Full Text of HB1577 101st General Assembly
HB1577eng 101ST GENERAL ASSEMBLY |
| | HB1577 Engrossed | | LRB101 06765 AWJ 51792 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 Metropolitan Water Reclamation District Act | 5 | | is amended by changing Section 9.6a as follows:
| 6 | | (70 ILCS 2605/9.6a) (from Ch. 42, par. 328.6a)
| 7 | | Sec. 9.6a. Bonds for sewage treatment and water quality | 8 | | improvements. The corporate authorities of a sanitary | 9 | | district, in
order to provide funds required for the replacing, | 10 | | remodeling,
completing, altering, constructing and enlarging | 11 | | of sewage treatment
works, administrative buildings, water | 12 | | quality improvement projects, or flood control facilities, and | 13 | | additions therefor, pumping
stations, tunnels, conduits, | 14 | | intercepting sewers and outlet sewers,
together with the | 15 | | equipment, including air pollution equipment, and
| 16 | | appurtenances thereto, to acquire property, real, personal or | 17 | | mixed,
necessary for said purposes, for costs and expenses for | 18 | | the acquisition
of the sites and rights-of-way necessary | 19 | | thereto, and for engineering
expenses for designing and | 20 | | supervising the construction of such works,
may issue on or | 21 | | before December 31, 2034 2024 , in addition to all
other | 22 | | obligations heretofore or herein authorized, bonds, notes or
| 23 | | other evidences of indebtedness for such purposes in an |
| | | HB1577 Engrossed | - 2 - | LRB101 06765 AWJ 51792 b |
|
| 1 | | aggregate
amount at any one time outstanding not to exceed | 2 | | 3.35% of the equalized
assessed valuation of all taxable | 3 | | property within the sanitary district,
to be ascertained by the | 4 | | last assessment for State and local taxes
previous to the | 5 | | issuance of any such obligations. Such obligations shall be
| 6 | | issued without submitting the question of such issuance to the | 7 | | legal voters
of such sanitary district for approval.
| 8 | | The corporate authorities may sell such obligations at | 9 | | private or
public sale and enter into any contract or agreement | 10 | | necessary, appropriate
or incidental to the exercise of the | 11 | | powers granted by this Act, including,
without limitation, | 12 | | contracts or agreements for the sale and purchase of
such | 13 | | obligations and the payment of costs and expenses incident | 14 | | thereto.
The corporate authorities may pay such costs and | 15 | | expenses, in whole or in
part, from the corporate fund.
| 16 | | Such obligations shall be issued from time to time only in | 17 | | amounts as may
be required for such purposes but the amount of | 18 | | such obligations issued during
any one budget year shall not | 19 | | exceed $150,000,000 plus
the amount of any obligations | 20 | | authorized by this Act to be issued during the 3
budget years | 21 | | next preceding the year of issuance but which were not issued,
| 22 | | provided, however, that this limitation shall not be applicable | 23 | | (i) to the issuance
of obligations to refund bonds, notes or | 24 | | other evidences of indebtedness,
(ii) to obligations issued to | 25 | | provide for the repayment of money received
from the Water | 26 | | Pollution Control Revolving Fund for the construction or
repair |
| | | HB1577 Engrossed | - 3 - | LRB101 06765 AWJ 51792 b |
|
| 1 | | of wastewater treatment works, and (iii) to obligations issued | 2 | | as part of the American Recovery and Reinvestment Act of 2009, | 3 | | issued prior to January 1, 2011, that are commonly known as | 4 | | "Build America Bonds" as authorized by Section 54AA of the | 5 | | Internal Revenue Code of 1986, as amended. Each ordinance | 6 | | authorizing the
issuance of the obligations shall state the | 7 | | general purpose or purposes for
which they are to be issued, | 8 | | and the corporate authorities may at any time
thereafter pass | 9 | | supplemental appropriations ordinances appropriating the
| 10 | | proceeds from the sale of such obligations for such purposes.
| 11 | | The corporate authorities may issue bonds, notes or other | 12 | | evidences of
indebtedness in an amount necessary to provide | 13 | | funds to refund outstanding
obligations issued pursuant to this | 14 | | Section, including interest accrued or
to accrue thereon.
| 15 | | (Source: P.A. 96-828, eff. 12-2-09; 96-1308, eff. 1-1-11; | 16 | | 97-367, eff. 8-15-11.)
|
|