Full Text of HB1014 101st General Assembly
HB1014 101ST GENERAL ASSEMBLY |
| | 101ST GENERAL ASSEMBLY
State of Illinois
2019 and 2020 HB1014 Introduced , by Rep. Michael J. Madigan SYNOPSIS AS INTRODUCED: |
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55 ILCS 5/5-1012 | from Ch. 34, par. 5-1012 |
| Amends the Counties Code. Makes a technical change in a Section concerning the issuance of county bonds.
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| | A BILL FOR |
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| 1 | | AN ACT concerning local government.
| 2 | | Be it enacted by the People of the State of Illinois,
| 3 | | represented in the General Assembly:
| 4 | | Section 5. The Counties Code is amended by changing Section | 5 | | 5-1012 as follows:
| 6 | | (55 ILCS 5/5-1012) (from Ch. 34, par. 5-1012)
| 7 | | Sec. 5-1012. Issuance of county bonds. When the
the county | 8 | | board of any
county deems it necessary to issue county bonds to | 9 | | enable them to perform
any of the duties imposed upon them by | 10 | | law, they may, by an order, entered
of record, specifying the | 11 | | amount of bonds required, and the object for
which they are to | 12 | | be issued, submit to the legal voters of their county, at
any | 13 | | election, the question of issuing such county bonds. The county | 14 | | board
shall certify the question to the proper election | 15 | | officials who shall
submit the question at an election in | 16 | | accordance with the general election
law. The amount of the | 17 | | bonds so issued shall not exceed, including the then
existing | 18 | | indebtedness of the county, 5.75% of the value of such
taxable
| 19 | | property of such county, as ascertained by the assessment for | 20 | | the State and
county tax for the preceding year or, until | 21 | | January 1, 1983, if greater,
the sum that is produced by | 22 | | multiplying the county's 1978 equalized
assessed valuation by | 23 | | the debt limitation percentage in effect on January
1, 1979. |
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| 1 | | The proposition shall be in substantially the following form: | 2 | | "For
county bonds", or "Against county bonds", and if a | 3 | | majority of the votes on
that question shall be "For county | 4 | | bonds", such county board may issue such
bonds in such | 5 | | denominations as the county board may determine of not less
| 6 | | than $25 each, payable respectively, in not less than one, nor | 7 | | more than 20
years, with interest payable annually or | 8 | | semi-annually, at the rate of not
more than the greater of (i) | 9 | | the maximum rate authorized by the Bond
Authorization Act, as | 10 | | amended at the time of the making of the contract, or
(ii) 8% | 11 | | per annum. This Section shall not require submission to the | 12 | | voters
of the county of bond issues authorized to be issued | 13 | | without such
submission to the voters under Section 5-1027 or | 14 | | 5-1062 or under Division 5-33,
6-6, 6-8 or 6-27 of this Code. | 15 | | With respect to instruments for the payment of money issued | 16 | | under this
Section or its predecessor either before, on, or | 17 | | after the effective date
of Public Act 86-4, it is and always | 18 | | has been the intention of the General
Assembly (i) that the | 19 | | Omnibus Bond Acts are and always have been
supplementary grants | 20 | | of power to issue instruments in accordance with the
Omnibus | 21 | | Bond Acts, regardless of any provision of this Act or "An Act | 22 | | to
revise the law in relation to counties", approved March 31, | 23 | | 1874, that may
appear to be or to have been more restrictive | 24 | | than those Acts, (ii) that
the provisions of this Section or | 25 | | its predecessor are not a limitation on
the supplementary | 26 | | authority granted by the Omnibus Bond Acts, and (iii)
that |
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| 1 | | instruments issued under this Section or its predecessor within | 2 | | the
supplementary authority granted by the Omnibus Bond Acts | 3 | | are not invalid
because of any provision of this Act or "An Act | 4 | | to revise the law in
relation to counties", approved March 31, | 5 | | 1874, that may appear to be or to
have been more restrictive | 6 | | than those Acts.
| 7 | | (Source: P.A. 90-655, eff. 7-30-98.)
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