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90_SB1318
30 ILCS 360/1-3 from Ch. 17, par. 7201-3
Amends the Rural Bond Bank Act. Provides that for the
purposes of the Act "rural county" means any county (now any
county other than a county having a population in excess of
3,000,000) and "governmental unit" means, among others, any
municipality, excluding any home rule municipality in a
county contiguous with a county having a population in excess
of 3,000,000 or any home rule municipality in a county with a
population of 3,000,000 or greater (now any municipality,
excluding any home rule municipality in a county contiguous
with a county having a population in excess of 3,000,000).
Effective July 1, 1998.
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1 AN ACT to amend the Rural Bond Bank Act by changing
2 Section 1-3.
3 Be it enacted by the People of the State of Illinois,
4 represented in the General Assembly:
5 Section 5. The Rural Bond Bank Act is amended by
6 changing Section 1-3 as follows:
7 (30 ILCS 360/1-3) (from Ch. 17, par. 7201-3)
8 Sec. 1-3. Definitions. As used in this Act, unless the
9 context otherwise indicates:
10 (a) "Bank" or "Bond Bank" means the Illinois Rural Bond
11 Bank created by Section 2-1.
12 (b) "Bondholder" or "holder" or "noteholder" or any
13 similar term when used with reference to a bond or note of
14 the Bank means any person who is the bearer of any
15 outstanding bond or note of the Bank registered to bearer or
16 not registered, or the registered owner of any outstanding
17 bond of the Bank which at the time is registered other than
18 to bearer.
19 (c) "Bonds" means bonds of the Bank issued under this
20 Act.
21 (d) "Fully marketable form" means a local governmental
22 security duly executed and accompanied by an approving legal
23 opinion of a bond counsel of recognized standing in the field
24 of local governmental law whose opinions are generally
25 accepted by purchasers of local governmental bonds. The local
26 governmental security so executed need not be printed or
27 lithographed nor be in more than one denomination.
28 (e) "General fund" means the fund established as
29 provided in Section 3-7.
30 (f) "Governmental unit" means any rural county; or any
31 municipality, excluding any home rule municipality in a
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1 county contiguous with a county having a population in excess
2 of 3,000,000 or any home rule municipality in a county with a
3 population of 3,000,000 or greater, or township having a
4 population less than 25,000, school district, community
5 college district, special district, municipal corporation,
6 public corporation, any other local governmental body, any
7 other local public entity as defined in the Local
8 Governmental and Governmental Employees Tort Immunity Act, or
9 other unit designated as a rural unit of local government by
10 the Governor's Executive Order creating the Rural Fair Share
11 Initiative, located in a rural county or having a majority of
12 the territory within its corporate boundaries and at least
13 90% of its population located in a rural county.
14 (g) "Local governmental security" means a bond or note
15 or evidence of debt issued by a governmental unit and payable
16 from taxes or from rates, charges or assessments.
17 (h) "Notes" means any notes of the Bank issued under
18 this Act.
19 (i) "Required debt service reserve" means the amount
20 required to be on deposit in the reserve fund as prescribed
21 by Section 3-6.
22 (j) "Reserve fund" means the Rural Bond Bank Reserve
23 Fund established as provided in Section 3-6.
24 (k) "Revenues" means all fees, charges, moneys, profits,
25 payments of principal of or interest on local governmental
26 securities and other investments, gifts, grants,
27 contributions, appropriations and all other income derived or
28 to be derived by the Bank under this Act.
29 (l) "Rural county" means any county other than a county
30 having a population in excess of 3,000,000.
31 (Source: P.A. 89-211, eff. 8-3-95.)
32 Section 99. Effective date. This Act takes effect on
33 July 1, 1998.