Full Text of HB4639 96th General Assembly
HB4639 96TH GENERAL ASSEMBLY
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96TH GENERAL ASSEMBLY
State of Illinois
2009 and 2010 HB4639
Introduced , by Rep. JoAnn D. Osmond SYNOPSIS AS INTRODUCED: |
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70 ILCS 410/15 |
from Ch. 96 1/2, par. 7116 |
70 ILCS 805/13 |
from Ch. 96 1/2, par. 6323 |
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Amends the Conservation District Act and the Downstate Forest Preserve District Act. Provides that "Build America Bonds" issued by a District prior to January 1, 2011 shall mature not later than 30 years after the date of issue. Effective immediately.
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A BILL FOR
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HB4639 |
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LRB096 14919 HLH 29807 b |
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| AN ACT concerning local government.
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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 Conservation District Act is amended by | 5 |
| changing Section 15 as follows:
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| (70 ILCS 410/15) (from Ch. 96 1/2, par. 7116)
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| Sec. 15. (a) Whenever a district does not have sufficient | 8 |
| money in its
treasury to meet all necessary expenses and | 9 |
| liabilities thereof, it may
issue tax anticipation warrants. | 10 |
| Such issue of tax anticipation warrants
shall be subject to the | 11 |
| provisions of Section 2 of "An Act to provide
for the manner of | 12 |
| issuing warrants upon the treasurer of the State or of
any | 13 |
| county, township, or other municipal corporation or quasi | 14 |
| municipal
corporation, or of any farm drainage district, river | 15 |
| district, drainage
and levee district, fire protection | 16 |
| district and jurors' certificates",
approved June 27, 1913, as | 17 |
| now and hereafter amended.
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| (b) For the purpose of acquisition of real property, or | 19 |
| rights thereto, a
district may incur indebtedness and, as | 20 |
| evidence of the indebtedness
thus created, may issue and sell | 21 |
| bonds without first obtaining the
consent of the legal voters | 22 |
| of the district.
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| (c) For the purpose of development of real property, a |
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HB4639 |
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LRB096 14919 HLH 29807 b |
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| district may incur
indebtedness and, as evidence of the | 2 |
| indebtedness thus created, may
issue and sell bonds only after | 3 |
| the proposition to issue bonds has been
submitted to the legal | 4 |
| voters of the district at an election and has
been approved by | 5 |
| a majority of those voting on the proposition. Such
election is | 6 |
| subject to Section 15.1 of this Act.
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| (d) No district shall become indebted in any manner or for | 8 |
| any purpose,
to any amount including existing indebtedness in | 9 |
| the aggregate exceeding
0.575% of the value, as equalized or | 10 |
| assessed by the Department of Revenue,
of the taxable property | 11 |
| therein; except that a district entirely within a
county of | 12 |
| under
750,000 inhabitants and contiguous to a county of more | 13 |
| than
2,000,000 inhabitants may incur indebtedness,
including | 14 |
| existing indebtedness, in the aggregate not
exceeding 1.725% of | 15 |
| that value if the aggregate indebtedness over 0.575% is
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| submitted to the legal voters of the district at an election | 17 |
| and is
approved by a majority of those voting on the | 18 |
| proposition as provided in
Section 15.1.
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| (e) Before or at the time of issuing bonds for acquisition | 20 |
| or development
of real property, the district shall provide by | 21 |
| ordinance for the
collection of an annual tax, in addition to | 22 |
| all other taxes authorized
by this act, sufficient to pay such | 23 |
| bonds and the interest thereon as
the same respectively become | 24 |
| due. Such bonds shall be divided into
series, the first of | 25 |
| which shall mature not later than 5 years after the
date of | 26 |
| issue and the last of which shall mature not later
than 20 |
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| years after the date of issue , or for bonds issued prior to | 2 |
| January 1, 2011, commonly known as "Build America Bonds", as | 3 |
| authorized by Section 54AA of the Internal Revenue Code of | 4 |
| 1986, as amended, and for bonds issued from time to time to | 5 |
| refund or continue to refund those "Build America Bonds", not | 6 |
| later than 30 years after the date of issue ; shall bear | 7 |
| interest at a rate or
rates not exceeding the maximum rate | 8 |
| permitted in "An Act to authorize
public corporations to issue | 9 |
| bonds, other evidences of indebtedness and tax
anticipation | 10 |
| warrants subject to interest rate limitations set forth
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| therein", approved May 26, 1970, as now or hereafter amended; | 12 |
| shall be
in such form as the district shall by
resolution | 13 |
| provide and shall be payable as to both principal and
interest | 14 |
| from the proceeds of the annual levy of taxes authorized to be
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| levied by this Section, or so much thereof as will be | 16 |
| sufficient to pay
the principal thereof and the interest | 17 |
| thereon. Prior to the
authorization and issuance of such bonds | 18 |
| the district may, with or
without notice, negotiate and enter | 19 |
| into an agreement or agreements with
any bank, investment | 20 |
| banker, trust company or insurance company or group
thereof | 21 |
| whereunder the marketing of such bonds may be assured and
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| consummated. The proceeds of such bonds shall be deposited in a | 23 |
| special
fund, to be kept separate and apart from all other | 24 |
| funds of the
conservation district.
