Public Act 093-0709
 
SB2258 Enrolled LRB093 15887 RCE 41504 b

    AN ACT concerning public bodies.
 
    Be it enacted by the People of the State of Illinois,
represented in the General Assembly:
 
    Section 5. The Home Equity Assurance Act is amended by
changing Sections 4 and 9 as follows:
 
    (65 ILCS 95/4)  (from Ch. 24, par. 1604)
    Sec. 4. Creation of Commission. (a) Whenever in a
municipality with more than 1,000,000 inhabitants, the
question of creating a home equity program within a contiguous
territory included entirely within the municipality is
initiated by resolution or ordinance of the corporate
authorities of the municipality or by a petition signed by not
less than 10% of the total number of registered voters of each
precinct in the territory, the registered voters of which are
eligible to sign the petition, it shall be the duty of the
election authority having jurisdiction over such municipality
to submit the question of creating a home equity program to the
electors of each precinct within the territory at the regular
election specified in the resolution, ordinance or petition
initiating the question. If the question is initiated by
petition and if the requisite number of signatures is not
obtained in any precinct included within the territory
described in the petition, then the petition shall be valid as
to the territory encompassed by those precincts for which the
requisite number of signatures is obtained and any such
precinct for which the requisite number of signatures is not
obtained shall be excluded from the territory. A petition
initiating a question described in this Section shall be filed
with the election authority having jurisdiction over the
municipality. The petition shall be filed and objections
thereto shall be made in the manner provided in the general
election law. A resolution, ordinance, or petition initiating a
question described in this Section shall specify the election
at which the question is to be submitted. The referendum on
such question shall be held in accordance with general election
law. Such question, and the resolution, ordinance, or petition
initiating the question, shall include a description of the
territory, the name of the proposed home equity program, and
the maximum rate at which the home equity program shall be able
to levy a property tax. All of that area within the geographic
boundaries of the territory described in such question shall be
included in the program, and no area outside the geographic
boundaries of the territory described in such question shall be
included in the program. If the election authority determines
that the description cannot be included within the space
limitations of the ballot, the election authority shall prepare
large printed copies of a notice of the question, which shall
be prominently displayed in the polling place of each precinct
in which the question is to be submitted.
    (b) Whenever a majority of the voters on such public
question approve the creation of a home equity program as
certified by the proper election authorities, the mayor of the
municipality shall appoint, with the consent of the corporate
authorities, 9 individuals, to be known as commissioners, to
serve as the governing body of the home equity program. The
mayor shall choose 7 of the 9 individuals to be appointed to
the governing commission from nominees submitted by a community
organization or community organizations as defined in this Act.
A community organization may recommend up to 20 individuals to
serve on a governing commission.
    No fewer than 5 commissioners serving at any one time shall
reside within the territory of the program.
    Upon creation of a governing commission, the terms of the
initial commissioners shall be as follows: 3 shall serve for
one year, 3 shall serve for 2 years, and 3 shall serve for 3
years and until a successor is appointed and qualified. All
succeeding terms shall be for 3 years, or until a successor is
appointed or qualified, and no commissioner may serve more than
2 consecutive terms. Commissioners shall serve without
compensation except for reimbursement for reasonable expenses
incurred in the performance of duties as a commissioner. A
vacancy in the office of a member of a commission shall be
filled in like manner as an original appointment.
    All proceedings and meetings of the governing commission
shall be conducted in accordance with the provisions of the
Open Meetings Act, as now or hereafter amended.
(Source: P.A. 86-684.)
 
    (65 ILCS 95/9)  (from Ch. 24, par. 1609)
    Sec. 9. Establishing a new guaranteed value and
registration date. (a) A member has the option of applying for
a new program appraisal by a program appraiser in order to
establish a new certificate of participation with a new
registration date. The governing commission may exercise the
right to require a second program appraisal in accordance with
the procedures described in Section 6 of this Act. This new
guaranteed value shall be subject to the following conditions:
    (1) A new guaranteed value established solely for the
purpose of determining a property's increased value due to
inflation may not be requested by the member until 5 years have
elapsed from the member's initial most recent registration date
or 3 years have elapsed from the most recent new registration
date under this item (1), whichever is later.
    (2) A new guaranteed value established due to home
improvements shall be granted only when the value of the home
improvements exceed $5,000.
    (3) A member may not initiate a claim against the program
based upon the new guaranteed value until 8 years after the
member's initial registration date or 3 5 years after the new
registration date, whichever is later. Until that time,
coverage shall be based on the most recent certificate of
participation that meets the time limitations which is at least
5 years old and the guaranteed value set forth in that
certificate of participation.
    (4) If the governing commission, by majority vote,
determines that the application for a new appraisal is due to
substantial property improvements on the guaranteed residence,
then the application fee for the appraisal shall be one-half of
the registration fee then being charged by the program.
    (5) If the governing commission, by a majority vote,
concludes that the application for a new appraisal is not due
to substantial property improvements, the application fee for
the new appraisal shall be the amount of the registration fee
then being charged by the program.
    (6) A new guaranteed value shall be subject to all of the
conditions, stipulations, and provisions of this Act.
    (b) After following the above procedures, the member shall
be issued a new certificate of participation which shall state
the new guaranteed value and registration date.
    (c) A member may request a new guaranteed value and
registration date only once per year.
(Source: P.A. 85-1044.)
 
    Section 99. Effective date. This Act takes effect upon
becoming law.