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91_HB0943
LRB9101953PTpk
1 AN ACT to amend the Home Equity Assurance Act by changing
2 Section 11.
3 Be it enacted by the People of the State of Illinois,
4 represented in the General Assembly:
5 Section 5. The Home Equity Assurance Act is amended by
6 changing Section 11 as follows:
7 (65 ILCS 95/11) (from Ch. 24, par. 1611)
8 Sec. 11. Guarantee Fund.
9 (a) Each governing commission and program created by
10 referendum under the provisions of this Act shall maintain a
11 guarantee fund for the purposes of paying the costs of
12 administering the program and extending protection to members
13 pursuant to the limitations and procedures set forth in this
14 Act.
15 (b) The guarantee fund shall be raised by means of an
16 annual tax levied on all residential property within the
17 territory of the program having at least one, but not more
18 than 6 dwelling units and classified by county ordinance as
19 residential. The rate of this tax may be changed from year
20 to year by majority vote of the governing commission but in
21 no case shall it exceed a rate of .12% of the equalized
22 assessed valuation of all property in the territory of the
23 program having at least one, but not more than 6 dwelling
24 units and classified by county ordinance as residential, or
25 the maximum tax rate approved by the voters of the territory
26 at the referendum that which created the program or, in the
27 case of a merged program, the maximum tax rate approved by
28 the voters at the referendum authorizing the merger,
29 whichever rate is lower. The commissioners shall cause the
30 amount to be raised by taxation in each year to be certified
31 to the county clerk in the manner provided by law, and any
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1 tax so levied and certified shall be collected and enforced
2 in the same manner and by the same officers as those taxes
3 for the purposes of the county and city within which the
4 territory of the commission is located. Any such tax, when
5 collected, shall be paid over to the proper officer of the
6 commission who is authorized to receive and receipt for such
7 tax. The governing commission may issue tax anticipation
8 warrants against the taxes to be assessed for the calendar
9 year in which the program is created and for the first full
10 calendar year after the creation of the program.
11 (c) The moneys deposited in the guarantee fund shall, as
12 nearly as practicable, be fully and continuously invested or
13 reinvested by the governing commission in investment
14 obligations which shall be in such amounts, and shall mature
15 at such times, that the maturity or date of redemption at the
16 option of the holder of such investment obligations shall
17 coincide, as nearly as practicable, with the times at which
18 monies will be required for the purposes of the program. For
19 the purposes of this Section investment obligation shall mean
20 direct general municipal, state, or federal obligations which
21 at the time are legal investments under the laws of this
22 State and the payment of principal of and interest on which
23 are unconditionally guaranteed by the governing body issuing
24 them.
25 (d) The guarantee fund shall be used solely and
26 exclusively for the purpose of providing guarantees to
27 members of the particular Guaranteed Home Equity Program and
28 for reasonable salaries, expenses, bills, and fees incurred
29 in administering the program, and shall be used for no other
30 purpose.
31 (e) The guarantee fund shall be maintained, invested,
32 and expended exclusively by the governing commission of the
33 program for whose purposes it was created. Under no
34 circumstance shall the guarantee fund be used by any person
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1 or persons, governmental body, or public or private agency or
2 concern other than the governing commission of the program
3 for whose purposes it was created. Under no circumstances
4 shall the guarantee fund be commingled with other funds or
5 investments.
6 (e-1) No commissioner or family member of a
7 commissioner, or employee or family member of an employee,
8 may receive any financial benefit, either directly or
9 indirectly, from the guarantee fund. Nothing in this
10 subsection (e-1) shall be construed to prohibit payment of
11 expenses to a commissioner in accordance with Section 4 or
12 payment of salaries or expenses to an employee in accordance
13 with this Section.
14 As used in this subsection (e-1), "family member" means a
15 spouse, child, stepchild, parent, brother, or sister of a
16 commissioner or a child, stepchild, parent, brother, or
17 sister of a commissioner's spouse.
18 (f) An independent audit of the guarantee fund and the
19 management of the program shall be conducted annually and
20 made available to the public through any office of the
21 governing commission or a public facility such as a local
22 public library located within the territory of the program.
23 (Source: P.A. 88-439.)