Rep. Thaddeus Jones

Filed: 5/26/2011





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2    AMENDMENT NO. ______. Amend Senate Bill 2133 by replacing
3everything after the enacting clause with the following:
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



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1purpose of purchasing, constructing, or improving real
2property may become due within 25 years, bear interest payable
3at such intervals and at such rate or rates as authorized under
4applicable law, which rates may be fixed or variable, be in
5such denominations, be in such form, either coupon, registered
6or book-entry, carry such conversion, registration, and
7exchange privileges, be subject to defeasance upon such terms,
8have such rank or priority, be executed in such manner, be
9payable in such medium of payment at such place or places
10within or without the State of Illinois, make provision for a
11corporate trustee within or without the State with respect to
12such bonds, prescribe the rights, powers and duties thereof to
13be exercised for the benefit of the governmental unit and the
14protection of the bondholders, provide for the holding in
15trust, investment and use of moneys, funds and accounts held
16under an ordinance, provide for assignment of and direct
17payment of the moneys to pay such bonds or to be deposited into
18such funds or accounts directly to such trustee, be subject to
19such terms of redemption with or without premium, and be sold
20in such manner at private or public sale and at such price, all
21as the governing body shall determine. Whenever such bonds are
22sold at price less than par, they shall be sold at such price
23and bear interest at such rate or rates such that either the
24true interest cost (yield) or the net interest rate, as may be
25selected by the governing body, received upon the sale of such
26bonds does not exceed the maximum rate otherwise authorized by



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1applicable law. Except for an ordinance required to be
2published by applicable law in connection with a backdoor
3referendum, any bond ordinance adopted by a governing body
4under applicable law shall, in all instances, become effective
5immediately without publication or posting or any further act
6or requirement.
7(Source: P.A. 96-787, eff. 8-28-09; 96-1077, eff. 7-16-10.)
8    Section 99. Effective date. This Act takes effect upon
9becoming law.".