HB1127 EngrossedLRB097 03122 PJG 43157 b

1    AN ACT concerning finance.
 
2    Be it enacted by the People of the State of Illinois,
3represented in the General Assembly:
 
4    Section 5. The Local Government Debt Reform Act is amended
5by changing Section 17.5 as follows:
 
6    (30 ILCS 350/17.5)
7    Sec. 17.5. Bond authorization by referendum.
8    (a) Whenever applicable law provides that the
9authorization of or the issuance of bonds is subject to either
10a referendum or backdoor referendum, the approval, once
11obtained, remains (i) for 5 years after the date of the
12referendum or (ii) for 3 years after the end of the petition
13period for a backdoor referendum. However, whenever the
14applicable law provides that the authorization of or the
15issuance of bonds under the Water Pollution Control Loan
16Program or the Public Water Supply Loan Program, under Title
17IV-A of the Environmental Protection Act, is subject to either
18a referendum or backdoor referendum, the approval, once
19obtained, remains (i) for 7 years after the date of the
20referendum or (ii) for 5 years after the end of the petition
21period for a backdoor referendum. In the case of bonds
22authorized to be issued under the Downstate Forest Preserve
23District Act and approved by Lake County voters in a November

 

 

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12008 referendum, the approval, once obtained, remains for 10
2years after the date of the referendum.
3    (b) With respect to any bond approval under subsection (a),
4if, for any reason, the bonds are not issued because of a court
5action, then the time limits set forth under subsection (a) for
6the approval for the bonds is tolled during the time that the
7court action is pending. This subsection (b) applies to any
8bond issuance approved by referendum held on or after January
91, 2003 or by a backdoor referendum held on or after January 1,
102005.
11(Source: P.A. 95-517, eff. 8-28-07; 96-826, eff. 11-25-09.)
 
12    Section 10. The Conservation District Act is amended by
13changing Section 15.1 as follows:
 
14    (70 ILCS 410/15.1)  (from Ch. 96 1/2, par. 7117)
15    Sec. 15.1. When the board of a district proposes to incur
16indebtedness and issue bonds, other than tax anticipation
17warrants, for the purpose of development of real property or
18for the purpose of incurring indebtedness in the aggregate over
190.575% as provided in subsection (d) of Section 15, it shall
20order a referendum on the proposition.
21    The district shall adopt an ordinance calling for the
22referendum and setting forth the proposition. The clerk or
23secretary of the district shall certify the ordinance and the
24proposition to the proper election officials who shall submit

 

 

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1the proposition to the voters of the district at a referendum
2in accordance with the general election law. For a bond
3proposition put forward by a district organized under this Act,
4including a forest preserve district created under Section
518.5, the ballot must have printed on it, but not as part of
6the proposition submitted, the following language:
7        The approximate impact of the proposed increase on the
8    owner of a single-family home having a market value of
9    (insert value) would be (insert amount) in the first year
10    of the increase if the increase is fully implemented.
11(Source: P.A. 86-785.)
 
12    Section 15. The Downstate Forest Preserve District Act is
13amended by changing Section 13 as follows:
 
14    (70 ILCS 805/13)  (from Ch. 96 1/2, par. 6323)
15    Sec. 13. Bonds; limitation on indebtedness. The board of
16any forest preserve district organized hereunder may, for any
17of the purposes enumerated in this Act, borrow money upon the
18faith and credit of such district, and may issue bonds
19therefor. However, a district with a population of less than
203,000,000 may not become indebted in any manner or for any
21purpose to an amount including existing indebtedness in the
22aggregate exceeding 2.3% of the assessed value of the taxable
23property therein, as ascertained by the last equalized
24assessment for State and county purposes. No district may incur

 

 

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1(i) indebtedness in excess of .3% of the assessed value of
2taxable property in the district, as ascertained by the last
3equalized assessment for State and county purposes, for the
4development of forest preserve lands held by the district, or
5(ii) indebtedness for any other purpose except the acquisition
6of land including acquiring lands in fee simple along or
7enclosing water courses, drainage ways, lakes, ponds, planned
8impoundments or elsewhere which are required to store flood
9waters or control other drainage and water conditions necessary
10for the preservation and management of the water resources of
11the District, unless the proposition to issue bonds or
12otherwise incur indebtedness is certified by the board to the
13proper election officials who shall submit the proposition at
14an election in accordance with the general election law, and
15approved by a majority of those voting upon the proposition. No
16district containing fewer than 3,000,000 inhabitants may incur
17indebtedness for the acquisition of land or lands for any
18purpose in excess of 55,000 acres, including all lands
19theretofore acquired, unless the proposition to issue bonds or
20otherwise incur indebtedness is first submitted to the voters
21of the district at a referendum in accordance with the general
22election law and approved by a majority of those voting upon
23the proposition. Before or at the time of issuing bonds, the
24board shall provide by ordinance for the collection of an
25annual tax sufficient to pay the interest on the bonds as it
26falls due, and to pay the bonds as they mature. All bonds

 

 

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1issued by any forest preserve district must be divided into
2series, the first of which matures not later than 5 years after
3the date of issue and the last of which matures not later than
425 years after the date of issue, or for bonds issued prior to
5January 1, 2011, commonly known as "Build America Bonds" as
6authorized by Section 54AA of the Internal Revenue Code of
71986, as amended, and for bonds issued from time to time to
8refund "Build America Bonds", not later than 25 years after the
9date of issue.
10    For a bond proposition put forward by a district organized
11under this Act, the ballot must have printed on it, but not as
12part of the proposition submitted, the following language:
13        The approximate impact of the proposed increase on the
14    owner of a single-family home having a market value of
15    (insert value) would be (insert amount) in the first year
16    of the increase if the increase is fully implemented.
17    This Section does not apply to a forest preserve district
18created under Section 18.5 of the Conservation District Act.
19(Source: P.A. 96-828, eff. 12-2-09; 96-1178, eff. 7-22-10.)
 
20    Section 99. Effective date. This Act takes effect upon
21becoming law.