99TH GENERAL ASSEMBLY
State of Illinois
2015 and 2016
HB4679

 

Introduced , by Rep. Michael J. Zalewski

 

SYNOPSIS AS INTRODUCED:
 
75 ILCS 5/5-2.5 new

    Amends the Illinois Local Library Act. Provides specified bonds issued shall not be considered indebtedness and new bond or bonds may be issued as long as they are approved by voters, corporate authorities, and the board of trustees; do not exceed an aggregate principal amount of $11,000,000; and are issued prior to November 1, 2020. Effective immediately.


LRB099 18382 AWJ 42757 b

FISCAL NOTE ACT MAY APPLY

 

 

A BILL FOR

 

HB4679LRB099 18382 AWJ 42757 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 Illinois Local Library Act is amended by
5adding Section 5-2.5 as follows:
 
6    (75 ILCS 5/5-2.5 new)
7    Sec. 5-2.5. Bonds as indebtedness. Notwithstanding any
8provision of law to the contrary:
9    (a) Any bonds issued under Section 5-2 of this Act shall
10not be considered indebtedness under any law including, but not
11limited to, Section 8-5-1 of the Illinois Municipal Code, and
12such bonds may be issued, regardless of any limitations on
13indebtedness in law, if the conditions of subsection (b) are
14met.
15    (b) Bonds shall not be considered indebtedness and may be
16issued regardless of any limitations on indebtedness under
17subsection (a) if:
18        (1) the bond or bonds are issued after approval by
19    voters at a regularly scheduled election;
20        (2) the bond or bonds do not exceed a principal amount
21    of $11,000,000 in the aggregate;
22        (3) on or before the date of sale of the bond or bonds,
23    the board of trustees of the public library and the

 

 

HB4679- 2 -LRB099 18382 AWJ 42757 b

1    corporate authorities determine, by ordinance or
2    resolution, that the library project funded by the bond or
3    bonds is needed; and
4        (4) the bond or bonds are issued prior to November 1,
5    2020.
 
6    Section 99. Effective date. This Act takes effect upon
7becoming law.