Full Text of SB2133 97th General Assembly
SB2133enr 97TH GENERAL ASSEMBLY |
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| 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, South Suburban Community College | 13 | | District No. 510, Elgin Community College District No. 509, or | 14 | | Kishwaukee Community College District No. 523 for the purpose | 15 | | of purchasing, constructing, or improving real property or | 16 | | paying claims against any such district incurred for the | 17 | | purpose of purchasing, constructing, or improving real | 18 | | property may become due within 25 years, bear interest payable | 19 | | at such intervals and at such rate or
rates as authorized under | 20 | | applicable law, which rates may be fixed or
variable, be in | 21 | | such denominations, be in such form, either coupon,
registered | 22 | | or book-entry, carry such conversion, registration, and | 23 | | exchange
privileges, be subject to defeasance upon such terms, |
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| 1 | | have such rank or
priority, be executed in such manner, be | 2 | | payable in such medium of payment
at such place or places | 3 | | within or without the State of Illinois, make
provision for a | 4 | | corporate trustee within or without the State with respect
to | 5 | | such bonds, prescribe the rights, powers and duties thereof to | 6 | | be
exercised for the benefit of the governmental unit and the | 7 | | protection of
the bondholders, provide for the holding in | 8 | | trust, investment and use of
moneys, funds and accounts held | 9 | | under an ordinance, provide for assignment
of and direct | 10 | | payment of the moneys to pay such bonds or to be deposited
into | 11 | | such funds or accounts directly to such trustee, be subject to | 12 | | such
terms of redemption with or without premium, and be sold | 13 | | in such manner at
private or public sale and at such price, all | 14 | | as the governing body shall
determine. Whenever such bonds are | 15 | | sold at price less than par, they
shall be sold at such price | 16 | | and bear interest at such rate or rates such
that either the | 17 | | true interest cost (yield) or the net interest rate, as may
be | 18 | | selected by the governing body, received upon the sale of such | 19 | | bonds
does not exceed the maximum rate otherwise authorized by | 20 | | applicable law.
Except for an ordinance required to be | 21 | | published by applicable law in
connection with a backdoor | 22 | | referendum, any bond ordinance adopted by a
governing body | 23 | | under applicable law shall, in all instances, become effective
| 24 | | immediately without publication or posting or any further act | 25 | | or requirement.
| 26 | | (Source: P.A. 96-787, eff. 8-28-09; 96-1077, eff. 7-16-10.)
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| 1 | | Section 99. Effective date. This Act takes effect upon | 2 | | becoming law.
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