
| project, any expenditures of the proceeds of STAR bonds that | 12 |
| have occurred for the preceding calendar year, and any | 13 |
| expenditures of the proceeds of the bonds expected to occur in | 14 |
| the future, including the amount of pledged STAR revenue, the | 15 |
| amount of revenue that has been spent, the projected amount of | 16 |
| the revenue, and the anticipated use of the revenue.
| 17 |
| (f) The Department of Revenue shall distribute State sales | 18 |
| tax revenues received from STAR bond projects to the political | 19 |
| subdivision on a monthly basis. | 20 |
| Section 35. Alternate bonds and general obligation bonds. A | 21 |
| political subdivision shall have the power to issue alternate | 22 |
| revenue and other general obligation bonds to finance the | 23 |
| undertaking, establishment, or redevelopment of any STAR bond | 24 |
| project as provided and pursuant to the procedures set forth in | 25 |
| the Local Government Debt Reform Act. A political subdivision |
|
|
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| 1 |
| shall have the power to issue general obligation bonds to | 2 |
| finance the undertaking, establishment, or redevelopment of | 3 |
| any STAR bond project on approval by the voters of the | 4 |
| political subdivision of a proposition authorizing the | 5 |
| issuance of such bonds. | 6 |
| The full faith and credit of the State, any department, | 7 |
| authority, public corporation or quasi-public corporation of | 8 |
| the State, any State college or university, or any other public | 9 |
| agency created by the State shall not be pledged for any | 10 |
| payment under any obligation authorized by this Act. | 11 |
| Section 40. Amendments to STAR bond district. Any addition | 12 |
| of real property to a STAR bond district or any substantial | 13 |
| change to a STAR bond district plan shall be subject to the | 14 |
| same procedure for public notice, hearing, and approval as is | 15 |
| required for the establishment of the STAR bond district | 16 |
| pursuant to this Act. | 17 |
| (a) The addition or removal of land to or from a STAR bond | 18 |
| district shall require the consent of the master developer of | 19 |
| the STAR bond district | 20 |
| (b) Any land which is outside of, but is contiguous to an | 21 |
| established STAR bond district and is subsequently owned, | 22 |
| leased, or controlled by the master developer shall be added to | 23 |
| a STAR bond district at the request of the master developer to | 24 |
| the political subdivision, provided that the land becomes a | 25 |
| part of a STAR bond project area.
|
|
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| (c) If a political subdivision has undertaken a STAR bond | 2 |
| project within a STAR bond district, and the political | 3 |
| subdivision desires to subsequently remove more than a de | 4 |
| minimus amount of real property from the STAR bond district, | 5 |
| then prior to any removal of property the political subdivision | 6 |
| must provide a revised feasibility study showing that the | 7 |
| pledged STAR revenues from the resulting STAR bond district | 8 |
| within which the STAR bond project is located are estimated to | 9 |
| be sufficient to pay the project costs. If the revenue from the | 10 |
| resulting STAR bond district is insufficient to pay the project | 11 |
| costs, then the property may not be removed from the STAR bond | 12 |
| district. Any removal of real property from a STAR bond | 13 |
| district shall be approved by a resolution of the governing | 14 |
| body of the political subdivision.
| 15 |
| Section 45. Other incentives. Nothing contained in this Act | 16 |
| shall be deemed to preclude the use of grants, tax abatements | 17 |
| and exemptions, tax increment financing, income and tax | 18 |
| credits, incentive agreements, special service area taxes, or | 19 |
| other types of bonds or other public incentives in connection | 20 |
| with STAR bond projects. | 21 |
| Section 50. Relocation assistance. Before any property | 22 |
| shall be acquired for a STAR bond project pursuant to eminent | 23 |
| domain, a relocation assistance plan shall be approved by the | 24 |
| governing body of the political subdivision proposing to |
|
|
|
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| undertake the condemnation. The relocation plan shall be | 2 |
| substantially similar to provisions of the Uniform Relocation | 3 |
| Assistance and Real Property Acquisition Act and regulations | 4 |
| promulgated thereunder. | 5 |
| Section 55. Reporting taxes. Notwithstanding any other | 6 |
| provisions of law to the contrary, copies of all retailers' | 7 |
| sales, use, and transient guest tax returns filed with the | 8 |
| Department of Revenue in connection with a STAR bond project | 9 |
| area or STAR bond project, for which sales, use, and transient | 10 |
| guest tax revenues are pledged or otherwise intended to be used | 11 |
| in whole or in part for the payment of STAR bonds issued to | 12 |
| finance project costs in the STAR bond project area, shall be | 13 |
| provided by the Department of Revenue to the bond trustee, | 14 |
| escrow agent, or paying agent for the bonds upon the written | 15 |
| request of the political subdivision within 15 days of receipt | 16 |
| by the Director of the Department of Revenue. | 17 |
| (a) The bond trustee, escrow agent, or paying agent shall | 18 |
| keep the retailers' sales, use, and transient guest tax returns | 19 |
| and the information contained therein confidential, but may use | 20 |
| the information for purposes of allocating and depositing the | 21 |
| sales, use, and transient guest tax revenues in connection with | 22 |
| the bonds used to finance project costs in the STAR bond | 23 |
| district. Except as otherwise provided herein, the sales, use, | 24 |
| and transient guest tax returns received by the bond trustee, | 25 |
| escrow agent, or paying agent shall be subject to the |
|
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| 1 |
| provisions of Chapter 35 of the Illinois Compiled Statutes, | 2 |
| including Section 3 of the Retailer's Occupation Tax Act, | 3 |
| Section 6 of the Hotel Operator's Occupation Tax Act, and | 4 |
| Section 9 of the Use Tax Act.
