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90_HB3443
55 ILCS 5/5-1083 from Ch. 34, par. 5-1083
Amends the Counties Code concerning purchase or lease of
property. Makes a technical change.
LRB9009892PTsb
LRB9009892PTsb
1 AN ACT to amend the Counties Code by changing Section
2 5-1083.
3 Be it enacted by the People of the State of Illinois,
4 represented in the General Assembly:
5 Section 5. The Counties Code is amended by changing
6 Section 5-1083 as follows:
7 (55 ILCS 5/5-1083) (from Ch. 34, par. 5-1083)
8 Sec. 5-1083. Purchase or lease of property; scope. A
9 county board may purchase or lease any real estate or
10 personal property for public purposes under contracts
11 providing for payment in installments over a period of time
12 of not more than 20 years in the case of real estate, and not
13 more than 10 years in the case of personal property, with
14 interest on the unpaid balance owing not to exceed the
15 maximum rate authorized by the Bond Authorization Act, as
16 amended at the time of the making of the contract. The
17 indebtedness incurred under this Section when aggregated with
18 existing indebtedness may not exceed the debt limits provided
19 in Section 5-1008.
20 With respect to instruments for the payment of money
21 issued under this Section or its predecessor either before,
22 on, or after the effective date of Public Act 86-4, it is and
23 always has been the intention of the General Assembly (i)
24 that the Omnibus Bond Acts are and always have been
25 supplementary grants of power to issue instruments in
26 accordance with the Omnibus Bond Acts, regardless of any
27 provision of this Act or "An Act to revise the law in
28 relation to counties", approved March 31, 1874, that may
29 appear to be or to have been more restrictive than those
30 Acts, (ii) that the provisions of this Section or its
31 predecessor are not a limitation on the supplementary
-2- LRB9009892PTsb
1 authority granted by the Omnibus Bond Acts, and (iii) that
2 instruments issued under this Section or its predecessor
3 within the supplementary authority granted by the Omnibus
4 Bond Acts are not invalid because of any provision of this
5 Act or "An Act to revise the law in relation to counties",
6 approved March 31, 1874, that may appear to be or to have
7 been more restrictive than those Acts.
8 (Source: P.A. 86-962; 86-1028.)