Full Text of SB1361 95th General Assembly
SB1361 95TH GENERAL ASSEMBLY
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95TH GENERAL ASSEMBLY
State of Illinois
2007 and 2008 SB1361
Introduced 2/9/2007, by Sen. M. Maggie Crotty SYNOPSIS AS INTRODUCED: |
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105 ILCS 5/19-7.5 new |
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105 ILCS 5/19-8 |
from Ch. 122, par. 19-8 |
105 ILCS 5/19-9 |
from Ch. 122, par. 19-9 |
105 ILCS 5/19-11 |
from Ch. 122, par. 19-11 |
105 ILCS 5/19-13 |
from Ch. 122, par. 19-13 |
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Amends the School Code. In a provision authorizing a school district, other than the Chicago school district, to issue bonds for paying orders issued for the wages of teachers or for the payment of claims against the district, adds that the bonds may also be used for reimbursing the district for property tax refunds. Makes related changes concerning a resolution to issue the bonds, submission of the proposition to voters, the amount of indebtedness, interest, and maturity, the provision of a tax levy, and the sale of the bonds.
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FISCAL NOTE ACT MAY APPLY | |
HOUSING AFFORDABILITY IMPACT NOTE ACT MAY APPLY |
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A BILL FOR
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SB1361 |
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LRB095 10946 NHT 31242 b |
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| AN ACT concerning education.
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| Be it enacted by the People of the State of Illinois,
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| represented in the General Assembly:
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| Section 5. The School Code is amended by adding Section | 5 |
| 19-7.5 and by changing Sections 19-8, 19-9, 19-11, and 19-13 as | 6 |
| follows: | 7 |
| (105 ILCS 5/19-7.5 new)
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| Sec. 19-7.5. Definition of property tax refunds. For the | 9 |
| purposes of Sections 19-8, 19-9, 19-11, and 19-13 of this Code, | 10 |
| "property tax refunds" means property tax revenues collected on | 11 |
| behalf of a school district but not received by the district | 12 |
| due to the payment of refunds by the county collector within | 13 |
| the preceding 6 years pursuant to Section 23-20 of the Property | 14 |
| Tax Code.
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| (105 ILCS 5/19-8)
(from Ch. 122, par. 19-8)
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| Sec. 19-8. Bonds
to pay claims. Any school district or | 17 |
| non-high district operating under general law or
special | 18 |
| charter having a population of 500,000 or less is authorized to
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| issue bonds for the following purposes: | 20 |
| (1)
the purpose of paying orders issued for the wages | 21 |
| of
teachers ;
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| (2)
, or for the payment of claims against any such |
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SB1361 |
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LRB095 10946 NHT 31242 b |
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| district ; and .
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| (3) reimbursing the district for property tax refunds.
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| Such bonds may be issued in an amount, including existing | 4 |
| indebtedness,
in excess of any statutory limitation as to debt.
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| (Source: P.A. 94-234, eff. 7-1-06 .)
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| (105 ILCS 5/19-9) (from Ch. 122, par. 19-9)
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| Sec. 19-9. Resolution to issue bonds - Submission to | 8 |
| voters. Before any district as described in Section 19-8 shall | 9 |
| avail itself
of the provisions of that Section,
section the | 10 |
| governing body thereof shall
examine and consider the several | 11 |
| teachers' orders or claims, or both,
proposed to be paid or the | 12 |
| amount needed to reimburse the district for property tax | 13 |
| refunds and thereupon
and if it appears that they were | 14 |
| authorized and
allowed for proper school purposes it shall | 15 |
| adopt a resolution setting
so
declaring and set forth and | 16 |
| describing
describe in detail such teachers' orders and
claims | 17 |
| or the amount needed to reimburse the district for property tax | 18 |
| refunds, and the adoption of the resolution shall establish the | 19 |
| validity
thereof, notwithstanding the amount of such orders ,
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| and claims , or reimbursement may exceed
in whole or in part any | 21 |
| applicable statutory debt limit in force at the
time the | 22 |
| indebtedness evidenced by such orders ,
and claims , or | 23 |
| reimbursement was incurred.
