101ST GENERAL ASSEMBLY
State of Illinois
2019 and 2020
HB1014

 

Introduced , by Rep. Michael J. Madigan

 

SYNOPSIS AS INTRODUCED:
 
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.


LRB101 03226 AWJ 48234 b

 

 

A BILL FOR

 

HB1014LRB101 03226 AWJ 48234 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 Counties Code is amended by changing Section
55-1012 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
8board of any county deems it necessary to issue county bonds to
9enable them to perform any of the duties imposed upon them by
10law, they may, by an order, entered of record, specifying the
11amount of bonds required, and the object for which they are to
12be issued, submit to the legal voters of their county, at any
13election, the question of issuing such county bonds. The county
14board shall certify the question to the proper election
15officials who shall submit the question at an election in
16accordance with the general election law. The amount of the
17bonds so issued shall not exceed, including the then existing
18indebtedness of the county, 5.75% of the value of such taxable
19property of such county, as ascertained by the assessment for
20the State and county tax for the preceding year or, until
21January 1, 1983, if greater, the sum that is produced by
22multiplying the county's 1978 equalized assessed valuation by
23the debt limitation percentage in effect on January 1, 1979.

 

 

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1The proposition shall be in substantially the following form:
2"For county bonds", or "Against county bonds", and if a
3majority of the votes on that question shall be "For county
4bonds", such county board may issue such bonds in such
5denominations as the county board may determine of not less
6than $25 each, payable respectively, in not less than one, nor
7more than 20 years, with interest payable annually or
8semi-annually, at the rate of not more than the greater of (i)
9the maximum rate authorized by the Bond Authorization Act, as
10amended at the time of the making of the contract, or (ii) 8%
11per annum. This Section shall not require submission to the
12voters of the county of bond issues authorized to be issued
13without such submission to the voters under Section 5-1027 or
145-1062 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
16under this Section or its predecessor either before, on, or
17after the effective date of Public Act 86-4, it is and always
18has been the intention of the General Assembly (i) that the
19Omnibus Bond Acts are and always have been supplementary grants
20of power to issue instruments in accordance with the Omnibus
21Bond Acts, regardless of any provision of this Act or "An Act
22to revise the law in relation to counties", approved March 31,
231874, that may appear to be or to have been more restrictive
24than those Acts, (ii) that the provisions of this Section or
25its predecessor are not a limitation on the supplementary
26authority granted by the Omnibus Bond Acts, and (iii) that

 

 

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1instruments issued under this Section or its predecessor within
2the supplementary authority granted by the Omnibus Bond Acts
3are not invalid because of any provision of this Act or "An Act
4to revise the law in relation to counties", approved March 31,
51874, that may appear to be or to have been more restrictive
6than those Acts.
7(Source: P.A. 90-655, eff. 7-30-98.)