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Illinois Compiled Statutes
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.
MUNICIPALITIES (65 ILCS 5/) Illinois Municipal Code. 65 ILCS 5/8-4-22
(65 ILCS 5/8-4-22) (from Ch. 24, par. 8-4-22)
Sec. 8-4-22.
The corporate authorities of any such municipality are
authorized to take any action that may be necessary to inform owners of
outstanding securities regarding the financial condition of the fund out of
which the securities are payable and the necessity of refunding the same
and readjusting the maturities thereof and the corporate authorities may
enter into any agreements required to prepare and carry out any refunding
plan, and without previous appropriation therefor under any law may incur
and pay expenditures that may be necessary in order to accomplish the
refunding of such securities.
(Source: Laws 1961, p. 576.)
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65 ILCS 5/8-4-23
(65 ILCS 5/8-4-23) (from Ch. 24, par. 8-4-23)
Sec. 8-4-23.
Sections 8-4-14 through 8-4-23 constitute complete authority
for the issue of refunding revenue bonds as herein provided without
reference to any other laws or provisions of this Code and shall be
construed as conferring power in addition to but not in limitation of the
powers granted under any other existing laws or provisions of this Code.
(Source: Laws 1961, p. 576.)
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65 ILCS 5/8-4-24
(65 ILCS 5/8-4-24) (from Ch. 24, par. 8-4-24)
Sec. 8-4-24.
Whenever bonds have been issued by any municipality for
the purpose of constructing an incinerator, and the corporate
authorities decide that such project is not feasible and substitute a
different method of refuse disposal, they may adopt an ordinance ordering
the submission to the electors of a proposition to use the
proceeds of such bond issue, or any balance thereof, for some other
specified municipal purpose. The clerk shall certify such question to the
proper election authority who shall submit the proposition at an election
in accordance with the general election law.
(Source: P.A. 81-1489.)
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65 ILCS 5/8-4-25
(65 ILCS 5/8-4-25) (from Ch. 24, par. 8-4-25)
Sec. 8-4-25.
Subject to the requirements of the Bond Issue Notification
Act, any municipality is authorized to issue from time to time
full faith and credit general obligation notes in an amount not to exceed
85% of the specific taxes levied for the year during which and for which
such notes are issued, provided no notes shall be issued in lieu of tax
warrants for any tax at any time there are outstanding tax anticipation
warrants against the specific taxes levied for the year. Such notes shall
bear interest at a rate not to exceed the maximum rate authorized by the
Bond Authorization Act, as amended at the time of the making of the
contract, if issued before January 1, 1972 and not more than the maximum
rate authorized by the Bond Authorization Act, as amended at the time of
the making of the contract, if issued after January 1, 1972 and shall
mature within two years from date. The first interest payment date on any
such notes shall not be earlier than the delinquency date of the first
installment of taxes levied to pay interest and principal of such notes.
Notes may be issued for taxes levied for the following purposes:
(a) Corporate.
(b) For the payment of judgments.
(c) Public Library for Maintenance and Operation.
(d) Public Library for Buildings and Sites.
(e) (Blank).
(f) Relief (General Assistance).
In order to authorize and issue such notes, the corporate authorities
shall adopt an ordinance fixing the amount of the notes, the date
thereof, the maturity, rate of interest, place of payment and
denomination, which shall be in equal multiples of $1,000, and provide
for the levy and collection of a direct annual tax upon all the taxable
property in the municipality sufficient to pay the principal of and
interest on such notes as the same becomes due.
A certified copy of the ordinance authorizing the issuance of the
notes shall be filed in the office of the County Clerk of the county in
which the municipality is located, or if the municipality lies partly
within two or more counties, a certified copy of the ordinance
authorizing such notes shall be filed with the County Clerk of each of
the respective counties, and it shall be the duty of the County Clerk,
or County Clerks, whichever the case may be, to extend the tax therefor
in addition to and in excess of all other taxes heretofore or hereafter
authorized to be levied by such municipality.
