Full Text of HB1127 97th General Assembly
HB1127enr 97TH GENERAL ASSEMBLY |
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| 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 17.5 as follows: | 6 | | (30 ILCS 350/17.5) | 7 | | Sec. 17.5. Bond authorization by referendum. | 8 | | (a) Whenever applicable law
provides
that the | 9 | | authorization of or the issuance of bonds is subject to either | 10 | | a
referendum or backdoor referendum, the approval, once | 11 | | obtained, remains
(i) for 5 years
after the date
of the | 12 | | referendum or (ii) for 3 years after the end of the petition
| 13 | | period for a
backdoor referendum. However, whenever the | 14 | | applicable law
provides
that the authorization of or the | 15 | | issuance of bonds under the Water Pollution Control Loan | 16 | | Program or the Public Water Supply Loan Program, under Title | 17 | | IV-A of the Environmental Protection Act, is subject to either | 18 | | a referendum or backdoor referendum, the approval, once | 19 | | obtained, remains (i) for 7 years after the date of the | 20 | | referendum or (ii) for 5 years after the end of the petition | 21 | | period for a backdoor referendum. In the case of bonds | 22 | | authorized to be issued under the Downstate Forest Preserve | 23 | | District Act and approved by Lake County voters in a November |
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| 1 | | 2008 referendum, the approval, once obtained, remains for 10 | 2 | | years after the date of the referendum. | 3 | | (b) With respect to any bond approval under subsection (a), | 4 | | if, for any reason, the bonds are not issued because of a court | 5 | | action, then the time limits set forth under subsection (a) for | 6 | | the approval for the bonds is tolled during the time that the | 7 | | court action is pending. This subsection (b) applies to any | 8 | | bond issuance approved by referendum held on or after January | 9 | | 1, 2003 or by a backdoor referendum held on or after January 1, | 10 | | 2005. | 11 | | (Source: P.A. 95-517, eff. 8-28-07; 96-826, eff. 11-25-09.) | 12 | | Section 10. The Conservation District Act is amended by | 13 | | changing Section 15.1 as follows:
| 14 | | (70 ILCS 410/15.1) (from Ch. 96 1/2, par. 7117)
| 15 | | Sec. 15.1.
When the board of a district proposes to incur
| 16 | | indebtedness and issue bonds, other than tax anticipation | 17 | | warrants, for
the purpose of development of real property or | 18 | | for the purpose of
incurring indebtedness in the aggregate over | 19 | | 0.575% as provided in
subsection (d) of Section 15, it shall | 20 | | order a referendum
on the proposition.
| 21 | | The district shall adopt an ordinance calling for the | 22 | | referendum and
setting forth the proposition. The clerk
or | 23 | | secretary of the district shall certify the ordinance and the | 24 | | proposition
to the proper election officials who shall submit |
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| 1 | | the proposition to the
voters of the district at a referendum | 2 | | in accordance with the general election
law. For a bond | 3 | | proposition put forward by a district organized under this Act, | 4 | | including a forest preserve district created under Section | 5 | | 18.5, the ballot must have printed on it, but not as part of | 6 | | the proposition submitted, the following language: | 7 | | The approximate impact of the proposed increase on the | 8 | | owner of a single-family home having a market value of | 9 | | (insert value) would be (insert amount) in the first year | 10 | | of the increase if the increase is fully implemented.
| 11 | | (Source: P.A. 86-785.)
| 12 | | Section 15. The Downstate Forest Preserve District Act is | 13 | | amended by changing Section 13 as follows: | 14 | | (70 ILCS 805/13) (from Ch. 96 1/2, par. 6323) | 15 | | Sec. 13. Bonds; limitation on indebtedness.
The board of | 16 | | any forest preserve district organized
hereunder may, for any | 17 | | of the purposes enumerated in this Act, borrow
money upon the | 18 | | faith and credit of such district, and may issue bonds
| 19 | | therefor. However, a district with a population of less than | 20 | | 3,000,000
may not become indebted in any manner or for any | 21 | | purpose to an amount
including existing indebtedness in the | 22 | | aggregate exceeding 2.3% of the
assessed value of the taxable | 23 | | property therein, as ascertained by the
last equalized | 24 | | assessment for State and county purposes. No district
may incur |
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| 1 | | (i) indebtedness
in excess of .3% of the assessed value of | 2 | | taxable property in the district,
as ascertained by the last | 3 | | equalized assessment for State and county purposes,
for the | 4 | | development of forest preserve lands held by the district, or | 5 | | (ii)
indebtedness for any other purpose except the acquisition | 6 | | of land
including acquiring lands in fee simple along or | 7 | | enclosing water
courses, drainage ways, lakes, ponds, planned | 8 | | impoundments or elsewhere
which are required to store flood | 9 | | waters or control other drainage and
water conditions necessary | 10 | | for the preservation and management of the
water resources of | 11 | | the District, unless the proposition to issue bonds
or | 12 | | otherwise incur indebtedness is certified by the board to the | 13 | | proper
election officials who shall submit the proposition at | 14 | | an election in accordance
with the general election law, and | 15 | | approved by a majority of those voting upon the
proposition. No | 16 | | district containing fewer than 3,000,000 inhabitants may
incur | 17 | | indebtedness for the acquisition of land or lands for any | 18 | | purpose
in excess of 55,000 acres, including all lands | 19 | | theretofore acquired,
unless the proposition to issue bonds or | 20 | | otherwise incur indebtedness is
first submitted to the voters | 21 | | of the district at a referendum in accordance
with the general | 22 | | election law and approved by a
majority of those voting upon | 23 | | the proposition. Before or at the time of
issuing bonds, the | 24 | | board shall provide by ordinance for the collection
of an | 25 | | annual tax sufficient to pay the interest on the bonds as it | 26 | | falls
due, and to pay the bonds as they mature. All bonds |
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| 1 | | issued by any forest
preserve district must be divided into | 2 | | series, the first of which
matures not later than 5 years after | 3 | | the date of issue and the last of
which matures not later than | 4 | | 25 years after the date of issue, or for bonds issued prior to | 5 | | January 1, 2011, commonly known as "Build America Bonds" as | 6 | | authorized by Section 54AA of the Internal Revenue Code of | 7 | | 1986, as amended, and for bonds issued from time to time to | 8 | | refund "Build America Bonds", not later than 25 years after the | 9 | | date of issue. | 10 | | For a bond proposition put forward by a district organized | 11 | | under this Act, the ballot must have printed on it, but not as | 12 | | part of the proposition submitted, the following language: | 13 | | The approximate impact of the proposed increase on the | 14 | | owner of a single-family home having a market value of | 15 | | (insert value) would be (insert amount) in the first year | 16 | | of the increase if the increase is fully implemented. | 17 | | This Section does not apply to a forest preserve district | 18 | | created under Section 18.5 of the Conservation District Act.
| 19 | | (Source: P.A. 96-828, eff. 12-2-09; 96-1178, eff. 7-22-10.)
| 20 | | Section 99. Effective date. This Act takes effect upon | 21 | | becoming law.
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