Full Text of SB3341 98th General Assembly
SB3341enr 98TH GENERAL ASSEMBLY |
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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, a
district may incur indebtedness and, as | 20 | | evidence of the indebtedness
thus created, may issue and sell | 21 | | bonds without first obtaining the
consent of the legal voters | 22 | | of the district. | 23 | | (b-5) For the purpose of development of real property, all |
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| 1 | | or a portion of which has been acquired with | 2 | | referendum-approved bonds, a district located entirely within | 3 | | McHenry County may incur indebtedness and, as evidence of the | 4 | | indebtedness thus created, may issue and sell bonds without | 5 | | first obtaining the consent of the legal voters of the | 6 | | district. Development, for the purposes of this subsection | 7 | | (b-5), shall mean the improvement or maintenance of existing | 8 | | trails, parking lots, bridges, roads, picnic shelters, and | 9 | | other improvements, adding or improving access to conservation | 10 | | areas or district facilities to comply with the Americans with | 11 | | Disabilities Act, demolition of unnecessary or unsafe | 12 | | structures, and the stabilization, revitalization or | 13 | | rehabilitation of historic structures. | 14 | | (c) For the purpose of development of real property, a | 15 | | district may incur
indebtedness and, as evidence of the | 16 | | indebtedness thus created, may
issue and sell bonds only after | 17 | | the proposition to issue bonds has been
submitted to the legal | 18 | | voters of the district at an election and has
been approved by | 19 | | a majority of those voting on the proposition. Such
election is | 20 | | subject to Section 15.1 of this Act. | 21 | | (d) No district shall become indebted in any manner or for | 22 | | any purpose,
to any amount including existing indebtedness in | 23 | | the aggregate exceeding
0.575% of the value, as equalized or | 24 | | assessed by the Department of Revenue,
of the taxable property | 25 | | therein; except that a district entirely within a
county of | 26 | | under
750,000 inhabitants and contiguous to a county of more |
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| 1 | | than
2,000,000 inhabitants may incur indebtedness,
including | 2 | | existing indebtedness, in the aggregate not
exceeding 1.725% of | 3 | | that value if the aggregate indebtedness over 0.575% is
| 4 | | submitted to the legal voters of the district at an election | 5 | | and is
approved by a majority of those voting on the | 6 | | proposition as provided in
Section 15.1. | 7 | | The following do not in any way limit the right of a | 8 | | district to issue non-referendum bonds under this Section: | 9 | | bonds heretofore or hereafter issued and outstanding that are | 10 | | approved by referendum, as described in this subsection (d); | 11 | | refunding bonds issued to refund or continue to refund bonds | 12 | | approved by referendum; and bonds issued under this Section | 13 | | that have been paid in full or for which provisions for payment | 14 | | have been made by an irrevocable deposit of funds in an amount | 15 | | sufficient to pay the principal and interest on those bonds to | 16 | | their respective maturity date. | 17 | | (e) Before or at the time of issuing bonds as described in | 18 | | this Section for acquisition or development
of real property , | 19 | | the district shall provide by ordinance for the
collection of | 20 | | an annual tax, in addition to all other taxes authorized
by | 21 | | this act, sufficient to pay such bonds and the interest thereon | 22 | | as
the same respectively become due. Such bonds shall be | 23 | | divided into
series, the first of which shall mature not later | 24 | | than 5 years after the
date of issue and the last of which | 25 | | shall mature not later
than 25 years after the date of issue; | 26 | | shall bear interest at a rate or
rates not exceeding the |
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| 1 | | maximum rate permitted in "An Act to authorize
public | 2 | | corporations to issue bonds, other evidences of indebtedness | 3 | | and tax
anticipation warrants subject to interest rate | 4 | | limitations set forth
therein", approved May 26, 1970, as now | 5 | | or hereafter amended; shall be
in such form as the district | 6 | | shall by
resolution provide and shall be payable as to both | 7 | | principal and
interest from the proceeds of the annual levy of | 8 | | taxes authorized to be
levied by this Section, or so much | 9 | | thereof as will be sufficient to pay
the principal thereof and | 10 | | the interest thereon. Prior to the
authorization and issuance | 11 | | of such bonds the district may, with or
without notice, | 12 | | negotiate and enter into an agreement or agreements with
any | 13 | | bank, investment banker, trust company or insurance company or | 14 | | group
thereof whereunder the marketing of such bonds may be | 15 | | assured and
consummated. The proceeds of such bonds shall be | 16 | | deposited in a special
fund, to be kept separate and apart from | 17 | | all other funds of the
conservation district. | 18 | | (Source: P.A. 96-1178, eff. 7-22-10.)
| 19 | | (70 ILCS 410/15.1) (from Ch. 96 1/2, par. 7117)
| 20 | | Sec. 15.1.
When the board of a district proposes to incur
| 21 | | indebtedness and issue bonds, other than tax anticipation | 22 | | warrants, for
the purpose of development of real property as | 23 | | provided in subsection (c) of Section 15 of this Act, or for | 24 | | the purpose of
incurring indebtedness in the aggregate over | 25 | | 0.575% as provided in
subsection (d) of Section 15, it shall |
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| 1 | | order a referendum
on the proposition.
| 2 | | The district shall adopt an ordinance calling for the | 3 | | referendum and
setting forth the proposition. The clerk
or | 4 | | secretary of the district shall certify the ordinance and the | 5 | | proposition
to the proper election officials who shall submit | 6 | | the proposition to the
voters of the district at a referendum | 7 | | in accordance with the general election
law. For a bond | 8 | | proposition put forward by a district organized under this Act, | 9 | | including a forest preserve district created under Section | 10 | | 18.5, the ballot must have printed on it, but not as part of | 11 | | the proposition submitted, the following language: | 12 | | The approximate impact of the proposed increase on the | 13 | | owner of a single-family home having a market value of | 14 | | (insert value) would be (insert amount) in the first year | 15 | | of the increase if the increase is fully implemented.
| 16 | | (Source: P.A. 97-364, eff. 8-15-11.)
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