Full Text of SB2258 93rd General Assembly
SB2258enr 93RD GENERAL ASSEMBLY
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| AN ACT concerning public bodies.
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| Be it enacted by the People of the State of Illinois, | 3 |
| represented in the General Assembly:
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| Section 5. The Home Equity Assurance Act is amended by | 5 |
| changing Sections 4 and 9 as follows:
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| (65 ILCS 95/4) (from Ch. 24, par. 1604)
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| Sec. 4. Creation of Commission. (a) Whenever in a | 8 |
| municipality with
more than 1,000,000 inhabitants, the | 9 |
| question of creating a home equity
program within a contiguous | 10 |
| territory included entirely within
the municipality is | 11 |
| initiated by resolution or ordinance
of the corporate | 12 |
| authorities of the municipality or by a petition
signed by not | 13 |
| less than 10% of the total number of registered voters of
each | 14 |
| precinct in the territory, the registered voters of
which are | 15 |
| eligible to sign the petition, it shall be
the duty of the | 16 |
| election authority having jurisdiction over such
municipality | 17 |
| to submit the question of creating a home equity program to
the | 18 |
| electors of each precinct within
the territory at the regular | 19 |
| election specified in the resolution,
ordinance or petition | 20 |
| initiating the question. If the question is
initiated by | 21 |
| petition and if the requisite number of signatures is not
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| obtained in any precinct included within the territory | 23 |
| described in the
petition, then the petition shall be valid as | 24 |
| to the territory encompassed by those
precincts for which the | 25 |
| requisite number of signatures is obtained and any
such | 26 |
| precinct for which the requisite number of signatures is not | 27 |
| obtained
shall be excluded from the territory. A petition | 28 |
| initiating a
question described in this Section shall be filed | 29 |
| with the election
authority having jurisdiction over the | 30 |
| municipality. The petition
shall be filed and objections | 31 |
| thereto shall be made in the manner provided
in the general | 32 |
| election law. A resolution, ordinance, or petition
initiating a |
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| question described in this Section shall specify the election
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| at which the question is to be submitted. The referendum on | 3 |
| such question
shall be held in accordance with general election | 4 |
| law. Such
question, and the resolution, ordinance, or petition | 5 |
| initiating the
question, shall include a description of the | 6 |
| territory, the name of the
proposed home equity program, and | 7 |
| the maximum rate at which the home
equity program shall be able | 8 |
| to levy a property tax. All
of that area within the geographic | 9 |
| boundaries of the territory described in
such question shall be | 10 |
| included in the program, and no area outside the
geographic | 11 |
| boundaries of the territory described in such question shall be
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| included in the program. If the election authority determines | 13 |
| that the
description cannot be included within the space | 14 |
| limitations of the ballot,
the election authority shall prepare | 15 |
| large printed copies of a notice of
the question, which shall | 16 |
| be prominently displayed in the polling place of
each precinct | 17 |
| in which the question is to be submitted.
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| (b) Whenever a majority of the voters on such public | 19 |
| question approve the
creation of a home equity program as | 20 |
| certified by the proper election
authorities, the mayor of the | 21 |
| municipality shall appoint, with the consent
of the corporate | 22 |
| authorities, 9 individuals, to be known as commissioners,
to | 23 |
| serve as the governing body of the home equity program. The | 24 |
| mayor
shall choose 7 of the 9 individuals to be appointed to | 25 |
| the governing
commission from nominees submitted by a community | 26 |
| organization or community
organizations as defined in this Act. | 27 |
| A community organization may
recommend up to 20 individuals to | 28 |
| serve on a governing commission.
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| No fewer than 5 commissioners serving at any one time shall | 30 |
| reside
within the territory of the program.
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| Upon creation of a governing commission, the terms of the | 32 |
| initial
commissioners shall be as follows: 3 shall serve
for | 33 |
| one year, 3 shall serve for 2 years, and 3 shall serve for 3
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| years and until a successor is appointed and qualified. All
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| succeeding terms shall be for 3 years, or until a successor is | 36 |
| appointed
or qualified , and no commissioner may serve more than |
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| 2 consecutive terms .
Commissioners shall serve without | 2 |
| compensation except for reimbursement for
reasonable expenses | 3 |
| incurred in the performance of duties as a
commissioner. A | 4 |
| vacancy in the office of a member of a commission shall be
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| filled in like manner as an original appointment.
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| All proceedings and meetings of the governing commission | 7 |
| shall be
conducted in accordance with the provisions of the | 8 |
| Open Meetings Act,
as now or hereafter amended.
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| (Source: P.A. 86-684.)
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| (65 ILCS 95/9) (from Ch. 24, par. 1609)
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| Sec. 9. Establishing a new guaranteed value and | 12 |
| registration date.
(a) A member has the option of applying for | 13 |
| a new program appraisal by a
program appraiser in order to | 14 |
| establish a new certificate of participation
with a new | 15 |
| registration date. The governing commission may exercise the
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| right to require a second program appraisal in accordance with | 17 |
| the
procedures described in Section 6 of this Act. This new | 18 |
| guaranteed value
shall be subject to the following conditions:
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| (1) A new guaranteed value established solely for the | 20 |
| purpose of
determining a property's increased value due to | 21 |
| inflation may not be
requested by the member until 5 years have | 22 |
| elapsed from the member's initial
most recent
registration date | 23 |
| or 3 years have elapsed from the most recent new registration | 24 |
| date under this item (1), whichever is later .
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| (2) A new guaranteed value established due to home | 26 |
| improvements shall be
granted only when the value of the home | 27 |
| improvements exceed $5,000.
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| (3) A member may not initiate a claim against the program | 29 |
| based upon the
new guaranteed value until
8 years after the | 30 |
| member's initial registration date or 3
5 years after the new | 31 |
| registration date , whichever is later . Until
that time, | 32 |
| coverage shall be based on the most recent certificate of
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| participation that meets the time limitations
which is at least | 34 |
| 5 years old and the guaranteed value set
forth in that | 35 |
| certificate of participation.
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| (4) If the governing commission, by majority vote, | 2 |
| determines that the
application for a new appraisal is due to | 3 |
| substantial property improvements
on the guaranteed residence, | 4 |
| then the application fee for the appraisal
shall be one-half of | 5 |
| the registration fee then being charged by the program.
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| (5) If the governing commission, by a majority vote, | 7 |
| concludes that the
application for a new appraisal is not due | 8 |
| to substantial property
improvements, the application fee for | 9 |
| the new appraisal shall be the amount
of the registration fee | 10 |
| then being charged by the program.
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| (6) A new guaranteed value shall be subject to all of the | 12 |
| conditions,
stipulations, and provisions of this Act.
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| (b) After following the above procedures, the member shall | 14 |
| be issued a
new certificate of participation which shall state | 15 |
| the new guaranteed value
and registration date.
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| (c) A member may request a new guaranteed value and | 17 |
| registration date
only once per year.
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| (Source: P.A. 85-1044.)
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| Section 99. Effective date. This Act takes effect upon | 20 |
| becoming law.
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