| 5 |
| (b) The Department of Revenue shall determine when the | 6 |
| amount of sales tax and other revenues that have been collected | 7 |
| and distributed to the bond debt service or reserve fund is | 8 |
| sufficient to satisfy all principal and interest costs to the | 9 |
| maturity date or dates of any STAR bonds issued by a political | 10 |
| subdivision to finance a STAR bond project. Thereafter, all | 11 |
| sales tax and other revenues shall be collected and distributed | 12 |
| in accordance with applicable law.
| 13 |
| Section 60. 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 which 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 65. 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 70. Powers of political subdivisions. The |
|
|
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| 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 the following powers in connection with a STAR bond | 8 |
| 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 |
|
|
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| 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.
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| (e) To renovate, rehabilitate, reconstruct, relocate, | 5 |
| repair, or remodel any existing buildings, improvements, | 6 |
| and fixtures within a STAR bond district.
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| (f) To install or construct any public buildings, | 8 |
| structures, works, streets, improvements, utilities, or | 9 |
| fixtures within a STAR bond district.
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| (g) To issue STAR bonds as provided in this Act.
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| (h) To fix, charge, and collect fees, rents, and | 12 |
| charges for the use of any building, facility, or property | 13 |
| or any portion of a building, facility, or property owned | 14 |
| or leased by the political subdivision in furtherance of a | 15 |
| STAR bond project under this Act within a STAR bond | 16 |
| district.
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| (i) To accept grants, guarantees, donations of | 18 |
| property or labor, or any other thing of value for use in | 19 |
| connection with a STAR bond project.
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| (j) To pay or cause to be paid STAR bond project costs, | 21 |
| including, specifically, to reimburse any developer or | 22 |
| nongovernmental person for STAR bond project costs | 23 |
| incurred by that person. A political subdivision is not | 24 |
| required to obtain any right, title, or interest in any | 25 |
| real or personal property in order to pay STAR bond project | 26 |
| costs associated with the property. The political |
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LRB096 11215 RLJ 24155 a |
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| subdivision shall adopt accounting procedures necessary to | 2 |
| determine that the STAR bond project costs are properly | 3 |
| paid.
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| (k) To exercise any and all other powers necessary to | 5 |
| effectuate the purposes of this Act. | 6 |
| Section 75. The Illinois Municipal Code is amended by | 7 |
| changing Section 8-4-1 as follows:
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| (65 ILCS 5/8-4-1) (from Ch. 24, par. 8-4-1)
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| Sec. 8-4-1.
No bonds shall be issued by the corporate | 10 |
| authorities
of any municipality until the question of | 11 |
| authorizing such bonds has
been submitted to the electors of | 12 |
| that municipality
provided that notice of the bond referendum, | 13 |
| if
held before July 1, 1999,
has been given in accordance with | 14 |
| the provisions of Section
12-5
of the Election Code in effect | 15 |
| at the time of the bond referendum, at least
10 and not more | 16 |
| than 45 days before the date of
the election, notwithstanding | 17 |
| the time for publication otherwise imposed by
Section 12-5,
and | 18 |
| approved by a
majority of the electors voting upon that | 19 |
| question.
Notices required in connection with the submission of | 20 |
| public questions
on or after July 1, 1999 shall be as set forth | 21 |
| in Section 12-5 of the Election
Code.
The clerk shall certify
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| the proposition of the corporate authorities to the proper | 23 |
| election
authority who shall submit the question at an election | 24 |
| in accordance with
the general election law, subject to the |
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LRB096 11215 RLJ 24155 a |
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| notice provisions set forth in this
Section.
