Full Text of SB2801 96th General Assembly
SB2801 96TH GENERAL ASSEMBLY
|
|
|
96TH GENERAL ASSEMBLY
State of Illinois
2009 and 2010 SB2801
Introduced 1/28/2010, by Sen. J. Bradley Burzynski SYNOPSIS AS INTRODUCED: |
|
30 ILCS 350/10 |
from Ch. 17, par. 6910 |
110 ILCS 805/3A-1 |
from Ch. 122, par. 103A-1 |
|
Amends the Local Government Debt Reform Act and the Public Community College Act. Authorizes Kishwaukee Community College District No. 523 to issue bonds for building purposes for 25 years (instead of 20 years) if approved at referendum and specified conditions are met. Effective immediately.
|
| |
|
|
A BILL FOR
|
|
|
|
|
SB2801 |
|
LRB096 19711 RCE 35114 b |
|
| 1 |
| AN ACT concerning finance.
| 2 |
| Be it enacted by the People of the State of Illinois,
| 3 |
| represented in the General Assembly:
| 4 |
| Section 5. The Local Government Debt Reform Act is amended | 5 |
| by changing Section 10 as follows:
| 6 |
| (30 ILCS 350/10) (from Ch. 17, par. 6910)
| 7 |
| Sec. 10. General provisions. Bonds authorized by | 8 |
| applicable law may
be issued in one or more series, bear such | 9 |
| date or dates, become due at
such time or times within 40 | 10 |
| years, except as expressly limited by
applicable law, provided | 11 |
| that notwithstanding any such express limitation bonds issued | 12 |
| by Lockport High School , or Elgin Community College District | 13 |
| No. 509 , or Kishwaukee Community College District No. 523 for | 14 |
| the purpose of purchasing, constructing, or improving real | 15 |
| property may become due within 25 years, bear interest payable | 16 |
| at such intervals and at such rate or
rates as authorized under | 17 |
| applicable law, which rates may be fixed or
variable, be in | 18 |
| such denominations, be in such form, either coupon,
registered | 19 |
| or book-entry, carry such conversion, registration, and | 20 |
| exchange
privileges, be subject to defeasance upon such terms, | 21 |
| have such rank or
priority, be executed in such manner, be | 22 |
| payable in such medium of payment
at such place or places | 23 |
| within or without the State of Illinois, make
provision for a |
|
|
|
SB2801 |
- 2 - |
LRB096 19711 RCE 35114 b |
|
| 1 |
| corporate trustee within or without the State with respect
to | 2 |
| such bonds, prescribe the rights, powers and duties thereof to | 3 |
| be
exercised for the benefit of the governmental unit and the | 4 |
| protection of
the bondholders, provide for the holding in | 5 |
| trust, investment and use of
moneys, funds and accounts held | 6 |
| under an ordinance, provide for assignment
of and direct | 7 |
| payment of the moneys to pay such bonds or to be deposited
into | 8 |
| such funds or accounts directly to such trustee, be subject to | 9 |
| such
terms of redemption with or without premium, and be sold | 10 |
| in such manner at
private or public sale and at such price, all | 11 |
| as the governing body shall
determine. Whenever such bonds are | 12 |
| sold at price less than par, they
shall be sold at such price | 13 |
| and bear interest at such rate or rates such
that either the | 14 |
| true interest cost (yield) or the net interest rate, as may
be | 15 |
| selected by the governing body, received upon the sale of such | 16 |
| bonds
does not exceed the maximum rate otherwise authorized by | 17 |
| applicable law.
Except for an ordinance required to be | 18 |
| published by applicable law in
connection with a backdoor | 19 |
| referendum, any bond ordinance adopted by a
governing body | 20 |
| under applicable law shall, in all instances, become effective
| 21 |
| immediately without publication or posting or any further act | 22 |
| or requirement.
| 23 |
| (Source: P.A. 96-787, eff. 8-28-09.)
| 24 |
| Section 10. The Public Community College Act is amended by | 25 |
| changing Section 3A-1 as follows:
|
|
|
|
SB2801 |
- 3 - |
LRB096 19711 RCE 35114 b |
|
| 1 |
| (110 ILCS 805/3A-1) (from Ch. 122, par. 103A-1)
| 2 |
| Sec. 3A-1.
