Public Act 096-1178
 
HB4639 EnrolledLRB096 14919 HLH 29807 b

    AN ACT concerning local government.
 
    Be it enacted by the People of the State of Illinois,
represented in the General Assembly:
 
    Section 5. The Conservation District Act is amended by
changing Section 15 as follows:
 
    (70 ILCS 410/15)  (from Ch. 96 1/2, par. 7116)
    Sec. 15. (a) Whenever a district does not have sufficient
money in its treasury to meet all necessary expenses and
liabilities thereof, it may issue tax anticipation warrants.
Such issue of tax anticipation warrants shall be subject to the
provisions of Section 2 of "An Act to provide for the manner of
issuing warrants upon the treasurer of the State or of any
county, township, or other municipal corporation or quasi
municipal corporation, or of any farm drainage district, river
district, drainage and levee district, fire protection
district and jurors' certificates", approved June 27, 1913, as
now and hereafter amended.
    (b) For the purpose of acquisition of real property, or
rights thereto, a district may incur indebtedness and, as
evidence of the indebtedness thus created, may issue and sell
bonds without first obtaining the consent of the legal voters
of the district.
    (c) For the purpose of development of real property, a
district may incur indebtedness and, as evidence of the
indebtedness thus created, may issue and sell bonds only after
the proposition to issue bonds has been submitted to the legal
voters of the district at an election and has been approved by
a majority of those voting on the proposition. Such election is
subject to Section 15.1 of this Act.
    (d) No district shall become indebted in any manner or for
any purpose, to any amount including existing indebtedness in
the aggregate exceeding 0.575% of the value, as equalized or
assessed by the Department of Revenue, of the taxable property
therein; except that a district entirely within a county of
under 750,000 inhabitants and contiguous to a county of more
than 2,000,000 inhabitants may incur indebtedness, including
existing indebtedness, in the aggregate not exceeding 1.725% of
that value if the aggregate indebtedness over 0.575% is
submitted to the legal voters of the district at an election
and is approved by a majority of those voting on the
proposition as provided in Section 15.1.
    (e) Before or at the time of issuing bonds for acquisition
or development of real property, the district shall provide by
ordinance for the collection of an annual tax, in addition to
all other taxes authorized by this act, sufficient to pay such
bonds and the interest thereon as the same respectively become
due. Such bonds shall be divided into series, the first of
which shall mature not later than 5 years after the date of
issue and the last of which shall mature not later than 25 20
years after the date of issue; shall bear interest at a rate or
rates not exceeding the maximum rate permitted in "An Act to
authorize public corporations to issue bonds, other evidences
of indebtedness and tax anticipation warrants subject to
interest rate limitations set forth therein", approved May 26,
1970, as now or hereafter amended; shall be in such form as the
district shall by resolution provide and shall be payable as to
both principal and interest from the proceeds of the annual
levy of taxes authorized to be levied by this Section, or so
much thereof as will be sufficient to pay the principal thereof
and the interest thereon. Prior to the authorization and
issuance of such bonds the district may, with or without
notice, negotiate and enter into an agreement or agreements
with any bank, investment banker, trust company or insurance
company or group thereof whereunder the marketing of such bonds
may be assured and consummated. The proceeds of such bonds
shall be deposited in a special fund, to be kept separate and
apart from all other funds of the conservation district.
(Source: P.A. 94-617, eff. 8-18-05.)
 
    Section 10. The Downstate Forest Preserve District Act is
amended by changing Section 13 as follows:
 
    (70 ILCS 805/13)  (from Ch. 96 1/2, par. 6323)
    Sec. 13. Bonds; limitation on indebtedness. The board of
any forest preserve district organized hereunder may, for any
of the purposes enumerated in this Act, borrow money upon the
faith and credit of such district, and may issue bonds
therefor. However, a district with a population of less than
3,000,000 may not become indebted in any manner or for any
purpose to an amount including existing indebtedness in the
aggregate exceeding 2.3% of the assessed value of the taxable
property therein, as ascertained by the last equalized
assessment for State and county purposes. No district may incur
(i) indebtedness in excess of .3% of the assessed value of
taxable property in the district, as ascertained by the last
equalized assessment for State and county purposes, for the
development of forest preserve lands held by the district, or
(ii) indebtedness for any other purpose except the acquisition
of land including acquiring lands in fee simple along or
enclosing water courses, drainage ways, lakes, ponds, planned
impoundments or elsewhere which are required to store flood
waters or control other drainage and water conditions necessary
for the preservation and management of the water resources of
the District, unless the proposition to issue bonds or
otherwise incur indebtedness is certified by the board to the
proper election officials who shall submit the proposition at
an election in accordance with the general election law, and
approved by a majority of those voting upon the proposition. No
district containing fewer than 3,000,000 inhabitants may incur
indebtedness for the acquisition of land or lands for any
purpose in excess of 55,000 acres, including all lands
theretofore acquired, unless the proposition to issue bonds or
otherwise incur indebtedness is first submitted to the voters
of the district at a referendum in accordance with the general
election law and approved by a majority of those voting upon
the proposition. Before or at the time of issuing bonds, the
board shall provide by ordinance for the collection of an
annual tax sufficient to pay the interest on the bonds as it
falls due, and to pay the bonds as they mature. All bonds
issued by any forest preserve district must be divided into
series, the first of which matures not later than 5 years after
the date of issue and the last of which matures not later than
25 20 years after the date of issue, or for bonds issued prior
to January 1, 2011, commonly known as "Build America Bonds" as
authorized by Section 54AA of the Internal Revenue Code of
1986, as amended, and for bonds issued from time to time to
refund "Build America Bonds", not later than 25 years after the
date of issue.
    This Section does not apply to a forest preserve district
created under Section 18.5 of the Conservation District Act.
(Source: P.A. 96-828, eff. 12-2-09.)
 
    Section 99. Effective date. This Act takes effect upon
becoming law.

Effective Date: 7/22/2010