Illinois General Assembly - Full Text of Public Act 097-0615
Illinois General Assembly

Previous General Assemblies

Public Act 097-0615





Public Act 097-0615
SB2133 EnrolledLRB097 07764 NHT 47876 b

    AN ACT concerning education.
    Be it enacted by the People of the State of Illinois,
represented in the General Assembly:
    Section 5. The Local Government Debt Reform Act is amended
by changing Section 10 as follows:
    (30 ILCS 350/10)  (from Ch. 17, par. 6910)
    Sec. 10. General provisions. Bonds authorized by
applicable law may be issued in one or more series, bear such
date or dates, become due at such time or times within 40
years, except as expressly limited by applicable law, provided
that notwithstanding any such express limitation bonds issued
by Lockport High School, South Suburban Community College
District No. 510, Elgin Community College District No. 509, or
Kishwaukee Community College District No. 523 for the purpose
of purchasing, constructing, or improving real property or
paying claims against any such district incurred for the
purpose of purchasing, constructing, or improving real
property may become due within 25 years, bear interest payable
at such intervals and at such rate or rates as authorized under
applicable law, which rates may be fixed or variable, be in
such denominations, be in such form, either coupon, registered
or book-entry, carry such conversion, registration, and
exchange privileges, be subject to defeasance upon such terms,
have such rank or priority, be executed in such manner, be
payable in such medium of payment at such place or places
within or without the State of Illinois, make provision for a
corporate trustee within or without the State with respect to
such bonds, prescribe the rights, powers and duties thereof to
be exercised for the benefit of the governmental unit and the
protection of the bondholders, provide for the holding in
trust, investment and use of moneys, funds and accounts held
under an ordinance, provide for assignment of and direct
payment of the moneys to pay such bonds or to be deposited into
such funds or accounts directly to such trustee, be subject to
such terms of redemption with or without premium, and be sold
in such manner at private or public sale and at such price, all
as the governing body shall determine. Whenever such bonds are
sold at price less than par, they shall be sold at such price
and bear interest at such rate or rates such that either the
true interest cost (yield) or the net interest rate, as may be
selected by the governing body, received upon the sale of such
bonds does not exceed the maximum rate otherwise authorized by
applicable law. Except for an ordinance required to be
published by applicable law in connection with a backdoor
referendum, any bond ordinance adopted by a governing body
under applicable law shall, in all instances, become effective
immediately without publication or posting or any further act
or requirement.
(Source: P.A. 96-787, eff. 8-28-09; 96-1077, eff. 7-16-10.)
    Section 99. Effective date. This Act takes effect upon
becoming law.

Effective Date: 8/26/2011