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| Public Act 097-0364 | ||||
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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 17.5 as follows: | ||||
(30 ILCS 350/17.5) | ||||
Sec. 17.5. Bond authorization by referendum. | ||||
(a) Whenever applicable law
provides
that the | ||||
authorization of or the issuance of bonds is subject to either | ||||
a
referendum or backdoor referendum, the approval, once | ||||
obtained, remains
(i) for 5 years
after the date
of the | ||||
referendum or (ii) for 3 years after the end of the petition
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period for a
backdoor referendum. However, whenever the | ||||
applicable law
provides
that the authorization of or the | ||||
issuance of bonds under the Water Pollution Control Loan | ||||
Program or the Public Water Supply Loan Program, under Title | ||||
IV-A of the Environmental Protection Act, is subject to either | ||||
a referendum or backdoor referendum, the approval, once | ||||
obtained, remains (i) for 7 years after the date of the | ||||
referendum or (ii) for 5 years after the end of the petition | ||||
period for a backdoor referendum. In the case of bonds | ||||
authorized to be issued under the Downstate Forest Preserve | ||||
District Act and approved by Lake County voters in a November | ||||
2008 referendum, the approval, once obtained, remains for 10 | ||
years after the date of the referendum. | ||
(b) With respect to any bond approval under subsection (a), | ||
if, for any reason, the bonds are not issued because of a court | ||
action, then the time limits set forth under subsection (a) for | ||
the approval for the bonds is tolled during the time that the | ||
court action is pending. This subsection (b) applies to any | ||
bond issuance approved by referendum held on or after January | ||
1, 2003 or by a backdoor referendum held on or after January 1, | ||
2005. | ||
(Source: P.A. 95-517, eff. 8-28-07; 96-826, eff. 11-25-09.) | ||
Section 10. The Conservation District Act is amended by | ||
changing Section 15.1 as follows:
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(70 ILCS 410/15.1) (from Ch. 96 1/2, par. 7117)
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Sec. 15.1.
When the board of a district proposes to incur
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indebtedness and issue bonds, other than tax anticipation | ||
warrants, for
the purpose of development of real property or | ||
for the purpose of
incurring indebtedness in the aggregate over | ||
0.575% as provided in
subsection (d) of Section 15, it shall | ||
order a referendum
on the proposition.
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The district shall adopt an ordinance calling for the | ||
referendum and
setting forth the proposition. The clerk
or | ||
secretary of the district shall certify the ordinance and the | ||
proposition
to the proper election officials who shall submit | ||
the proposition to the
voters of the district at a referendum | ||
in accordance with the general election
law. For a bond | ||
proposition put forward by a district organized under this Act, | ||
including a forest preserve district created under Section | ||
18.5, the ballot must have printed on it, but not as part of | ||
the proposition submitted, the following language: | ||
The approximate impact of the proposed increase on the | ||
owner of a single-family home having a market value of | ||
(insert value) would be (insert amount) in the first year | ||
of the increase if the increase is fully implemented.
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(Source: P.A. 86-785.)
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Section 15. 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 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. | ||
For a bond proposition put forward by a district organized | ||
under this Act, the ballot must have printed on it, but not as | ||
part of the proposition submitted, the following language: | ||
The approximate impact of the proposed increase on the | ||
owner of a single-family home having a market value of | ||
(insert value) would be (insert amount) in the first year | ||
of the increase if the increase is fully implemented. | ||
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; 96-1178, eff. 7-22-10.)
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Section 99. Effective date. This Act takes effect upon | ||
becoming law.
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