Any community college district may borrow money | 3 |
| for the
purpose of building, equipping, altering or repairing | 4 |
| community college
buildings or purchasing or improving | 5 |
| community college sites, or acquiring
and equipping recreation | 6 |
| grounds, athletic fields, and other
buildings or land used or | 7 |
| useful for community college purposes or for
the purpose of | 8 |
| purchasing a site, with or without a building or
buildings | 9 |
| thereon, or for the building of a house or houses on such
site, | 10 |
| or for the building of a house or houses on the site of the
| 11 |
| community college district, for residential purposes of the
| 12 |
| administrators or faculty of the community college district, | 13 |
| and issue
its negotiable coupon bonds therefor signed by the | 14 |
| chairman and
secretary of the board, in denominations of not | 15 |
| less than $100 nor more
than $5,000, payable at such place and | 16 |
| at such time or times, not
exceeding 20 years from date of | 17 |
| issuance, as the board may prescribe,
and bearing interest at a | 18 |
| rate not to exceed
the maximum rate authorized by the Bond | 19 |
| Authorization Act, as amended at the
time of the making of the | 20 |
| contract, payable
annually, semiannually or quarterly, but no | 21 |
| such bonds shall be issued
unless the proposition to issue them | 22 |
| is submitted to the voters of the
community college district at | 23 |
| a regular scheduled election in such district
and the board | 24 |
| shall certify the proposition to the proper election
| 25 |
| authorities for submission in accordance with the general |
|
|
|
SB2801 |
- 4 - |
LRB096 19711 RCE 35114 b |
|
| 1 |
| election law and
a majority of all the votes cast on the | 2 |
| proposition is in favor of the
proposition, nor shall any | 3 |
| residential site be acquired unless such
proposition to acquire | 4 |
| a site is submitted to the voters of the district at
a regular | 5 |
| scheduled election and the board shall certify the proposition | 6 |
| to
the proper election authorities for submission to the | 7 |
| electors in
accordance with the general election law and a | 8 |
| majority of all the votes
cast on the proposition is in favor | 9 |
| of the proposition. Nothing in this
Act shall be construed as | 10 |
| to require the listing of maturity dates of
any bonds either in | 11 |
| the notice of bond election or ballot used in the
bond | 12 |
| election.
| 13 |
| Bonds issued in accordance with this Section for Elgin | 14 |
| Community College District No. 509 may be payable at such time | 15 |
| or times, not exceeding 25 years from date of issuance, as the | 16 |
| board may prescribe, if the following conditions are met: | 17 |
| (i) The voters of the district approve a proposition | 18 |
| for the bond issuance at an election held in 2009. | 19 |
| (ii) Prior to the issuance of the bonds, the board | 20 |
| determines, by resolution, that the projects built, | 21 |
| acquired, altered, renovated, repaired, purchased, | 22 |
| improved, installed, or equipped with the proceeds of the | 23 |
| bonds are required as a result of a projected increase in | 24 |
| the enrollment of students in the district, to meet demand | 25 |
| in the fields of health care or public safety, to meet | 26 |
| accreditation standards, or to maintain campus safety and |
|
|
|
SB2801 |
- 5 - |
LRB096 19711 RCE 35114 b |
|
| 1 |
| security. | 2 |
| (iii) The bonds are issued, in one more more bond | 3 |
| issuances, on or before April 7, 2014. | 4 |
| (iv) The proceeds of the bonds are used to accomplish | 5 |
| only those purposes approved by the voters at an election | 6 |
| held in 2009. | 7 |
| Bonds issued in accordance with this Section for Kishwaukee | 8 |
| Community College District No. 523 may be payable at such time | 9 |
| or times, not exceeding 25 years from date of issuance, as the | 10 |
| board may prescribe, if the following conditions are met: | 11 |
| (i) The voters of the district approve a | 12 |
| proposition for the bond issuance at an election held | 13 |
| in 2010 or 2011. | 14 |
| (ii) Prior to the issuance of the bonds, the board | 15 |
| determines, by resolution, that the projects built, | 16 |
| acquired, altered, renovated, repaired, purchased, | 17 |
| improved, installed, or equipped with the proceeds of | 18 |
| the bonds are required as a result of a projected | 19 |
| increase in the enrollment of students in the district, | 20 |
| to meet demand in the fields of health care or public | 21 |
| safety, to meet accreditation standards, or to | 22 |
| maintain campus safety and security. | 23 |
| (iii) The bonds are issued, in one or more bond | 24 |
| issuances, on or before November 2, 2015. | 25 |
| (iv) The proceeds of the bonds are used to | 26 |
| accomplish only those purposes approved by the voters |
|
|
|
SB2801 |
- 6 - |
LRB096 19711 RCE 35114 b |
|
| 1 |
| at an election held in 2010 or 2011. | 2 |
| With respect to instruments for the payment of money issued | 3 |
| under this
Section either before, on, or after the effective | 4 |
| date of this amendatory
Act of 1989, it is and always has been | 5 |
| the intention of the General
Assembly (i) that the Omnibus Bond | 6 |
| Acts are and always have been supplementary
grants of
power to | 7 |
| issue instruments in accordance with the Omnibus Bond Acts,
| 8 |
| regardless of any provision of this Act that may appear to be | 9 |
| or to have
been more restrictive than those Acts, (ii)
that the | 10 |
| provisions of this Section are not a limitation on the
| 11 |
| supplementary authority granted by the Omnibus Bond
Acts,
and | 12 |
| (iii) that instruments issued under this
Section within the | 13 |
| supplementary authority granted by the Omnibus Bond Acts
are | 14 |
| not invalid
because of any provision of this Act that may | 15 |
| appear to be or to have been
more restrictive than those Acts.
| 16 |
| (Source: P.A. 96-787, eff. 8-28-09.)
| 17 |
| Section 99. Effective date. This Act takes effect upon | 18 |
| becoming law.
|
|