Full Text of SB1995 96th General Assembly
SB1995ham004 96TH GENERAL ASSEMBLY
|
Rep. Linda Chapa LaVia
Filed: 5/29/2009
|
|
09600SB1995ham004 |
|
LRB096 11419 RCE 27723 a |
|
| 1 |
| AMENDMENT TO SENATE BILL 1995
| 2 |
| AMENDMENT NO. ______. Amend Senate Bill 1995, AS AMENDED, | 3 |
| by replacing everything after the enacting clause with the | 4 |
| following:
| 5 |
| "Section 5. The Local Government Debt Reform Act is amended | 6 |
| by changing Section 10 as follows:
| 7 |
| (30 ILCS 350/10) (from Ch. 17, par. 6910)
| 8 |
| Sec. 10. General provisions. Bonds authorized by | 9 |
| applicable law may
be issued in one or more series, bear such | 10 |
| date or dates, become due at
such time or times within 40 | 11 |
| years, except as expressly limited by
applicable law, provided | 12 |
| that notwithstanding any such express limitation bonds issued | 13 |
| by Lockport High School for the purpose of purchasing, | 14 |
| constructing, or improving real property may become due within | 15 |
| 25 years, bear interest payable at such intervals and at such | 16 |
| rate or
rates as authorized under applicable law, which rates |
|
|
|
09600SB1995ham004 |
- 2 - |
LRB096 11419 RCE 27723 a |
|
| 1 |
| may be fixed or
variable, be in such denominations, be in such | 2 |
| form, either coupon,
registered or book-entry, carry such | 3 |
| conversion, registration, and exchange
privileges, be subject | 4 |
| to defeasance upon such terms, have such rank or
priority, be | 5 |
| executed in such manner, be payable in such medium of payment
| 6 |
| at such place or places within or without the State of | 7 |
| Illinois, make
provision for a corporate trustee within or | 8 |
| without the State with respect
to such bonds, prescribe the | 9 |
| rights, powers and duties thereof to be
exercised for the | 10 |
| benefit of the governmental unit and the protection of
the | 11 |
| bondholders, provide for the holding in trust, investment and | 12 |
| use of
moneys, funds and accounts held under an ordinance, | 13 |
| provide for assignment
of and direct payment of the moneys to | 14 |
| pay such bonds or to be deposited
into such funds or accounts | 15 |
| directly to such trustee, be subject to such
terms of | 16 |
| redemption with or without premium, and be sold in such manner | 17 |
| at
private or public sale and at such price, all as the | 18 |
| governing body shall
determine. Whenever such bonds are sold at | 19 |
| price less than par, they
shall be sold at such price and bear | 20 |
| interest at such rate or rates such
that either the true | 21 |
| interest cost (yield) or the net interest rate, as may
be | 22 |
| selected by the governing body, received upon the sale of such | 23 |
| bonds
does not exceed the maximum rate otherwise authorized by | 24 |
| applicable law.
Except for an ordinance required to be | 25 |
| published by applicable law in
connection with a backdoor | 26 |
| referendum, any bond ordinance adopted by a
governing body |
|
|
|
09600SB1995ham004 |
- 3 - |
LRB096 11419 RCE 27723 a |
|
| 1 |
| under applicable law shall, in all instances, become effective
| 2 |
| immediately without publication or posting or any further act | 3 |
| or requirement.
| 4 |
| (Source: P.A. 90-306, eff. 8-1-97.)
