Full Text of HB0192 98th General Assembly
HB0192enr 98TH GENERAL ASSEMBLY |
| | HB0192 Enrolled | | LRB098 05307 NHT 35340 b |
|
| 1 | | AN ACT concerning education.
| 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 10 as follows:
| 6 | | (30 ILCS 350/10) (from Ch. 17, par. 6910)
| 7 | | Sec. 10. General provisions. Bonds authorized by | 8 | | applicable law may
be issued in one or more series, bear such | 9 | | date or dates, become due at
such time or times within 40 | 10 | | years, except as expressly limited by
applicable law, provided | 11 | | that notwithstanding any such express limitation bonds issued | 12 | | by Lockport High School, Township High School District 113, | 13 | | South Suburban Community College District No. 510, Elgin | 14 | | Community College District No. 509, or Kishwaukee Community | 15 | | College District No. 523 for the purpose of purchasing, | 16 | | constructing, or improving real property or paying claims | 17 | | against any such district incurred for the purpose of | 18 | | purchasing, constructing, or improving real property may | 19 | | become due within 25 years, bear interest payable at such | 20 | | intervals and at such rate or
rates as authorized under | 21 | | applicable law, which rates may be fixed or
variable, be in | 22 | | such denominations, be in such form, either coupon,
registered | 23 | | or book-entry, carry such conversion, registration, and |
| | | HB0192 Enrolled | - 2 - | LRB098 05307 NHT 35340 b |
|
| 1 | | exchange
privileges, be subject to defeasance upon such terms, | 2 | | have such rank or
priority, be executed in such manner, be | 3 | | payable in such medium of payment
at such place or places | 4 | | within or without the State of Illinois, make
provision for a | 5 | | corporate trustee within or without the State with respect
to | 6 | | such bonds, prescribe the rights, powers and duties thereof to | 7 | | be
exercised for the benefit of the governmental unit and the | 8 | | protection of
the bondholders, provide for the holding in | 9 | | trust, investment and use of
moneys, funds and accounts held | 10 | | under an ordinance, provide for assignment
of and direct | 11 | | payment of the moneys to pay such bonds or to be deposited
into | 12 | | such funds or accounts directly to such trustee, be subject to | 13 | | such
terms of redemption with or without premium, and be sold | 14 | | in such manner at
private or public sale and at such price, all | 15 | | as the governing body shall
determine. Whenever such bonds are | 16 | | sold at price less than par, they
shall be sold at such price | 17 | | and bear interest at such rate or rates such
that either the | 18 | | true interest cost (yield) or the net interest rate, as may
be | 19 | | selected by the governing body, received upon the sale of such | 20 | | bonds
does not exceed the maximum rate otherwise authorized by | 21 | | applicable law.
Except for an ordinance required to be | 22 | | published by applicable law in
connection with a backdoor | 23 | | referendum, any bond ordinance adopted by a
governing body | 24 | | under applicable law shall, in all instances, become effective
| 25 | | immediately without publication or posting or any further act | 26 | | or requirement.
|
| | | HB0192 Enrolled | - 3 - | LRB098 05307 NHT 35340 b |
|
| 1 | | (Source: P.A. 96-787, eff. 8-28-09; 96-1077, eff. 7-16-10; | 2 | | 97-615, eff. 8-26-11.)
| 3 | | Section 99. Effective date. This Act takes effect upon | 4 | | becoming law. |
|