Full Text of SB2801 96th General Assembly
SB2801enr 96TH GENERAL ASSEMBLY
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| AN ACT concerning finance.
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| Be it enacted by the People of the State of Illinois,
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| represented in the General Assembly:
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| Section 5. The Local Government Debt Reform Act is amended | 5 |
| by changing Section 10 as follows:
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| (30 ILCS 350/10) (from Ch. 17, par. 6910)
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| 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 |
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| 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
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| immediately without publication or posting or any further act | 22 |
| or requirement.
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| (Source: P.A. 96-787, eff. 8-28-09.)
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| Section 10. The Public Community College Act is amended by | 25 |
| changing Section 3A-1 as follows:
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| (110 ILCS 805/3A-1) (from Ch. 122, par. 103A-1)
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| 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
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| community college district, for residential purposes of the
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| 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
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| authorities for submission in accordance with the general |
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| 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.
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| 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 |
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| 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 |
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| 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,
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| 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
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| 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.
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| (Source: P.A. 96-787, eff. 8-28-09.)
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| Section 99. Effective date. This Act takes effect upon | 18 |
| becoming law.
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