SB2133 EnrolledLRB097 07764 NHT 47876 b

1    AN ACT concerning education.
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 10 as follows:
6    (30 ILCS 350/10)  (from Ch. 17, par. 6910)
7    Sec. 10. General provisions. Bonds authorized by
8applicable law may be issued in one or more series, bear such
9date or dates, become due at such time or times within 40
10years, except as expressly limited by applicable law, provided
11that notwithstanding any such express limitation bonds issued
12by Lockport High School, South Suburban Community College
13District No. 510, Elgin Community College District No. 509, or
14Kishwaukee Community College District No. 523 for the purpose
15of purchasing, constructing, or improving real property or
16paying claims against any such district incurred for the
17purpose of purchasing, constructing, or improving real
18property may become due within 25 years, bear interest payable
19at such intervals and at such rate or rates as authorized under
20applicable law, which rates may be fixed or variable, be in
21such denominations, be in such form, either coupon, registered
22or book-entry, carry such conversion, registration, and
23exchange privileges, be subject to defeasance upon such terms,



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1have such rank or priority, be executed in such manner, be
2payable in such medium of payment at such place or places
3within or without the State of Illinois, make provision for a
4corporate trustee within or without the State with respect to
5such bonds, prescribe the rights, powers and duties thereof to
6be exercised for the benefit of the governmental unit and the
7protection of the bondholders, provide for the holding in
8trust, investment and use of moneys, funds and accounts held
9under an ordinance, provide for assignment of and direct
10payment of the moneys to pay such bonds or to be deposited into
11such funds or accounts directly to such trustee, be subject to
12such terms of redemption with or without premium, and be sold
13in such manner at private or public sale and at such price, all
14as the governing body shall determine. Whenever such bonds are
15sold at price less than par, they shall be sold at such price
16and bear interest at such rate or rates such that either the
17true interest cost (yield) or the net interest rate, as may be
18selected by the governing body, received upon the sale of such
19bonds does not exceed the maximum rate otherwise authorized by
20applicable law. Except for an ordinance required to be
21published by applicable law in connection with a backdoor
22referendum, any bond ordinance adopted by a governing body
23under applicable law shall, in all instances, become effective
24immediately without publication or posting or any further act
25or requirement.
26(Source: P.A. 96-787, eff. 8-28-09; 96-1077, eff. 7-16-10.)



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1    Section 99. Effective date. This Act takes effect upon
2becoming law.