Illinois Compiled Statutes
ILCS Listing
Public
Acts Search
Guide
Disclaimer
Information maintained by the Legislative
Reference Bureau
Updating the database of the Illinois Compiled Statutes (ILCS) is an ongoing process.
Recent laws may not yet be included in the ILCS database, but they are found on this site as Public
Acts soon after they become law. For information concerning the relationship between statutes and Public Acts, refer to the
Guide.
Because the statute database is maintained primarily for legislative drafting purposes,
statutory changes are sometimes included in the statute database before they take effect.
If the source note at the end of a Section of the statutes includes a Public Act that has
not yet taken effect, the version of the law that is currently in effect may have already
been removed from the database and you should refer to that Public Act to see the changes
made to the current law.
70 ILCS 805/13 (70 ILCS 805/13) (from Ch. 96 1/2, par. 6323) Sec. 13. Bonds; limitation on indebtedness.
The board of any forest preserve district organized
hereunder may, for any of the purposes enumerated in this Act, borrow
money upon the faith and credit of such district, and may issue bonds
therefor. However, a district with a population of less than 3,000,000
may not become indebted in any manner or for any purpose to an amount
including existing indebtedness in the aggregate exceeding 2.3% of the
assessed value of the taxable property therein, as ascertained by the
last equalized assessment for State and county purposes. No district, except for the Byron Forest Preserve District,
may incur (i) indebtedness
in excess of .3% of the assessed value of taxable property in the district,
as ascertained by the last equalized assessment for State and county purposes,
for the development of forest preserve lands held by the district, or (ii)
indebtedness for any other purpose except the acquisition of land
including acquiring lands in fee simple along or enclosing water
courses, drainage ways, lakes, ponds, planned impoundments or elsewhere
which are required to store flood waters or control other drainage and
water conditions necessary for the preservation and management of the
water resources of the District, unless the proposition to issue bonds
or otherwise incur indebtedness is certified by the board to the proper
election officials who shall submit the proposition at an election in accordance
with the general election law, and approved by a majority of those voting upon the
proposition. No district containing fewer than 3,000,000 inhabitants may
incur indebtedness for the acquisition of land or lands for any purpose
in excess of 55,000 acres, including all lands theretofore acquired,
unless the proposition to issue bonds or otherwise incur indebtedness is
first submitted to the voters of the district at a referendum in accordance
with the general election law and approved by a
majority of those voting upon the proposition. Before or at the time of
issuing bonds, the board shall provide by ordinance for the collection
of an annual tax sufficient to pay the interest on the bonds as it falls
due, and to pay the bonds as they mature. All bonds issued by any forest
preserve district must be divided into series, the first of which
matures not later than 5 years after the date of issue and the last of
which matures not later than 25 years after the date of issue, or for bonds issued prior to January 1, 2011, commonly known as "Build America Bonds" as authorized by Section 54AA of the Internal Revenue Code of 1986, as amended, and for bonds issued from time to time to refund "Build America Bonds", not later than 25 years after the date of issue. Notwithstanding any contrary provision in this Section, the Byron Forest Preserve District may not incur (i) indebtedness
in excess of .6% of the assessed value of taxable property in the district,
as ascertained by the last equalized assessment for State and county purposes,
for the development of forest preserve lands held by the district, or (ii)
indebtedness for any other purpose except the acquisition of land
including acquiring lands in fee simple along or enclosing water
courses, drainage ways, lakes, ponds, planned impoundments or elsewhere
which are required to store flood waters or control other drainage and
water conditions necessary for the preservation and management of the
water resources of the District, unless the proposition to issue bonds
or otherwise incur indebtedness is certified by the board to the proper
election officials who shall submit the proposition at an election in accordance
with the general election law, and approved by a majority of those voting upon the
proposition. For a bond proposition put forward by a district organized under this Act, the ballot must have printed on it, but not as part of the proposition submitted, the following language: The approximate impact of the proposed increase on | | the owner of a single-family home having a market value of (insert value) would be (insert amount) in the first year of the increase if the increase is fully implemented.
|
| This Section does not apply to a forest preserve district created under Section 18.5 of the Conservation District Act.
(Source: P.A. 97-364, eff. 8-15-11; 98-835, eff. 1-1-15.)
|
|
