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90_SB1318 30 ILCS 360/1-3 from Ch. 17, par. 7201-3 Amends the Rural Bond Bank Act. Provides that for the purposes of the Act "rural county" means any county (now any county other than a county having a population in excess of 3,000,000) and "governmental unit" means, among others, any municipality, excluding any home rule municipality in a county contiguous with a county having a population in excess of 3,000,000 or any home rule municipality in a county with a population of 3,000,000 or greater (now any municipality, excluding any home rule municipality in a county contiguous with a county having a population in excess of 3,000,000). Effective July 1, 1998. LRB9008826MWpc LRB9008826MWpc 1 AN ACT to amend the Rural Bond Bank Act by changing 2 Section 1-3. 3 Be it enacted by the People of the State of Illinois, 4 represented in the General Assembly: 5 Section 5. The Rural Bond Bank Act is amended by 6 changing Section 1-3 as follows: 7 (30 ILCS 360/1-3) (from Ch. 17, par. 7201-3) 8 Sec. 1-3. Definitions. As used in this Act, unless the 9 context otherwise indicates: 10 (a) "Bank" or "Bond Bank" means the Illinois Rural Bond 11 Bank created by Section 2-1. 12 (b) "Bondholder" or "holder" or "noteholder" or any 13 similar term when used with reference to a bond or note of 14 the Bank means any person who is the bearer of any 15 outstanding bond or note of the Bank registered to bearer or 16 not registered, or the registered owner of any outstanding 17 bond of the Bank which at the time is registered other than 18 to bearer. 19 (c) "Bonds" means bonds of the Bank issued under this 20 Act. 21 (d) "Fully marketable form" means a local governmental 22 security duly executed and accompanied by an approving legal 23 opinion of a bond counsel of recognized standing in the field 24 of local governmental law whose opinions are generally 25 accepted by purchasers of local governmental bonds. The local 26 governmental security so executed need not be printed or 27 lithographed nor be in more than one denomination. 28 (e) "General fund" means the fund established as 29 provided in Section 3-7. 30 (f) "Governmental unit" means any rural county; or any 31 municipality, excluding any home rule municipality in a -2- LRB9008826MWpc 1 county contiguous with a county having a population in excess 2 of 3,000,000 or any home rule municipality in a county with a 3 population of 3,000,000 or greater, or township having a 4 population less than 25,000, school district, community 5 college district, special district, municipal corporation, 6 public corporation, any other local governmental body, any 7 other local public entity as defined in the Local 8 Governmental and Governmental Employees Tort Immunity Act, or 9 other unit designated as a rural unit of local government by 10 the Governor's Executive Order creating the Rural Fair Share 11 Initiative, located in a rural county or having a majority of 12 the territory within its corporate boundaries and at least 13 90% of its population located in a rural county. 14 (g) "Local governmental security" means a bond or note 15 or evidence of debt issued by a governmental unit and payable 16 from taxes or from rates, charges or assessments. 17 (h) "Notes" means any notes of the Bank issued under 18 this Act. 19 (i) "Required debt service reserve" means the amount 20 required to be on deposit in the reserve fund as prescribed 21 by Section 3-6. 22 (j) "Reserve fund" means the Rural Bond Bank Reserve 23 Fund established as provided in Section 3-6. 24 (k) "Revenues" means all fees, charges, moneys, profits, 25 payments of principal of or interest on local governmental 26 securities and other investments, gifts, grants, 27 contributions, appropriations and all other income derived or 28 to be derived by the Bank under this Act. 29 (l) "Rural county" means any county
other than a county30 having a population in excess of 3,000,000. 31 (Source: P.A. 89-211, eff. 8-3-95.) 32 Section 99. Effective date. This Act takes effect on 33 July 1, 1998.
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