| 5 |
| Section 10. The School Code is amended by changing Section | 6 |
| 19-3 as follows:
| 7 |
| (105 ILCS 5/19-3) (from Ch. 122, par. 19-3)
| 8 |
| Sec. 19-3. Boards of education. Any school district | 9 |
| governed by a board of
education and having a population of not | 10 |
| more than 500,000 inhabitants, and
not governed by a special | 11 |
| Act may borrow money for the purpose of building,
equipping, | 12 |
| altering or repairing school buildings or purchasing or | 13 |
| improving
school sites, or acquiring and equipping | 14 |
| playgrounds, recreation grounds,
athletic fields, and other | 15 |
| buildings or land used or useful for school purposes
or for the | 16 |
| purpose of purchasing a site, with or without a building or
| 17 |
| buildings thereon, or for the building of a house or houses on | 18 |
| such site,
or for the building of a house or houses on the | 19 |
| school site of the school
district, for residential purposes of | 20 |
| the superintendent, principal, or
teachers of the school | 21 |
| district, and issue its negotiable coupon bonds therefor
signed | 22 |
| by the president and secretary of the board, in denominations | 23 |
| of not
less than $100 nor more than $5,000, payable at such | 24 |
| place and at such time or
times, not exceeding 20 years , with |
|
|
|
09600SB1995ham004 |
- 4 - |
LRB096 11419 RCE 27723 a |
|
| 1 |
| the exception of Lockport High School not exceeding 25 years, | 2 |
| from date of issuance, as the board of education
may prescribe, | 3 |
| and bearing interest at a rate not to exceed the maximum rate
| 4 |
| authorized by the Bond Authorization Act, as amended at the | 5 |
| time of the making
of the contract, payable annually, | 6 |
| semiannually or quarterly, but no such bonds
shall be issued | 7 |
| unless the proposition to issue them is submitted to the voters
| 8 |
| of the district at a referendum held at a regularly scheduled | 9 |
| election after
the board has certified the proposition to the | 10 |
| proper election authorities in
accordance with the general | 11 |
| election law, a majority of all the votes cast on
the | 12 |
| proposition is in favor of the proposition, and notice of such | 13 |
| bond
referendum has been
given either (i) in accordance with | 14 |
| the second paragraph of Section 12-1 of the
Election Code | 15 |
| irrespective of whether such notice included any reference to | 16 |
| the
public question as it appeared on the ballot, or (ii) for | 17 |
| an election held on
or after November 1, 1998, in accordance | 18 |
| with Section 12-5 of the Election
Code, or (iii) by publication | 19 |
| of a true and legible copy of the specimen ballot
label | 20 |
| containing the proposition in the form in which it appeared or | 21 |
| will
appear on the official ballot label on the day of the | 22 |
| election at least 5 days
before the day of the election in at | 23 |
| least one newspaper published in and
having a general | 24 |
| circulation in the district,
irrespective of any other | 25 |
| requirements of Article 12 or Section 24A-18 of
the Election | 26 |
| Code, nor shall any residential site be acquired unless such
|
|
|
|
09600SB1995ham004 |
- 5 - |
LRB096 11419 RCE 27723 a |
|
| 1 |
| proposition to acquire a site is submitted to the voters of the | 2 |
| district at a
referendum held at a regularly scheduled election | 3 |
| after the board has certified
the proposition to the proper | 4 |
| election authorities in accordance with the
general election | 5 |
| law and a majority of all the votes cast on the proposition is
| 6 |
| in favor of the proposition. Nothing in this Act or in any | 7 |
| other law shall be
construed to require the notice of the bond | 8 |
| referendum to be published over the
name or title of the | 9 |
| election authority or the listing of maturity dates of
any | 10 |
| bonds either in the notice of bond election or ballot used in | 11 |
| the bond
election.
The provisions of this Section concerning | 12 |
| notice of the bond referendum
apply only to (i) consolidated | 13 |
| primary elections held prior to January 1,
2002 and the | 14 |
| consolidated election held on April 17, 2007 at which not less | 15 |
| than 60%
of the voters voting on the bond proposition voted in | 16 |
| favor of the bond
proposition, and (ii) other elections held | 17 |
| before July 1, 1999; otherwise, notices required
in connection | 18 |
| with the submission of public questions shall be as set forth | 19 |
| in
Section 12-5 of the Election Code.
Such proposition may be | 20 |
| initiated by resolution of the school board.
| 21 |
| With respect to instruments for the payment of money issued | 22 |
| under this
Section either before, on, or after the effective | 23 |
| date of this amendatory
Act of 1989, it is and always has been | 24 |
| the intention of the General
Assembly (i) that the Omnibus Bond | 25 |
| Acts are and always have been
supplementary grants of power to | 26 |
| issue instruments in accordance with the
Omnibus Bond Acts, |
|
|
|
09600SB1995ham004 |
- 6 - |
LRB096 11419 RCE 27723 a |
|
| 1 |
| regardless of any provision of this Act that may appear
to be | 2 |
| or to have been more restrictive than those Acts, (ii) that the
| 3 |
| provisions of this Section are not a limitation on the | 4 |
| supplementary
authority granted by the Omnibus Bond Acts, and | 5 |
| (iii) that instruments
issued under this Section within the | 6 |
| supplementary authority granted
by the Omnibus Bond Acts are | 7 |
| not invalid because of any provision of
this Act that may | 8 |
| appear to be or to have been more restrictive than
those Acts.
| 9 |
| The proceeds of any bonds issued under authority of this | 10 |
| Section shall
be deposited and accounted for separately within | 11 |
| the Site and
Construction/Capital Improvements Fund.
| 12 |
| (Source: P.A. 95-30, eff. 8-7-07.)
| 13 |
| Section 99. Effective date. This Act takes effect upon | 14 |
| becoming law.".
|
|