Illinois General Assembly - Full Text of Public Act 096-0787
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Public Act 096-0787


 

Public Act 0787 96TH GENERAL ASSEMBLY



 


 
Public Act 096-0787
 
SB1995 Enrolled LRB096 11419 RCE 21887 b

    AN ACT concerning finance.
 
    Be it enacted by the People of the State of Illinois,
represented in the General Assembly:
 
    Section 5. The Local Government Debt Reform Act is amended
by changing Section 10 as follows:
 
    (30 ILCS 350/10)  (from Ch. 17, par. 6910)
    Sec. 10. General provisions. Bonds authorized by
applicable law may be issued in one or more series, bear such
date or dates, become due at such time or times within 40
years, except as expressly limited by applicable law, provided
that notwithstanding any such express limitation bonds issued
by Lockport High School or Elgin Community College District No.
509 for the purpose of purchasing, constructing, or improving
real property may become due within 25 years, bear interest
payable at such intervals and at such rate or rates as
authorized under applicable law, which rates may be fixed or
variable, be in such denominations, be in such form, either
coupon, registered or book-entry, carry such conversion,
registration, and exchange privileges, be subject to
defeasance upon such terms, have such rank or priority, be
executed in such manner, be payable in such medium of payment
at such place or places within or without the State of
Illinois, make provision for a corporate trustee within or
without the State with respect to such bonds, prescribe the
rights, powers and duties thereof to be exercised for the
benefit of the governmental unit and the protection of the
bondholders, provide for the holding in trust, investment and
use of moneys, funds and accounts held under an ordinance,
provide for assignment of and direct payment of the moneys to
pay such bonds or to be deposited into such funds or accounts
directly to such trustee, be subject to such terms of
redemption with or without premium, and be sold in such manner
at private or public sale and at such price, all as the
governing body shall determine. Whenever such bonds are sold at
price less than par, they shall be sold at such price and bear
interest at such rate or rates such that either the true
interest cost (yield) or the net interest rate, as may be
selected by the governing body, received upon the sale of such
bonds does not exceed the maximum rate otherwise authorized by
applicable law. Except for an ordinance required to be
published by applicable law in connection with a backdoor
referendum, any bond ordinance adopted by a governing body
under applicable law shall, in all instances, become effective
immediately without publication or posting or any further act
or requirement.
(Source: P.A. 90-306, eff. 8-1-97.)
 
    Section 10. The School Code is amended by changing Section
19-3 as follows:
 
    (105 ILCS 5/19-3)  (from Ch. 122, par. 19-3)
    Sec. 19-3. Boards of education. Any school district
governed by a board of education and having a population of not
more than 500,000 inhabitants, and not governed by a special
Act may borrow money for the purpose of building, equipping,
altering or repairing school buildings or purchasing or
improving school sites, or acquiring and equipping
playgrounds, recreation grounds, athletic fields, and other
buildings or land used or useful for school purposes or for the
purpose of purchasing a site, with or without a building or
buildings thereon, or for the building of a house or houses on
such site, or for the building of a house or houses on the
school site of the school district, for residential purposes of
the superintendent, principal, or teachers of the school
district, and issue its negotiable coupon bonds therefor signed
by the president and secretary of the board, in denominations
of not less than $100 nor more than $5,000, payable at such
place and at such time or times, not exceeding 20 years, with
the exception of Lockport High School not exceeding 25 years,
from date of issuance, as the board of education may prescribe,
and bearing interest at a rate not to exceed the maximum rate
authorized by the Bond Authorization Act, as amended at the
time of the making of the contract, payable annually,
semiannually or quarterly, but no such bonds shall be issued
unless the proposition to issue them is submitted to the voters
of the district at a referendum held at a regularly scheduled
election after the board has certified the proposition to the
proper election authorities in accordance with the general
election law, a majority of all the votes cast on the
proposition is in favor of the proposition, and notice of such
bond referendum has been given either (i) in accordance with
the second paragraph of Section 12-1 of the Election Code
irrespective of whether such notice included any reference to
the public question as it appeared on the ballot, or (ii) for
an election held on or after November 1, 1998, in accordance
with Section 12-5 of the Election Code, or (iii) by publication
of a true and legible copy of the specimen ballot label
containing the proposition in the form in which it appeared or
will appear on the official ballot label on the day of the
election at least 5 days before the day of the election in at
least one newspaper published in and having a general
circulation in the district, irrespective of any other
requirements of Article 12 or Section 24A-18 of the Election
Code, nor shall any residential site be acquired unless such
proposition to acquire a site is submitted to the voters of the
district at a referendum held at a regularly scheduled election
after the board has certified the proposition to the proper
election authorities in accordance with the general election
law and a majority of all the votes cast on the proposition is
in favor of the proposition. Nothing in this Act or in any
other law shall be construed to require the notice of the bond
referendum to be published over the name or title of the
election authority or the listing of maturity dates of any
bonds either in the notice of bond election or ballot used in
the bond election. The provisions of this Section concerning
notice of the bond referendum apply only to (i) consolidated
primary elections held prior to January 1, 2002 and the
consolidated election held on April 17, 2007 at which not less
than 60% of the voters voting on the bond proposition voted in
favor of the bond proposition, and (ii) other elections held
before July 1, 1999; otherwise, notices required in connection
with the submission of public questions shall be as set forth
in Section 12-5 of the Election Code. Such proposition may be
initiated by resolution of the school board.
    With respect to instruments for the payment of money issued
under this Section either before, on, or after the effective
date of this amendatory Act of 1989, it is and always has been
the intention of the General Assembly (i) that the Omnibus Bond
Acts are and always have been supplementary grants of power to
issue instruments in accordance with the Omnibus Bond Acts,
regardless of any provision of this Act that may appear to be
or to have been more restrictive than those Acts, (ii) that the
provisions of this Section are not a limitation on the
supplementary authority granted by the Omnibus Bond Acts, and
(iii) that instruments issued under this Section within the
supplementary authority granted by the Omnibus Bond Acts are
not invalid because of any provision of this Act that may
appear to be or to have been more restrictive than those Acts.
    The proceeds of any bonds issued under authority of this
Section shall be deposited and accounted for separately within
the Site and Construction/Capital Improvements Fund.
(Source: P.A. 95-30, eff. 8-7-07.)
 
