Public Act 90-0716 of the 90th General Assembly

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Public Act 90-0716

SB1282 Enrolled                                LRB9008556MWpc

    AN ACT to amend the Sanitary  District  Act  of  1917  by
changing Section 9.

    Be  it  enacted  by  the People of the State of Illinois,
represented in the General Assembly:

    Section 5.  The Sanitary District Act of 1917 is  amended
by changing Section 9 as follows:

    (70 ILCS 2405/9) (from Ch. 42, par. 308)
    Sec. 9.  Borrowing powers; debt limitation; referendum.
    (a)  The  corporation  may  borrow  money  for  corporate
purposes and may issue bonds for those purposes but shall not
become  indebted  in  any  manner,  or for any purpose, to an
amount in the aggregate exceeding 5.75% on the  valuation  of
taxable  property  in  the  district to be ascertained by the
last  assessment  for  State  and  county  taxes  before  the
indebtedness was incurred  or,  until  January  1,  1983,  if
greater,   the  sum  that  is  produced  by  multiplying  the
district's 1978 equalized  assessed  valuation  by  the  debt
limitation percentage in effect on January 1, 1979.
    The  trustees shall also have the express power to borrow
money from banks or other financial institutions,  execute  a
note  or notes and a security agreement to secure the payment
of the note or notes, and provide security for  repayment  of
the   note   or   notes  by  pledging  district  revenues  or
encumbering district assets.  The maximum amount that may  be
borrowed  under  this  paragraph shall not exceed $25,000,000
$10,000,000 for the aggregate of all those notes.  The period
for repayment of any note shall not exceed 20 years.
    The trustees shall also have the express  power,  without
referendum, to execute an agreement for a loan from the Water
Pollution  Control  Revolving  Fund of the State of Illinois,
under  the  Environmental  Protection  Act,  and  to   pledge
revenues of the district for the repayment of the loan.
    (b)  Whenever the board of trustees of a district desires
to  issue  bonds  under  this  Section  they  shall  order  a
referendum  to  be  held in the district on the question. The
board shall certify  the  question  to  the  proper  election
officials,  who  shall  submit the question at an election in
accordance with the general election law. In addition to  the
requirements  of  the  general  election  law,  the notice of
referendum shall state the amount of bonds to be issued.  The
question shall be in substantially the following form:
         Shall  (name  of district) issue bonds in the amount
    of $(amount)?
The votes shall be recorded as "Yes" or "No".
The result of the referendum shall be entered in the  records
of  the district. If it appears that a majority of the voters
voting at the election on the question have voted in favor of
the issue of the bonds, the board of trustees shall order and
direct the execution of the bonds for and on  behalf  of  the
district. All bonds issued under this Section shall mature in
not more than 20 annual installments.
    (c)  The  corporation  may  borrow  money  for  corporate
purposes,  and  may issue bonds for those purposes, without a
referendum on the question if the corporation or the board of
trustees of the district  has  been  directed,  by  an  order
issued  by  a  court  of  competent  jurisdiction  or  by  an
administrative   agency  of  the  State  of  Illinois  having
jurisdiction to issue the order, to abate  its  discharge  of
untreated or inadequately treated sewage and if the borrowing
is  deemed necessary by the board of trustees of the sanitary
district to make possible  compliance  with  the  order.  The
amount  of money that the corporation may borrow to abate the
sewage discharge shall be limited to that required  for  that
purpose  plus any reasonable future expansion approved by the
court or an administrative agency of the  State  of  Illinois
having  jurisdiction.  The  ordinance providing for the bonds
shall set out the fact that the bonds are deemed necessary to
make  possible  compliance  with  the  order  and  shall   be
published  or  posted  in the manner provided in this Act for
publication or posting of ordinances  making  appropriations.
The  ordinance  shall  be  in full force and effect after its
adoption and publication  or  posting  as  provided  in  this
subsection,  notwithstanding any provision in this Act or any
other law to the contrary.
(Source: P.A. 89-558, eff. 7-26-96.)

    Section 99.  Effective date.  This Act takes effect  upon
becoming law.

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