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30 ILCS 350/17.5 (30 ILCS 350/17.5) Sec. 17.5. Bond authorization by referendum. (a) Whenever applicable law
provides
that the authorization of or the issuance of bonds is subject to either a
referendum or backdoor referendum, the approval, once obtained, remains
(i) for 5 years
after the date
of the referendum or (ii) for 3 years after the end of the petition
period for a
backdoor referendum. However, whenever the applicable law
provides
that the authorization of or the issuance of bonds under the Water Pollution Control Loan Program or the Public Water Supply Loan Program, under Title IV-A of the Environmental Protection Act, is subject to either a referendum or backdoor referendum, the approval, once obtained, remains (i) for 7 years after the date of the referendum or (ii) for 5 years after the end of the petition period for a backdoor referendum. In the case of bonds authorized to be issued under the Downstate Forest Preserve District Act and approved by Lake County voters in a November 2008 referendum or in the case of bonds authorized to be issued under the School Code and approved by voters of Sandoval Community Unit School District 501 in a March 2012 referendum, the approval, once obtained, remains for 10 years after the date of the referendum. In the case of bonds authorized to be issued under the Counties Code and approved by Jackson County voters in a 1994 referendum, of which less than $200,000 of the original bonds have been issued, and for which the purpose of the bonds is flooding prevention, the approval, once obtained, remains for 25 years after the date of the referendum. (b) With respect to any bond approval under subsection (a), if, for any reason, the bonds are not issued because of a court action, then the time limits set forth under subsection (a) for the approval for the bonds is tolled during the time that the court action is pending. This subsection (b) applies to any bond issuance approved by referendum held on or after January 1, 2003 or by a backdoor referendum held on or after January 1, 2005. (Source: P.A. 98-655, eff. 6-18-14; 99-926, eff. 1-20-17.) |
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