    Section 15. The Public Community College Act is amended by
changing Section 3A-1 as follows:
 
    (110 ILCS 805/3A-1)  (from Ch. 122, par. 103A-1)
    Sec. 3A-1. Any community college district may borrow money
for the purpose of building, equipping, altering or repairing
community college buildings or purchasing or improving
community college sites, or acquiring and equipping recreation
grounds, athletic fields, and other buildings or land used or
useful for community college purposes or for the purpose of
purchasing a site, with or without a building or buildings
thereon, or for the building of a house or houses on such site,
or for the building of a house or houses on the site of the
community college district, for residential purposes of the
administrators or faculty of the community college district,
and issue its negotiable coupon bonds therefor signed by the
chairman and secretary of the board, in denominations of not
less than $100 nor more than $5,000, payable at such place and
at such time or times, not exceeding 20 years from date of
issuance, as the board may prescribe, and bearing interest at a
rate not to exceed the maximum rate authorized by the Bond
Authorization Act, as amended at the time of the making of the
contract, payable annually, semiannually or quarterly, but no
such bonds shall be issued unless the proposition to issue them
is submitted to the voters of the community college district at
a regular scheduled election in such district and the board
shall certify the proposition to the proper election
authorities for submission in accordance with the general
election law and a majority of all the votes cast on the
proposition is in favor of the proposition, nor shall any
residential site be acquired unless such proposition to acquire
a site is submitted to the voters of the district at a regular
scheduled election and the board shall certify the proposition
to the proper election authorities for submission to the
electors in accordance with the general election law and a
majority of all the votes cast on the proposition is in favor
of the proposition. Nothing in this Act shall be construed as
to require the listing of maturity dates of any bonds either in
the notice of bond election or ballot used in the bond
election.
    Bonds issued in accordance with this Section for Elgin
Community College District No. 509 may be payable at such time
or times, not exceeding 25 years from date of issuance, as the
board may prescribe, if the following conditions are met:
        (i) The voters of the district approve a proposition
    for the bond issuance at an election held in 2009.
        (ii) Prior to the issuance of the bonds, the board
    determines, by resolution, that the projects built,
    acquired, altered, renovated, repaired, purchased,
    improved, installed, or equipped with the proceeds of the
    bonds are required as a result of a projected increase in
    the enrollment of students in the district, to meet demand
    in the fields of health care or public safety, to meet
    accreditation standards, or to maintain campus safety and
    security.
        (iii) The bonds are issued, in one more more bond
    issuances, on or before April 7, 2014.
        (iv) The proceeds of the bonds are used to accomplish
    only those purposes approved by the voters at an election
    held in 2009.
    With respect to instruments for the payment of money issued
under this Section either before, on, or after the effective
date of this amendatory Act of 1989, it is and always has been
the intention of the General Assembly (i) that the Omnibus Bond
Acts are and always have been supplementary grants of power to
issue instruments in accordance with the Omnibus Bond Acts,
regardless of any provision of this Act that may appear to be
or to have been more restrictive than those Acts, (ii) that the
provisions of this Section are not a limitation on the
supplementary authority granted by the Omnibus Bond Acts, and
(iii) that instruments issued under this Section within the
supplementary authority granted by the Omnibus Bond Acts are
not invalid because of any provision of this Act that may
appear to be or to have been more restrictive than those Acts.
(Source: P.A. 86-4.)
 
    Section 99. Effective date. This Act takes effect upon
becoming law.

Effective Date: 8/28/2009