101ST GENERAL ASSEMBLY
State of Illinois
2019 and 2020
HB0933

 

Introduced , by Rep. David McSweeney

 

SYNOPSIS AS INTRODUCED:
 
15 ILCS 320/8.5 new
55 ILCS 5/5-38012.5 new
75 ILCS 5/1-8 new
75 ILCS 16/1-60 new
75 ILCS 40/4.5 new

    Amends the Counties Code, Illinois Local Library Act, Public Library District Act of 1991, and the Village Library Act. Provides that local libraries may not possess securities or financial assets in a fiscal year in excess of 200% of the total revenue (during the preceding fiscal year) of the local library. Provides that if a local library possesses securities or financial assets in excess of 200% of the total revenue, then it must reduce its property tax levy to ensure that the securities or financial assets plus revenue does not exceed 200% of the total revenue. Requires a voter referendum approving any capital improvement project that at least 50% of the projected cost of the project is to be paid for by the local library's securities or financial assets and it imposes additional operating costs on the local library. Requires a local library to disclose on its website its securities and financial assets when the local library's securities and financial assets are in excess of 50% of the total revenue of the local library. Defines terms. Amends the State Library Act. Requires the State Librarian to adopt rules governing when and how local libraries disclose the local library's securities and financial assets on their website.


LRB101 06239 AWJ 51265 b

FISCAL NOTE ACT MAY APPLY
HOUSING AFFORDABILITY IMPACT NOTE ACT MAY APPLY

 

 

A BILL FOR

 

HB0933LRB101 06239 AWJ 51265 b

1    AN ACT concerning local government.
 
2    Be it enacted by the People of the State of Illinois,
3represented in the General Assembly:
 
4    Section 5. The State Library Act is amended by adding
5Section 8.5 as follows:
 
6    (15 ILCS 320/8.5 new)
7    Sec. 8.5. Disclosure by local libraries of securities and
8financial assets.
9    (a) As used in this Section:
10    "Financial asset" and "security" have the meanings given to
11those terms in Section 8-102 of the Uniform Commercial Code.
12    "Local library" means a public library or district library
13operated by a unit of local government. "Local library" does
14not include county law libraries established under Division
155-39 of the Counties Code.
16    "Total revenue" means the revenue of a local library during
17the preceding fiscal year of the local library.
18    (b) The State Librarian shall adopt rules governing when
19and how local libraries disclose the local library's securities
20and financial assets on their website when the local library's
21securities or financial assets are in excess of 50% of the
22total revenue of the local library.
 

 

 

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1    Section 10. The Counties Code is amended by adding Section
25-38012.5 as follows:
 
3    (55 ILCS 5/5-38012.5 new)
4    Sec. 5-38012.5. Securities or financial assets;
5disclosure; capital improvement projects. The restrictions and
6requirements of Section 1-8 of the Illinois Local Library Act
7apply to a county library established under this Division and
8its county library board.
 
9    Section 15. The Illinois Local Library Act is amended by
10adding Section 1-8 as follows:
 
11    (75 ILCS 5/1-8 new)
12    Sec. 1-8. Securities or financial assets; disclosure;
13capital improvement projects.
14    (a) As used in this Section:
15    "Financial asset" and "security" have the meanings given to
16those terms in Section 8-102 of the Uniform Commercial Code.
17    "Total revenue" means the revenue of a public library
18during the preceding fiscal year of the public library.
19    (b) A public library may not possess securities or
20financial assets in a fiscal year in excess of 200% of the
21total revenue of the public library.
22    (c) If, on the effective date of this amendatory Act of the
23101st General Assembly, a public library possesses securities

 

 

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1or financial assets in in excess of 200% of the total revenue
2of the public library during the preceding fiscal year of the
3public library, the public library must, no later than one year
4after the effective date of this amendatory Act of the 101st
5General Assembly, reduce its property tax levy to ensure that
6the securities or financial assets plus revenue does not exceed
7200% of the total revenue of the public library.
8    (d) If a public library seeks to initiate a capital
9improvement project that at least 50% of the projected cost of
10the project is to be paid for by the public library's
11securities or financial assets and the capital improvement
12project will impose additional operating costs upon the public
13library, then, prior to commencement of the project, the
14corporate authorities of the public library must submit the
15project to referendum for the voters of the public library to
16approve.
17    (e) The corporate authorities of a public library must
18disclose the public library's securities and financial assets
19on its website, as required by rules adopted by the State
20Librarian under Section 8.5 of the State Library Act, when the
21public library's securities and financial assets are in excess
22of 50% of the total revenue of the public library.
 
23    Section 20. The Public Library District Act of 1991 is
24amended by adding Section 1-60 as follows:
 

 

 

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1    (75 ILCS 16/1-60 new)
2    Sec. 1-60. Securities or financial assets; disclosure;
3capital improvement projects. The restrictions and
4requirements of Section 1-8 of the Illinois Local Library Act
5apply to a district established under this Act and its board.
 
6    Section 25. The Village Library Act is amended by adding
7Section 4.5 as follows:
 
8    (75 ILCS 40/4.5 new)
9    Sec. 4.5. Securities or financial assets; disclosure;
10capital improvement projects. The restrictions and
11requirements of Section 1-8 of the Illinois Local Library Act
12apply to a public library established under this Act and its
13board of trustees.