Full Text of HB4388 98th General Assembly
HB4388eng 98TH GENERAL ASSEMBLY |
| | HB4388 Engrossed | | LRB098 16118 JLK 51174 b |
|
| 1 | | AN ACT concerning local government.
| 2 | | Be it enacted by the People of the State of Illinois,
| 3 | | represented in the General Assembly:
| 4 | | Section 5. The Cook County Forest Preserve District Act is | 5 | | amended by changing Section 21 as follows:
| 6 | | (70 ILCS 810/21) (from Ch. 96 1/2, par. 6424)
| 7 | | Sec. 21.
The board may, for any of the purposes enumerated | 8 | | in this Act,
borrow money upon the faith and credit of such | 9 | | district, and may issue bonds
therefor. However, a district may | 10 | | not become indebted in any manner or for any
purpose to an | 11 | | amount including existing indebtedness in the aggregate | 12 | | exceeding
.345% of the assessed value of the taxable property | 13 | | therein, as ascertained by
the last equalized assessment for | 14 | | State and county purposes. Except for
indebtedness incurred | 15 | | under Section 21.1 of this Act and except for
indebtedness | 16 | | incurred to construct, acquire, equip, repair, and renovate
| 17 | | buildings or other improvements to land of the district or to | 18 | | acquire equipment
for the district, no district may incur | 19 | | indebtedness for any purpose other than
the acquisition of land | 20 | | including acquiring lands in fee simple along or
enclosing | 21 | | water courses, drainage ways, lakes, ponds, planned | 22 | | impoundments or
elsewhere which are required to store flood | 23 | | waters or control other drainage
and water conditions necessary |
| | | HB4388 Engrossed | - 2 - | LRB098 16118 JLK 51174 b |
|
| 1 | | for the preservation and management of the water
resources of | 2 | | the district, unless the proposition to issue bonds or | 3 | | otherwise
incur indebtedness is first certified by the district | 4 | | to the proper election
officials, who shall submit the | 5 | | proposition to the legal voters of the district
at an election | 6 | | in accordance with the general election law and approved by a
| 7 | | majority of those voting upon the proposition. No district may | 8 | | incur
indebtedness for the acquisition of land or lands for any | 9 | | purpose in excess of 90,000
75,000 acres, including all lands | 10 | | theretofore acquired, unless the proposition
to issue bonds or | 11 | | otherwise incur indebtedness is first certified by the
district | 12 | | to the proper election officials, who shall submit the | 13 | | proposition to
the voters of the district at an election in | 14 | | accordance with the general
election law and approved by a | 15 | | majority of those voting upon the proposition.
Before or at the | 16 | | time of issuing bonds, the board shall provide by ordinance
for | 17 | | the collection of an annual tax sufficient to pay the interest | 18 | | on the bonds
as it falls due, and to pay the bonds as they | 19 | | mature. All bonds issued by any
forest preserve district must | 20 | | be divided into series, the first of which
matures not later | 21 | | than 5 years after the date of issue and the last of
which | 22 | | matures not later than 30 years after the date of issue.
| 23 | | (Source: P.A. 88-503.)
| 24 | | Section 99. Effective date. This Act takes effect upon | 25 | | becoming law.
|
|