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| (Source: P.A. 94-617, eff. 8-18-05.)
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| Section 10. The Downstate Forest Preserve District Act is | 2 |
| amended by changing Section 13 as follows:
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| (70 ILCS 805/13) (from Ch. 96 1/2, par. 6323)
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| Sec. 13. Bonds; limitation on indebtedness.
The board of | 5 |
| any forest preserve district organized
hereunder may, for any | 6 |
| of the purposes enumerated in this Act, borrow
money upon the | 7 |
| faith and credit of such district, and may issue bonds
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| therefor. However, a district with a population of less than | 9 |
| 3,000,000
may not become indebted in any manner or for any | 10 |
| purpose to an amount
including existing indebtedness in the | 11 |
| aggregate exceeding 2.3% of the
assessed value of the taxable | 12 |
| property therein, as ascertained by the
last equalized | 13 |
| assessment for State and county purposes. No district
may incur | 14 |
| (i) indebtedness
in excess of .3% of the assessed value of | 15 |
| taxable property in the district,
as ascertained by the last | 16 |
| equalized assessment for State and county purposes,
for the | 17 |
| development of forest preserve lands held by the district, or | 18 |
| (ii)
indebtedness for any other purpose except the acquisition | 19 |
| of land
including acquiring lands in fee simple along or | 20 |
| enclosing water
courses, drainage ways, lakes, ponds, planned | 21 |
| impoundments or elsewhere
which are required to store flood | 22 |
| waters or control other drainage and
water conditions necessary | 23 |
| for the preservation and management of the
water resources of | 24 |
| the District, unless the proposition to issue bonds
or | 25 |
| otherwise incur indebtedness is certified by the board to the |
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| proper
election officials who shall submit the proposition at | 2 |
| an election in accordance
with the general election law, and | 3 |
| approved by a majority of those voting upon the
proposition. No | 4 |
| district containing fewer than 3,000,000 inhabitants may
incur | 5 |
| indebtedness for the acquisition of land or lands for any | 6 |
| purpose
in excess of 55,000 acres, including all lands | 7 |
| theretofore acquired,
unless the proposition to issue bonds or | 8 |
| otherwise incur indebtedness is
first submitted to the voters | 9 |
| of the district at a referendum in accordance
with the general | 10 |
| election law and approved by a
majority of those voting upon | 11 |
| the proposition. Before or at the time of
issuing bonds, the | 12 |
| board shall provide by ordinance for the collection
of an | 13 |
| annual tax sufficient to pay the interest on the bonds as it | 14 |
| falls
due, and to pay the bonds as they mature. All bonds | 15 |
| issued by any forest
preserve district must be divided into | 16 |
| series, the first of which
matures not later than 5 years after | 17 |
| the date of issue and the last of
which matures not later than | 18 |
| 20 years after the date of issue , or for bonds issued prior to | 19 |
| January 1, 2011, commonly known as "Build America Bonds", as | 20 |
| authorized by Section 54AA of the Internal Revenue Code of | 21 |
| 1986, as amended, and for bonds issued from time to time to | 22 |
| refund or continue to refund those "Build America Bonds", not | 23 |
| later than 30 years after the date of issue .
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| This Section does not apply to a forest preserve district | 25 |
| created under Section 18.5 of the Conservation District Act.
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| (Source: P.A. 94-617, eff. 8-18-05.)
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| Section 99. Effective date. This Act takes effect upon | 2 |
| becoming law.
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