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Public Act 096-0787
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| SB1995 Enrolled |
LRB096 11419 RCE 21887 b |
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AN ACT concerning finance.
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Be it enacted by the People of the State of Illinois,
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represented in the General Assembly:
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Section 5. The Local Government Debt Reform Act is amended |
by changing Section 10 as follows:
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(30 ILCS 350/10) (from Ch. 17, par. 6910)
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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
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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
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at such place or places within or without the State of |
Illinois, make
provision for a corporate trustee within or |
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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
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immediately without publication or posting or any further act |
or requirement.
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(Source: P.A. 90-306, eff. 8-1-97.)
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Section 10. The School Code is amended by changing Section |
19-3 as follows:
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(105 ILCS 5/19-3) (from Ch. 122, par. 19-3)
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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
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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
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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
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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
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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
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in favor of the proposition. Nothing in this Act or in any |
other law shall be
construed to require the notice of the bond |
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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.
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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
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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 |
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appear to be or to have been more restrictive than
those Acts.
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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.
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(Source: P.A. 95-30, eff. 8-7-07.)
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Section 15. The Public Community College Act is amended by |
changing Section 3A-1 as follows:
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(110 ILCS 805/3A-1) (from Ch. 122, par. 103A-1)
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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
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community college district, for residential purposes of the
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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 |
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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
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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.
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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. |
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(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,
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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
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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 |