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Public Act 097-0364 |
HB1127 Enrolled | LRB097 03122 PJG 43157 b |
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AN ACT concerning finance.
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Be it enacted by the People of the State of Illinois,
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represented in the General Assembly:
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Section 5. The Local Government Debt Reform Act is amended |
by changing Section 17.5 as follows: |
(30 ILCS 350/17.5) |
Sec. 17.5. Bond authorization by referendum. |
(a) Whenever applicable law
provides
that the |
authorization of or the issuance of bonds is subject to either |
a
referendum or backdoor referendum, the approval, once |
obtained, remains
(i) for 5 years
after the date
of the |
referendum or (ii) for 3 years after the end of the petition
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period for a
backdoor referendum. However, whenever the |
applicable law
provides
that the authorization of or the |
issuance of bonds under the Water Pollution Control Loan |
Program or the Public Water Supply Loan Program, under Title |
IV-A of the Environmental Protection Act, is subject to either |
a referendum or backdoor referendum, the approval, once |
obtained, remains (i) for 7 years after the date of the |
referendum or (ii) for 5 years after the end of the petition |
period for a backdoor referendum. In the case of bonds |
authorized to be issued under the Downstate Forest Preserve |
District Act and approved by Lake County voters in a November |
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2008 referendum, the approval, once obtained, remains for 10 |
years after the date of the referendum. |
(b) With respect to any bond approval under subsection (a), |
if, for any reason, the bonds are not issued because of a court |
action, then the time limits set forth under subsection (a) for |
the approval for the bonds is tolled during the time that the |
court action is pending. This subsection (b) applies to any |
bond issuance approved by referendum held on or after January |
1, 2003 or by a backdoor referendum held on or after January 1, |
2005. |
(Source: P.A. 95-517, eff. 8-28-07; 96-826, eff. 11-25-09.) |
Section 10. The Conservation District Act is amended by |
changing Section 15.1 as follows:
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(70 ILCS 410/15.1) (from Ch. 96 1/2, par. 7117)
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Sec. 15.1.
When the board of a district proposes to incur
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indebtedness and issue bonds, other than tax anticipation |
warrants, for
the purpose of development of real property or |
for the purpose of
incurring indebtedness in the aggregate over |
0.575% as provided in
subsection (d) of Section 15, it shall |
order a referendum
on the proposition.
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The district shall adopt an ordinance calling for the |
referendum and
setting forth the proposition. The clerk
or |
secretary of the district shall certify the ordinance and the |
proposition
to the proper election officials who shall submit |
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the proposition to the
voters of the district at a referendum |
in accordance with the general election
law. For a bond |
proposition put forward by a district organized under this Act, |
including a forest preserve district created under Section |
18.5, the ballot must have printed on it, but not as part of |
the proposition submitted, the following language: |
The approximate impact of the proposed increase on the |
owner of a single-family home having a market value of |
(insert value) would be (insert amount) in the first year |
of the increase if the increase is fully implemented.
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(Source: P.A. 86-785.)
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Section 15. The Downstate Forest Preserve District Act is |
amended by changing Section 13 as follows: |
(70 ILCS 805/13) (from Ch. 96 1/2, par. 6323) |
Sec. 13. Bonds; limitation on indebtedness.
The board of |
any forest preserve district organized
hereunder may, for any |
of the purposes enumerated in this Act, borrow
money upon the |
faith and credit of such district, and may issue bonds
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therefor. However, a district with a population of less than |
3,000,000
may not become indebted in any manner or for any |
purpose to an amount
including existing indebtedness in the |
aggregate exceeding 2.3% of the
assessed value of the taxable |
property therein, as ascertained by the
last equalized |
assessment for State and county purposes. No district
may incur |
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(i) indebtedness
in excess of .3% of the assessed value of |
taxable property in the district,
as ascertained by the last |
equalized assessment for State and county purposes,
for the |
development of forest preserve lands held by the district, or |
(ii)
indebtedness for any other purpose except the acquisition |
of land
including acquiring lands in fee simple along or |
enclosing water
courses, drainage ways, lakes, ponds, planned |
impoundments or elsewhere
which are required to store flood |
waters or control other drainage and
water conditions necessary |
for the preservation and management of the
water resources of |
the District, unless the proposition to issue bonds
or |
otherwise incur indebtedness is certified by the board to the |
proper
election officials who shall submit the proposition at |
an election in accordance
with the general election law, and |
approved by a majority of those voting upon the
proposition. No |
district containing fewer than 3,000,000 inhabitants may
incur |
indebtedness for the acquisition of land or lands for any |
purpose
in excess of 55,000 acres, including all lands |
theretofore acquired,
unless the proposition to issue bonds or |
otherwise incur indebtedness is
first submitted to the voters |
of the district at a referendum in accordance
with the general |
election law and approved by a
majority of those voting upon |
the proposition. Before or at the time of
issuing bonds, the |
board shall provide by ordinance for the collection
of an |
annual tax sufficient to pay the interest on the bonds as it |
falls
due, and to pay the bonds as they mature. All bonds |
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issued by any forest
preserve district must be divided into |
series, the first of which
matures not later than 5 years after |
the date of issue and the last of
which matures not later than |
25 years after the date of issue, or for bonds issued prior to |
January 1, 2011, commonly known as "Build America Bonds" as |
authorized by Section 54AA of the Internal Revenue Code of |
1986, as amended, and for bonds issued from time to time to |
refund "Build America Bonds", not later than 25 years after the |
date of issue. |
For a bond proposition put forward by a district organized |
under this Act, the ballot must have printed on it, but not as |
part of the proposition submitted, the following language: |
The approximate impact of the proposed increase on the |
owner of a single-family home having a market value of |
(insert value) would be (insert amount) in the first year |
of the increase if the increase is fully implemented. |
This Section does not apply to a forest preserve district |
created under Section 18.5 of the Conservation District Act.
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(Source: P.A. 96-828, eff. 12-2-09; 96-1178, eff. 7-22-10.)
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Section 99. Effective date. This Act takes effect upon |
becoming law.
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