From and after any such notes have been issued and while such notes
are outstanding, it shall be the duty of the County Clerk or County
Clerks, whichever the case may be, in computing the tax rate for the
purpose for which the notes have been issued to reduce the tax rate
levied for such purpose by the amount levied to pay the principal of and
interest on the notes to maturity, provided the tax rate shall not be
reduced beyond the amount necessary to reimburse any money borrowed from
the working cash fund, and it shall be the duty of the Clerk of the
municipality annually, not less than thirty (30) days prior to the tax
extension date, to certify to the County Clerk, or County Clerks,
whichever the case may be, the amount of money borrowed from the working
cash fund to be reimbursed from the specific tax levy.
No reimbursement shall be made to the working cash fund until there
has been accumulated from the tax levy provided for the notes an amount
sufficient to pay the principal of and interest on such notes as the
same become due.
With respect to instruments for the payment of money issued under this
Section either before, on, or after June 6, 1989 (the effective date of Public Act 86-4), it is and always has been the intention of the General
Assembly (i) that the Omnibus Bond Acts are and always have been supplementary
grants of power to issue instruments in accordance with the Omnibus Bond
Acts, regardless of any provision of this Act that may appear to be or to
have been more restrictive than those Acts, (ii) that the provisions of
this Section are not a limitation on the supplementary authority granted by
the Omnibus Bond Acts, and (iii) that instruments issued under this Section
within the supplementary authority granted by the Omnibus Bond Acts are not
invalid because of any provision of this Act that may appear to be or to
have been more restrictive than those Acts.
(Source: P.A. 102-587, eff. 1-1-22; 102-813, eff. 5-13-22.)
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65 ILCS 5/8-4-26
(65 ILCS 5/8-4-26) (from Ch. 24, par. 8-4-26)
Sec. 8-4-26.
Subject to the requirements of the Bond Issue Notification
Act, the corporate authorities of any municipality having a board of election
commissioners may issue bonds, in such amounts as may be required for the
purpose of acquiring voting machines or electronic voting systems as
required by Sections 24-1.1 and 24A-3 of The Election Code and may levy a
direct annual tax upon all taxable property in the municipality for the
purpose of paying the principal of and interest on such bonds. The
ordinance authorizing the issuance of such bonds shall specify the total
amount of bonds to be issued, the form and denomination of the bonds, the
date they are to bear, the place where they are payable, the date or dates
of maturity, which shall not be more than 10 years from the date of
issuance, the rate of interest, and the dates on which interest is payable.
Such ordinance shall prescribe all the details of the bonds and shall
provide for the levy and collection of a direct annual tax upon all taxable
property in the municipality sufficient to pay the principal of the bonds
at maturity and the interest thereon as it falls due. Such tax is in
addition to taxes for general corporate purposes and is not included in any
statutory tax rate limitation.
(Source: P.A. 89-655, eff. 1-1-97.)
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65 ILCS 5/8-4-27 (65 ILCS 5/8-4-27) (Section scheduled to be repealed on January 1, 2025) Sec. 8-4-27. Municipal Water and Wastewater Funding Study Committee. (a) The Municipal Water and Wastewater Funding Study Committee is established. (b) The Committee shall be comprised of the following members, and the appointed members of the Committee shall be appointed to the Committee no later than 30 days after May 13, 2022 (the effective date of Public Act 102-865): (1) The Governor, or his or her designee, who shall | | (2) The Director of the Illinois Environmental
| | Protection Agency, or his or her designee.
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| (3) The Executive Director of the Illinois Finance
| | Authority, or his or her designee.
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| (4) One member appointed by the President of the
| | (5) One member appointed by the Minority Leader of
| | (6) One member appointed by the Speaker of the House
| | (7) One member appointed by the Minority Leader of
| | the House of Representatives.
