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| Public Act 096-1178 | ||||
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AN ACT concerning local government.
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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 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
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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
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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
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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.
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(Source: P.A. 96-828, eff. 12-2-09.)
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Section 99. Effective date. This Act takes effect upon | ||
becoming law.
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