Illinois General Assembly - Full Text of HB0192
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Full Text of HB0192  98th General Assembly


Sen. Julie A. Morrison

Filed: 4/23/2013





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2    AMENDMENT NO. ______. Amend House Bill 192 by replacing
3everything after the enacting clause with the following:
4    "Section 5. The Local Government Debt Reform Act is amended
5by changing Section 10 as follows:
6    (30 ILCS 350/10)  (from Ch. 17, par. 6910)
7    Sec. 10. General provisions. Bonds authorized by
8applicable law may be issued in one or more series, bear such
9date or dates, become due at such time or times within 40
10years, except as expressly limited by applicable law, provided
11that notwithstanding any such express limitation bonds issued
12by Lockport High School, Township High School District 113,
13South Suburban Community College District No. 510, Elgin
14Community College District No. 509, or Kishwaukee Community
15College District No. 523 for the purpose of purchasing,
16constructing, or improving real property or paying claims



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1against any such district incurred for the purpose of
2purchasing, constructing, or improving real property may
3become due within 25 years, bear interest payable at such
4intervals and at such rate or rates as authorized under
5applicable law, which rates may be fixed or variable, be in
6such denominations, be in such form, either coupon, registered
7or book-entry, carry such conversion, registration, and
8exchange privileges, be subject to defeasance upon such terms,
9have such rank or priority, be executed in such manner, be
10payable in such medium of payment at such place or places
11within or without the State of Illinois, make provision for a
12corporate trustee within or without the State with respect to
13such bonds, prescribe the rights, powers and duties thereof to
14be exercised for the benefit of the governmental unit and the
15protection of the bondholders, provide for the holding in
16trust, investment and use of moneys, funds and accounts held
17under an ordinance, provide for assignment of and direct
18payment of the moneys to pay such bonds or to be deposited into
19such funds or accounts directly to such trustee, be subject to
20such terms of redemption with or without premium, and be sold
21in such manner at private or public sale and at such price, all
22as the governing body shall determine. Whenever such bonds are
23sold at price less than par, they shall be sold at such price
24and bear interest at such rate or rates such that either the
25true interest cost (yield) or the net interest rate, as may be
26selected by the governing body, received upon the sale of such



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1bonds does not exceed the maximum rate otherwise authorized by
2applicable law. Except for an ordinance required to be
3published by applicable law in connection with a backdoor
4referendum, any bond ordinance adopted by a governing body
5under applicable law shall, in all instances, become effective
6immediately without publication or posting or any further act
7or requirement.
8(Source: P.A. 96-787, eff. 8-28-09; 96-1077, eff. 7-16-10;
997-615, eff. 8-26-11.)
10    Section 99. Effective date. This Act takes effect upon
11becoming law.".