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| (8) Members appointed by the Director of the Illinois
| | Environmental Protection Agency as follows:
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| (A) one member who is a representative of a
| | publicly owned drinking water or wastewater utility with a service population of 25,000 or less;
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| (B) one member who is a representative of a
| | publicly owned drinking water or wastewater utility with a service population over 25,000 people to 125,000 people;
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| (C) one member who is a representative of a
| | publicly owned drinking water or wastewater utility with a service population over 125,000 people;
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| (D) one member who is a representative of a
| | statewide organization representing wastewater agencies; and
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| (E) one member who is a representative of a
| | statewide organization representing drinking water agencies.
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| The Committee shall meet at the call of the chair. Committee members shall serve without compensation. If a vacancy occurs in the Committee membership, the vacancy shall be filled in the same manner as the original appointment for the remainder of the Committee.
(c) The Committee shall study and make recommendations concerning any needed modifications to Illinois Environmental Protection Agency and Illinois Pollution Control Board regulations and policies as they relate to municipal water and wastewater funding to ensure that the State's revolving loan fund programs account for and prioritize the following principles, to the fullest extent allowed by federal law:
(1) A community shall not be deemed ineligible for
| | disadvantaged community status based on size or service area of any size, with regard to special rates, loan terms, and eligibility for loan or grant funds.
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| (2) In determining whether a community is
| | disadvantaged, consideration should be given to impacts of funding on water and wastewater expenses for low-income populations.
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| (3) In determining whether a community is eligible
| | for funds and special rates or loan terms, environmental justice concepts should be considered.
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| (4) In determining how funding is allocated, a
| | community facing water supply shortages should be considered a high priority based on urgency of need.
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| (5) The funding programs should promote formation and
| | implementation of regional water partnerships.
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| (6) Targeted funding should be provided for
| | addressing emerging contaminants, including PFAS.
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| (7) In determining eligibility for assistance, the
| | role that the State revolving fund programs play for small communities should be understood and fully considered.
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| (8) Any recommendations for changes to the programs
| | must be fully consistent with federal law and must not adversely affect any community's eligibility for loans under federal law.
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| (d) The Committee shall prepare a report that summarizes its work and makes recommendations resulting from its study. The Committee shall submit the report of its findings and recommendations to the Governor and the General Assembly no later than March 1, 2024. Once the Committee has submitted the report to the General Assembly and Governor, the Committee is dissolved.
(e) This Section is repealed on January 1, 2025.
(Source: P.A. 102-865, eff. 5-13-22; 103-154, eff. 6-30-23; 103-316, eff. 7-28-23.)
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65 ILCS 5/Art. 8 Div. 4.1
(65 ILCS 5/Art. 8 Div. 4.1 heading)
DIVISION 4.1.
MUNICIPAL BOND REFORM ACT
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65 ILCS 5/8-4.1-1
(65 ILCS 5/8-4.1-1) (from Ch. 24, par. 8-4.1-1)
Sec. 8-4.1-1.
This Division shall be known
and may be cited as the "Municipal Bond Reform Act."
(Source: P.A. 85-158.)
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65 ILCS 5/8-4.1-2
(65 ILCS 5/8-4.1-2) (from Ch. 24, par. 8-4.1-2)
Sec. 8-4.1-2.
In addition to other words and terms as
defined in this Code, the following words or terms shall as used in this
Division have the meanings set forth opposite each unless the context or
usage clearly indicates that another meaning is intended.
"Applicable Law" means any provision of this Code or any other provision
of law authorizing municipalities to issue Bonds.
"Backdoor Referendum" means the submission of a public question to the
voters of a municipality, initiated by a petition of voters or residents or
property owners of such municipality, to determine whether an action by the
corporate authorities of such municipality shall be effective, adopted or rejected.
"Bonds" means any instrument evidencing the obligation to pay money
authorized or issued by or on behalf of a municipality under Applicable Law
including, without limiting the generality of the foregoing, bonds, notes,
installment or financing contracts, leases, certificates, tax anticipation
warrants or notes, vouchers, or any evidence of indebtedness.
