Full Text of SB2975 98th General Assembly
SB2975 98TH GENERAL ASSEMBLY |
| | 98TH GENERAL ASSEMBLY
State of Illinois
2013 and 2014 SB2975 Introduced 2/4/2014, by Sen. Tim Bivins SYNOPSIS AS INTRODUCED: |
| 70 ILCS 805/13 | from Ch. 96 1/2, par. 6323 |
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Amends the Downstate Forest Preserve District Act. Provides that the Byron Forest Preserve District may not incur indebtedness in excess of .6% of the assessed value of taxable property in the district.
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| | FISCAL NOTE ACT MAY APPLY | | HOUSING AFFORDABILITY IMPACT NOTE ACT MAY APPLY |
| | A BILL FOR |
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| 1 | | AN ACT concerning local government.
| 2 | | Be it enacted by the People of the State of Illinois,
| 3 | | represented in the General Assembly:
| 4 | | Section 5. The Downstate Forest Preserve District Act is | 5 | | amended by changing Section 13 as follows: | 6 | | (70 ILCS 805/13) (from Ch. 96 1/2, par. 6323) | 7 | | Sec. 13. Bonds; limitation on indebtedness.
The board of | 8 | | any forest preserve district organized
hereunder may, for any | 9 | | of the purposes enumerated in this Act, borrow
money upon the | 10 | | faith and credit of such district, and may issue bonds
| 11 | | therefor. However, a district with a population of less than | 12 | | 3,000,000
may not become indebted in any manner or for any | 13 | | purpose to an amount
including existing indebtedness in the | 14 | | aggregate exceeding 2.3% of the
assessed value of the taxable | 15 | | property therein, as ascertained by the
last equalized | 16 | | assessment for State and county purposes. No district , except | 17 | | for the Byron Forest Preserve District,
may incur (i) | 18 | | indebtedness
in excess of .3% of the assessed value of taxable | 19 | | property in the district,
as ascertained by the last equalized | 20 | | assessment for State and county purposes,
for the development | 21 | | of forest preserve lands held by the district, or (ii)
| 22 | | indebtedness for any other purpose except the acquisition of | 23 | | land
including acquiring lands in fee simple along or enclosing |
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| 1 | | water
courses, drainage ways, lakes, ponds, planned | 2 | | impoundments or elsewhere
which are required to store flood | 3 | | waters or control other drainage and
water conditions necessary | 4 | | for the preservation and management of the
water resources of | 5 | | the District, unless the proposition to issue bonds
or | 6 | | otherwise incur indebtedness is certified by the board to the | 7 | | proper
election officials who shall submit the proposition at | 8 | | an election in accordance
with the general election law, and | 9 | | approved by a majority of those voting upon the
proposition. No | 10 | | district containing fewer than 3,000,000 inhabitants may
incur | 11 | | indebtedness for the acquisition of land or lands for any | 12 | | purpose
in excess of 55,000 acres, including all lands | 13 | | theretofore acquired,
unless the proposition to issue bonds or | 14 | | otherwise incur indebtedness is
first submitted to the voters | 15 | | of the district at a referendum in accordance
with the general | 16 | | election law and approved by a
majority of those voting upon | 17 | | the proposition. Before or at the time of
issuing bonds, the | 18 | | board shall provide by ordinance for the collection
of an | 19 | | annual tax sufficient to pay the interest on the bonds as it | 20 | | falls
due, and to pay the bonds as they mature. All bonds | 21 | | issued by any forest
preserve district must be divided into | 22 | | series, the first of which
matures not later than 5 years after | 23 | | the date of issue and the last of
which matures not later than | 24 | | 25 years after the date of issue, or for bonds issued prior to | 25 | | January 1, 2011, commonly known as "Build America Bonds" as | 26 | | authorized by Section 54AA of the Internal Revenue Code of |
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| 1 | | 1986, as amended, and for bonds issued from time to time to | 2 | | refund "Build America Bonds", not later than 25 years after the | 3 | | date of issue. | 4 | | Notwithstanding any contrary provision in this Section, | 5 | | the Byron Forest Preserve District may not incur (i) | 6 | | indebtedness
in excess of .6% of the assessed value of taxable | 7 | | property in the district,
as ascertained by the last equalized | 8 | | assessment for State and county purposes,
for the development | 9 | | of forest preserve lands held by the district, or (ii)
| 10 | | indebtedness for any other purpose except the acquisition of | 11 | | land
including acquiring lands in fee simple along or enclosing | 12 | | water
courses, drainage ways, lakes, ponds, planned | 13 | | impoundments or elsewhere
which are required to store flood | 14 | | waters or control other drainage and
water conditions necessary | 15 | | for the preservation and management of the
water resources of | 16 | | the District, unless the proposition to issue bonds
or | 17 | | otherwise incur indebtedness is certified by the board to the | 18 | | proper
election officials who shall submit the proposition at | 19 | | an election in accordance
with the general election law, and | 20 | | approved by a majority of those voting upon the
proposition. | 21 | | For a bond proposition put forward by a district organized | 22 | | under this Act, the ballot must have printed on it, but not as | 23 | | part of the proposition submitted, the following language: | 24 | | The approximate impact of the proposed increase on the | 25 | | owner of a single-family home having a market value of | 26 | | (insert value) would be (insert amount) in the first year |
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| 1 | | of the increase if the increase is fully implemented. | 2 | | This Section does not apply to a forest preserve district | 3 | | created under Section 18.5 of the Conservation District Act.
| 4 | | (Source: P.A. 96-828, eff. 12-2-09; 96-1178, eff. 7-22-10; | 5 | | 97-364, eff. 8-15-11.)
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