Illinois General Assembly - Full Text of Public Act 096-1077
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Public Act 096-1077


 

Public Act 1077 96TH GENERAL ASSEMBLY

  
  
  

 


 
Public Act 096-1077
 
SB2801 EnrolledLRB096 19711 RCE 35114 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, or Kishwaukee Community College District No. 523 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. 96-787, eff. 8-28-09.)
 
    Section 10. 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.
    Bonds issued in accordance with this Section for Kishwaukee
Community College District No. 523 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 2010 or 2011.
            (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 or more bond
        issuances, on or before November 2, 2015.
            (iv) The proceeds of the bonds are used to
        accomplish only those purposes approved by the voters
        at an election held in 2010 or 2011.
    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. 96-787, eff. 8-28-09.)
 
    Section 99. Effective date. This Act takes effect upon
becoming law.

Effective Date: 7/16/2010