HB4679 99TH GENERAL ASSEMBLY

LRB099 18382 AWJ 42757 b

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.

FISCAL NOTE ACT MAY APPLY

A BILL FOR

AN ACT concerning local government.

Be it enacted by the People of the State of Illinois, represented in the General Assembly:

Section 5. The Illinois Local Library Act is amended by adding Section 5-2.5 as follows:

(75 ILCS 5/5-2.5 new)

Sec. 5-2.5. Bonds as indebtedness. Notwithstanding any provision of law to the contrary:

(a) Any bonds issued under Section 5-2 of this Act shall not be considered indebtedness under any law including, but not limited to, Section 8-5-1 of the Illinois Municipal Code, and such bonds may be issued, regardless of any limitations on indebtedness in law, if the conditions of subsection (b) are met.

(b) Bonds shall not be considered indebtedness and may be issued regardless of any limitations on indebtedness under subsection (a) if:

(1) the bond or bonds are issued after approval by voters at a regularly scheduled election;

(2) the bond or bonds do not exceed a principal amount of $11,000,000 in the aggregate;

(3) on or before the date of sale of the bond or bonds, the board of trustees of the public library and the corporate authorities determine, by ordinance or resolution, that the library project funded by the bond or bonds is needed; and

(4) the bond or bonds are issued prior to November 1, 2020.

Section 99. Effective date. This Act takes effect upon becoming law.