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| Notice of any such election shall contain the amount of the | 3 |
| bond
issue, purpose for which issued, and maximum rate of | 4 |
| interest.
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| However, without the submission of the question of issuing | 6 |
| bonds to the
electors, the corporate authorities of any | 7 |
| municipality may authorize the
issuance of any of the following | 8 |
| bonds:
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| (1) Bonds to refund any existing bonded indebtedness;
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| (2) Bonds to fund or refund any existing judgment | 11 |
| indebtedness;
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| (3) In any municipality of less than 500,000 population, | 13 |
| bonds to
anticipate the collection of installments of special | 14 |
| assessments and
special taxes against property owned by the | 15 |
| municipality and to
anticipate the collection of the amount | 16 |
| apportioned to the municipality
as public benefits under | 17 |
| Article 9;
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| (4) Bonds issued by any municipality under Sections 8-4-15 | 19 |
| through
8-4-23, 11-23-1 through 11-23-12, 11-25-1 through | 20 |
| 11-26-6, 11-71-1
through 11-71-10, 11 74.3 1 through 11-74.3-7, | 21 |
| 11-74.4-1 through 11-74.4-11, 11-74.5-1 through
11-74.5-15,
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| 11-94-1 through 11-94-7, 11-102-1 through 11-102-10,
11-103-11 | 23 |
| through 11-103-15, 11-118-1 through 11-118-6, 11-119-1 through
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| 11-119-5, 11-129-1 through 11-129-7, 11-133-1 through | 25 |
| 11-133-4, 11-139-1
through 11-139-12, 11-141-1 through | 26 |
| 11-141-18 of this Code or 10-801
through 10-808 of the Illinois |
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| Highway Code, as amended;
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| (5) Bonds issued by the board of education of any school | 3 |
| district
under the provisions of Sections 34-30 through 34-36 | 4 |
| of The School Code,
as amended;
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| (6) Bonds issued by any municipality under the provisions | 6 |
| of
Division 6 of this Article 8; and by any municipality under | 7 |
| the
provisions of Division 7 of this Article 8; or under the | 8 |
| provisions of
Sections 11-121-4 and 11-121-5;
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| (7) Bonds to pay for the purchase of voting machines by any
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| municipality that has adopted Article 24 of The Election Code, | 11 |
| approved
May 11, 1943, as amended;
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| (8) Bonds issued by any municipality under Sections 15 and | 13 |
| 46 of the
"Environmental Protection Act", approved June 29, | 14 |
| 1970;
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| (9) Bonds issued by the corporate authorities of any | 16 |
| municipality
under the provisions of Section 8-4-25 of this | 17 |
| Article 8;
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| (10) Bonds issued under Section 8-4-26 of this Article 8 by | 19 |
| any
municipality having a board of election commissioners;
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| (11) Bonds issued under the provisions of "An Act to | 21 |
| provide the
manner of levying or imposing taxes for the | 22 |
| provision of special
services to areas within the boundaries of | 23 |
| home rule units and nonhome
rule municipalities and counties", | 24 |
| approved September 21, 1973;
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| (12) Bonds issued under Section 8-5-16 of this Code;
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| (13) Bonds to finance the cost of the acquisition, |
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| construction or
improvement of water or wastewater treatment | 2 |
| facilities mandated by an
enforceable compliance schedule | 3 |
| developed in connection with the federal
Clean Water Act or a | 4 |
| compliance order issued by the United States
Environmental | 5 |
| Protection Agency or the Illinois Pollution Control Board;
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| provided that such bonds are authorized by an ordinance adopted | 7 |
| by a
three-fifths majority of the corporate authorities of the | 8 |
| municipality
issuing the bonds which ordinance shall specify | 9 |
| that the construction or
improvement of such facilities is | 10 |
| necessary to alleviate an emergency
condition in such | 11 |
| municipality;
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| (14) Bonds issued by any municipality pursuant to Section
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| 11-113.1-1;
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| (15) Bonds issued under Sections 11-74.6-1 through | 15 |
| 11-74.6-45, the
Industrial Jobs Recovery Law of this Code.
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| (16) Bonds issued under the STAR Bond Financing Act, except | 17 |
| as may be required by Section 35 of that Act. | 18 |
| (Source: P.A. 90-706, eff. 8-7-98; 90-812, eff. 1-26-99; 91-57, | 19 |
| eff. 6-30-99.)
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| Section 99. Effective date. This Act takes effect upon | 21 |
| becoming law.".
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