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91_HB1117sam001
LRB9103156MWgcam02
1 AMENDMENT TO HOUSE BILL 1117
2 AMENDMENT NO. . Amend House Bill 1117 on page 1, by
3 replacing lines 1 and 2 with the following:
4 "AN ACT concerning local government debt, amending named
5 Acts."; and
6 on page 9, line 10, by replacing "front-door" with
7 "referendum"; and
8 on page 9, line 12, by replacing "10" with "5" and by
9 deleting "front-door"; and
10 on page 9, line 14, by inserting after "referendum." the
11 following:
12 "This Section applies only to a referendum or a backdoor
13 referendum held after the effective date of this amendatory
14 Act of the 91st General Assembly."; and
15 on page 9, by inserting above line 15 the following:
16 "Section 10. The Illinois Municipal Code is amended by
17 changing Section 11-61-3 as follows:
18 (65 ILCS 5/11-61-3) (from Ch. 24, par. 11-61-3)
19 Sec. 11-61-3. The corporate authorities of each
20 municipality having a population of less than 1,000,000
-2- LRB9103156MWgcam02
1 inhabitants shall have the express power to purchase or lease
2 either real estate or personal property for public purposes
3 through contracts which provide for the consideration for
4 such purchase or lease to be paid through installments to be
5 made at stated intervals during a certain period of time,
6 but, in no case, shall such contracts provide for the
7 consideration to be paid during a period of time in excess of
8 20 10 years nor shall such contracts provide for the payment
9 of interest at a rate of more than that permitted in "An Act
10 to authorize public corporations to issue bonds, other
11 evidences of indebtedness and tax anticipation warrants
12 subject to interest rate limitations set forth therein",
13 approved May 26, 1970, as amended. The indebtedness incurred
14 under this Section when aggregated with existing indebtedness
15 may not exceed the debt limits provided in Division 5 of
16 Article 8 of this Code.
17 The amendatory Acts of 1972 and 1973 are not a limit upon
18 any municipality which is a home rule unit.
19 (Source: P.A. 84-283.)".