State of Illinois
90th General Assembly
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90_SB1318

      30 ILCS 360/1-3           from Ch. 17, par. 7201-3
          Amends the Rural Bond Bank Act.  Provides  that  for  the
      purposes  of the Act "rural county" means any county (now any
      county other than a county having a population in  excess  of
      3,000,000)  and  "governmental unit" means, among others, any
      municipality, excluding  any  home  rule  municipality  in  a
      county contiguous with a county having a population in excess
      of 3,000,000 or any home rule municipality in a county with a
      population  of  3,000,000  or  greater (now any municipality,
      excluding any home rule municipality in a  county  contiguous
      with  a  county  having a population in excess of 3,000,000).
      Effective July 1, 1998.
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 1        AN ACT to amend the  Rural  Bond  Bank  Act  by  changing
 2    Section 1-3.
 3        Be  it  enacted  by  the People of the State of Illinois,
 4    represented in the General Assembly:
 5        Section 5.   The  Rural  Bond  Bank  Act  is  amended  by
 6    changing Section 1-3 as follows:
 7        (30 ILCS 360/1-3) (from Ch. 17, par. 7201-3)
 8        Sec.  1-3.  Definitions.  As used in this Act, unless the
 9    context otherwise indicates:
10        (a)  "Bank" or "Bond Bank" means the Illinois Rural  Bond
11    Bank created by Section 2-1.
12        (b)  "Bondholder"  or  "holder"  or  "noteholder"  or any
13    similar term when used with reference to a bond  or  note  of
14    the   Bank  means  any  person  who  is  the  bearer  of  any
15    outstanding bond or note of the Bank registered to bearer  or
16    not  registered,  or  the registered owner of any outstanding
17    bond of the Bank which at the time is registered  other  than
18    to bearer.
19        (c)  "Bonds"  means  bonds  of the Bank issued under this
20    Act.
21        (d)  "Fully marketable form" means a  local  governmental
22    security  duly executed and accompanied by an approving legal
23    opinion of a bond counsel of recognized standing in the field
24    of  local  governmental  law  whose  opinions  are  generally
25    accepted by purchasers of local governmental bonds. The local
26    governmental security so executed  need  not  be  printed  or
27    lithographed nor be in more than one denomination.
28        (e)  "General   fund"   means  the  fund  established  as
29    provided in Section 3-7.
30        (f)  "Governmental unit" means any rural county;  or  any
31    municipality,  excluding  any  home  rule  municipality  in a
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 1    county contiguous with a county having a population in excess
 2    of 3,000,000 or any home rule municipality in a county with a
 3    population of 3,000,000 or  greater,  or  township  having  a
 4    population  less  than  25,000,  school  district,  community
 5    college  district,  special  district, municipal corporation,
 6    public corporation, any other local  governmental  body,  any
 7    other   local   public   entity   as  defined  in  the  Local
 8    Governmental and Governmental Employees Tort Immunity Act, or
 9    other unit designated as a rural unit of local government  by
10    the  Governor's Executive Order creating the Rural Fair Share
11    Initiative, located in a rural county or having a majority of
12    the territory within its corporate boundaries  and  at  least
13    90% of its population located in a rural county.
14        (g)  "Local  governmental  security" means a bond or note
15    or evidence of debt issued by a governmental unit and payable
16    from taxes or from rates, charges or assessments.
17        (h)  "Notes" means any notes of  the  Bank  issued  under
18    this Act.
19        (i)  "Required  debt  service  reserve"  means the amount
20    required to be on deposit in the reserve fund  as  prescribed
21    by Section 3-6.
22        (j)  "Reserve  fund"  means  the  Rural Bond Bank Reserve
23    Fund established as provided in Section 3-6.
24        (k)  "Revenues" means all fees, charges, moneys, profits,
25    payments of principal of or interest  on  local  governmental
26    securities    and    other    investments,   gifts,   grants,
27    contributions, appropriations and all other income derived or
28    to be derived by the Bank under this Act.
29        (l)  "Rural county" means any county other than a  county
30    having a population in excess of 3,000,000.
31    (Source: P.A. 89-211, eff. 8-3-95.)
32        Section  99.   Effective  date.  This Act takes effect on
33    July 1, 1998.

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