The resolution shall also declare | 24 |
| the intention of the district to issue
bonds for the purpose of | 25 |
| paying such teachers' orders or claims, or
both, or the amount |
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| needed to reimburse the district for property tax refunds and | 2 |
| direct that notice of such intention be published at least once
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| in a newspaper published within the district and if there be no | 4 |
| newspaper
published within the district then notice shall be | 5 |
| published
in a newspaper having general circulation within the | 6 |
| district. The
notice shall set forth (1) the time within which | 7 |
| a petition may be filed
requesting the submission of the | 8 |
| proposition to issue the bonds as
hereinafter in this Section | 9 |
| provided; (2) the specific number of voters
required to sign | 10 |
| the petition; and the date of the prospective referendum.
The | 11 |
| recording officer of the district shall provide a petition form | 12 |
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any individual requesting one. If within 30 days after such
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| publication of such notice a petition is filed with the | 14 |
| recording
officer of the district, signed by the voters
of the | 15 |
| district equal to 10% or more of the registered voters of the | 16 |
| district
requesting that the proposition to issue bonds as | 17 |
| authorized by
Section 19-8 be submitted to the voters thereof, | 18 |
| then the district
shall not be authorized to issue bonds as | 19 |
| provided by Section 19-8
until the proposition has been | 20 |
| submitted to and approved by a majority
of the voters voting on | 21 |
| the proposition at a regular scheduled
election. The board | 22 |
| shall certify the proposition to the proper election
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| authorities for submission in accordance with the general | 24 |
| election law.
If no such petition with the requisite number of | 25 |
| signatures is filed within
said 30 days, or if any and all | 26 |
| petitions filed are invalid, then the
district shall thereafter |
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| be authorized to issue bonds for the purposes and
as provided | 2 |
| in Section 19-8.
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| (Source: P.A. 87-767.)
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| (105 ILCS 5/19-11) (from Ch. 122, par. 19-11)
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| Sec. 19-11. Amount of indebtedness - Interest and maturity. | 6 |
| Any district which has complied with Section 19-9 and which is
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| authorized to issue bonds under Sections 19-8, 19-9 and 19-10 | 8 |
| shall
adopt a resolution specifying the amount of indebtedness | 9 |
| to be incurred
funded ,
whether for the purpose of paying | 10 |
| claims, or for paying teachers' orders,
for reimbursing the | 11 |
| district for property tax refunds, or for paying liabilities or | 12 |
| obligations imposed on any district resulting
from the division | 13 |
| of assets as provided by Article 7 of this Act or Article
5 of | 14 |
| this Act as it existed prior to July 1, 1952 . The resolution | 15 |
| shall set
forth the date, denomination, rate of interest and | 16 |
| maturities of the bonds,
fix all details with respect to the | 17 |
| issue and execution thereof, and
provide for the levy of a tax | 18 |
| sufficient to pay both principal and interest
of the bonds as | 19 |
| they mature. The bonds shall bear interest at a rate not to
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| exceed the maximum rate authorized by the Bond Authorization | 21 |
| Act, as amended
at the time of the making of the contract, | 22 |
| payable annually
or semi-annually,
as the governing
body may | 23 |
| determine, and mature in not more than 20 years from date | 24 |
| thereof.
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| With respect to instruments for the payment of money issued |
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| under this
Section either before, on, or after the effective | 2 |
| date of this amendatory
Act of 1989, it is and always has been | 3 |
| the intention of the General
Assembly (i) that the Omnibus Bond | 4 |
| Acts are and always have been
supplementary grants of power to | 5 |
| issue instruments in accordance with the
Omnibus Bond Acts, | 6 |
| regardless of any provision of this Act that may appear
to be | 7 |
| or to have been more restrictive than those Acts, (ii) that the
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| provisions of this Section are not a limitation on the | 9 |
| supplementary
authority granted by the Omnibus Bond Acts, and | 10 |
| (iii) that instruments
issued under this Section within the | 11 |
| supplementary authority granted
by the Omnibus Bond Acts are | 12 |
| not invalid because of any provision of
this Act that may | 13 |
| appear to be or to have been more restrictive than
those Acts.
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| (Source: P.A. 86-4.)
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| (105 ILCS 5/19-13) (from Ch. 122, par. 19-13)
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| Sec. 19-13. Sale
or exchange of bonds. Any bonds issued | 17 |
| under Sections 19-8 to 19-11, inclusive, may be
exchanged par | 18 |
| for par for claims or unpaid orders for wages of teachers, or
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| both, or may be sold and the proceeds received used to pay such | 20 |
| claims or
orders or to reimburse the school district for | 21 |
| property tax refunds .
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| (Source: Laws 1961, p. 31.)
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