Full Text of SB3341 98th General Assembly
SB3341 98TH GENERAL ASSEMBLY |
| | 98TH GENERAL ASSEMBLY
State of Illinois
2013 and 2014 SB3341 Introduced 2/14/2014, by Sen. Pamela J. Althoff SYNOPSIS AS INTRODUCED: |
| 70 ILCS 410/15 | from Ch. 96 1/2, par. 7116 |
70 ILCS 410/15.1 | from Ch. 96 1/2, par. 7117 |
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Amends the Conservation District Act. Provides that a district may incur indebtedness for the purposes of paying any capital expenditure without first obtaining consent of the legal voters of the district. Sets forth a list of the types of bonds that do not limit a district from issuing non-referendum debt. Makes other changes.
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| | | FISCAL NOTE ACT MAY APPLY | |
| | A BILL FOR |
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| 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 Conservation District Act is amended by | 5 | | changing Sections 15 and 15.1 as follows: | 6 | | (70 ILCS 410/15) (from Ch. 96 1/2, par. 7116) | 7 | | Sec. 15. (a) Whenever a district does not have sufficient | 8 | | money in its
treasury to meet all necessary expenses and | 9 | | liabilities thereof, it may
issue tax anticipation warrants. | 10 | | Such issue of tax anticipation warrants
shall be subject to the | 11 | | provisions of Section 2 of "An Act to provide
for the manner of | 12 | | issuing warrants upon the treasurer of the State or of
any | 13 | | county, township, or other municipal corporation or quasi | 14 | | municipal
corporation, or of any farm drainage district, river | 15 | | district, drainage
and levee district, fire protection | 16 | | district and jurors' certificates",
approved June 27, 1913, as | 17 | | now and hereafter amended. | 18 | | (b) For the purpose of acquisition of real property, or | 19 | | rights thereto, or for the purpose of paying any capital | 20 | | expenditure, a
district may incur indebtedness and, as evidence | 21 | | of the indebtedness
thus created, may issue and sell bonds | 22 | | without first obtaining the
consent of the legal voters of the | 23 | | district. |
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| 1 | | (c) (Blank). For the purpose of development of real | 2 | | property, a district may incur
indebtedness and, as evidence of | 3 | | the indebtedness thus created, may
issue and sell bonds only | 4 | | after the proposition to issue bonds has been
submitted to the | 5 | | legal voters of the district at an election and has
been | 6 | | approved by a majority of those voting on the proposition. Such
| 7 | | election is subject to Section 15.1 of this Act. | 8 | | (d) No district shall become indebted in any manner or for | 9 | | any purpose,
to any amount including existing indebtedness in | 10 | | the aggregate exceeding
0.575% of the value, as equalized or | 11 | | assessed by the Department of Revenue,
of the taxable property | 12 | | therein; except that a district entirely within a
county of | 13 | | under
750,000 inhabitants and contiguous to a county of more | 14 | | than
2,000,000 inhabitants may incur indebtedness,
including | 15 | | existing indebtedness, in the aggregate not
exceeding 1.725% of | 16 | | that value if the aggregate indebtedness over 0.575% is
| 17 | | submitted to the legal voters of the district at an election | 18 | | and is
approved by a majority of those voting on the | 19 | | proposition as provided in
Section 15.1. | 20 | | The following do not in any way limit the right of a | 21 | | district to issue non-referendum bonds under this Section: | 22 | | bonds heretofore or hereafter issued and outstanding that are | 23 | | approved by referendum, as described in this subsection (d); | 24 | | refunding bonds issued to refund or continue to refund bonds | 25 | | approved by referendum; or bonds issued under this Section that | 26 | | have been paid in full or for which provisions for payment have |
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| 1 | | been made by an irrevocable deposit of funds in an amount | 2 | | sufficient to pay the principal and interest on those bonds to | 3 | | their respective maturity date. | 4 | | (e) Before or at the time of issuing bonds as described in | 5 | | this Section for acquisition or development
of real property , | 6 | | the district shall provide by ordinance for the
collection of | 7 | | an annual tax, in addition to all other taxes authorized
by | 8 | | this act, sufficient to pay such bonds and the interest thereon | 9 | | as
the same respectively become due. Such bonds shall be | 10 | | divided into
series, the first of which shall mature not later | 11 | | than 5 years after the
date of issue and the last of which | 12 | | shall mature not later
than 25 years after the date of issue; | 13 | | shall bear interest at a rate or
rates not exceeding the | 14 | | maximum rate permitted in "An Act to authorize
public | 15 | | corporations to issue bonds, other evidences of indebtedness | 16 | | and tax
anticipation warrants subject to interest rate | 17 | | limitations set forth
therein", approved May 26, 1970, as now | 18 | | or hereafter amended; shall be
in such form as the district | 19 | | shall by
resolution provide and shall be payable as to both | 20 | | principal and
interest from the proceeds of the annual levy of | 21 | | taxes authorized to be
levied by this Section, or so much | 22 | | thereof as will be sufficient to pay
the principal thereof and | 23 | | the interest thereon. Prior to the
authorization and issuance | 24 | | of such bonds the district may, with or
without notice, | 25 | | negotiate and enter into an agreement or agreements with
any | 26 | | bank, investment banker, trust company or insurance company or |
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| 1 | | group
thereof whereunder the marketing of such bonds may be | 2 | | assured and
consummated. The proceeds of such bonds shall be | 3 | | deposited in a special
fund, to be kept separate and apart from | 4 | | all other funds of the
conservation district. | 5 | | (Source: P.A. 96-1178, eff. 7-22-10.)
| 6 | | (70 ILCS 410/15.1) (from Ch. 96 1/2, par. 7117)
| 7 | | Sec. 15.1.
When the board of a district proposes to incur
| 8 | | indebtedness and issue bonds, other than tax anticipation | 9 | | warrants, for
the purpose of development of real property or | 10 | | for the purpose of
incurring indebtedness in the aggregate over | 11 | | 0.575% as provided in
subsection (d) of Section 15, it shall | 12 | | order a referendum
on the proposition.
| 13 | | The district shall adopt an ordinance calling for the | 14 | | referendum and
setting forth the proposition. The clerk
or | 15 | | secretary of the district shall certify the ordinance and the | 16 | | proposition
to the proper election officials who shall submit | 17 | | the proposition to the
voters of the district at a referendum | 18 | | in accordance with the general election
law. For a bond | 19 | | proposition put forward by a district organized under this Act, | 20 | | including a forest preserve district created under Section | 21 | | 18.5, the ballot must have printed on it, but not as part of | 22 | | the proposition submitted, the following language: | 23 | | The approximate impact of the proposed increase on the | 24 | | owner of a single-family home having a market value of | 25 | | (insert value) would be (insert amount) in the first year |
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| 1 | | of the increase if the increase is fully implemented.
| 2 | | (Source: P.A. 97-364, eff. 8-15-11.)
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