Executive Committee

Filed: 3/10/2010

 

 


 

 


 
09600HB4802ham001 LRB096 17087 RLJ 37685 a

1
AMENDMENT TO HOUSE BILL 4802

2     AMENDMENT NO. ______. Amend House Bill 4802 by replacing
3 everything after the enacting clause with the following:
 
4     "Section 5. The Metropolitan Water Reclamation District
5 Act is amended by changing Section 9.6a as follows:
 
6     (70 ILCS 2605/9.6a)  (from Ch. 42, par. 328.6a)
7     Sec. 9.6a. Bonds for sewage treatment and water quality
8 improvements. The corporate authorities of a sanitary
9 district, in order to provide funds required for the replacing,
10 remodeling, completing, altering, constructing and enlarging
11 of sewage treatment works, water quality improvement projects,
12 or flood control facilities, and additions therefor, pumping
13 stations, tunnels, conduits, intercepting sewers and outlet
14 sewers, together with the equipment, including air pollution
15 equipment, and appurtenances thereto, to acquire property,
16 real, personal or mixed, necessary for said purposes, for costs

 

 

09600HB4802ham001 - 2 - LRB096 17087 RLJ 37685 a

1 and expenses for the acquisition of the sites and rights-of-way
2 necessary thereto, and for engineering expenses for designing
3 and supervising the construction of such works, may issue on or
4 before December 31, 2024 December 31, 2016, in addition to all
5 other obligations heretofore or herein authorized, bonds,
6 notes or other evidences of indebtedness for such purposes in
7 an aggregate amount at any one time outstanding not to exceed
8 3.35% of the equalized assessed valuation of all taxable
9 property within the sanitary district, to be ascertained by the
10 last assessment for State and local taxes previous to the
11 issuance of any such obligations. Such obligations shall be
12 issued without submitting the question of such issuance to the
13 legal voters of such sanitary district for approval.
14     The corporate authorities may sell such obligations at
15 private or public sale and enter into any contract or agreement
16 necessary, appropriate or incidental to the exercise of the
17 powers granted by this Act, including, without limitation,
18 contracts or agreements for the sale and purchase of such
19 obligations and the payment of costs and expenses incident
20 thereto. The corporate authorities may pay such costs and
21 expenses, in whole or in part, from the corporate fund.
22     Such obligations shall be issued from time to time only in
23 amounts as may be required for such purposes but the amount of
24 such obligations issued during any one budget year shall not
25 exceed $150,000,000 plus the amount of any obligations
26 authorized by this Act to be issued during the 3 budget years

 

 

09600HB4802ham001 - 3 - LRB096 17087 RLJ 37685 a

1 next preceding the year of issuance but which were not issued,
2 provided, however, that this limitation shall not be applicable
3 (i) to the issuance of obligations to refund bonds, notes or
4 other evidences of indebtedness, (ii) to obligations issued to
5 provide for the repayment of money received from the Water
6 Pollution Control Revolving Fund for the construction or repair
7 of wastewater treatment works, and (iii) to obligations issued
8 as part of the American Recovery and Reinvestment Act of 2009,
9 issued prior to January 1, 2011, that are commonly known as
10 "Build America Bonds" as authorized by Section 54AA of the
11 Internal Revenue Code of 1986, as amended. Each ordinance
12 authorizing the issuance of the obligations shall state the
13 general purpose or purposes for which they are to be issued,
14 and the corporate authorities may at any time thereafter pass
15 supplemental appropriations ordinances appropriating the
16 proceeds from the sale of such obligations for such purposes.
17     The corporate authorities may issue bonds, notes or other
18 evidences of indebtedness in an amount necessary to provide
19 funds to refund outstanding obligations issued pursuant to this
20 Section, including interest accrued or to accrue thereon.
21 (Source: P.A. 95-125, eff. 8-13-07; 95-412, eff. 8-24-07;
22 96-828, eff. 12-2-09.)".