"General Obligation Bonds" means Bonds of a municipality for the payment
of which the municipality is empowered to levy ad valorem property taxes
upon all taxable property in the municipality without limitation as to rate or amount.
"Municipality" for the purpose of this Division also includes water
commissions under Division 135 of Article 11 of this Code or any other entity
created by intergovernmental agreement and comprised solely of cities,
villages, or incorporated towns.
"Revenue Bonds" means any Bonds of a municipality other than General Obligation Bonds.
(Source: P.A. 85-158.)
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65 ILCS 5/8-4.1-3
(65 ILCS 5/8-4.1-3) (from Ch. 24, par. 8-4.1-3)
Sec. 8-4.1-3.
The provisions of this Act are intended to be
supplemental and in addition to all other power or authority granted to
municipalities, shall be construed liberally and shall not be construed as
a limitation of any power or authority otherwise granted.
(Source: P.A. 85-158.)
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65 ILCS 5/8-4.1-4
(65 ILCS 5/8-4.1-4) (from Ch. 24, par. 8-4.1-4)
Sec. 8-4.1-4.
Whenever Applicable Law provides that the authorization
or the issuance of Bonds, or the becoming effective of an ordinance or
resolution providing for the authorization or issuance of Bonds, may be
subject to a backdoor referendum, the provisions of this Section may be
used as an alternative to the specific procedures as otherwise set forth by
Applicable Law.
A. The corporate authorities may adopt an authorizing ordinance
describing briefly the authority under which Bonds are proposed to be
issued, the nature of the project or purpose to be financed, the estimated
total costs of the project or purpose, including in such costs
all items related to financing the project or purpose, and the maximum
amount of Bonds authorized to be issued to pay such costs. No further
details or specifications are required in such authorizing ordinance. Such
authorizing ordinance, along with any other notice as required by
Applicable Law, including any notice as to the right of electors to file a
petition and the number of voters required to sign any such
petition, shall be published or posted as required by Applicable Law. A
petition may be filed after such publication or posting during the period
as provided by Applicable Law; but upon the expiration of any such period,
the corporate authorities shall be authorized to issue such Bonds as if
they had followed all necessary procedures set forth in such Applicable Law.
B. If no petition meeting the requirements of the Applicable Law is
filed during the petition period hereinabove referred to, then the
corporate authorities may adopt additional ordinances or proceedings
supplementing or amending the authorizing ordinance so long as the maximum
amount of Bonds as set forth in the authorizing ordinance hereinabove
provided for is not exceeded, and there is no material change in the
project or purpose described in the authorizing ordinance. Such additional
ordinances or proceedings shall in all instances become effective
immediately without publication or posting or any further act or
requirement. The authorizing ordinance, together with such additional
ordinances or proceedings, shall constitute complete authority for the
issuance of such Bonds under the Applicable Law.
(Source: P.A. 85-158.)
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65 ILCS 5/8-4.1-5
(65 ILCS 5/8-4.1-5) (from Ch. 24, par. 8-4.1-5)
Sec. 8-4.1-5.
The corporate authorities may provide for a reserve fund
solely for the payment of the principal of and interest on Bonds. Bond
proceeds may be used to provide such reserve fund.
(Source: P.A. 85-158.)
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65 ILCS 5/8-4.1-6
(65 ILCS 5/8-4.1-6) (from Ch. 24, par. 8-4.1-6)
Sec. 8-4.1-6.
The corporate authorities are
authorized and may covenant and contract with the holders of Revenue Bonds
to levy, charge and collect moneys pledged as security for the payment of
Revenue Bonds in amounts sufficient to provide for the prompt payment of
the principal of and interest on such Bonds, and to provide an additional
amount of money, as debt service coverage, computed as a percentage of the
amount of principal and interest scheduled to be payable in any given year.
(Source: P.A. 85-158.)
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