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1 | AN ACT concerning local government.
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2 | Be it enacted by the People of the State of Illinois,
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3 | represented in the General Assembly:
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4 | Section 5. The Conservation District Act is amended by | ||||||||||||||||||||||||||
5 | changing Section 15 as follows:
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6 | (70 ILCS 410/15) (from Ch. 96 1/2, par. 7116)
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7 | Sec. 15. (a) Whenever a district does not have sufficient | ||||||||||||||||||||||||||
8 | money in its
treasury to meet all necessary expenses and | ||||||||||||||||||||||||||
9 | liabilities thereof, it may
issue tax anticipation warrants. | ||||||||||||||||||||||||||
10 | Such issue of tax anticipation warrants
shall be subject to the | ||||||||||||||||||||||||||
11 | provisions of Section 2 of "An Act to provide
for the manner of | ||||||||||||||||||||||||||
12 | issuing warrants upon the treasurer of the State or of
any | ||||||||||||||||||||||||||
13 | county, township, or other municipal corporation or quasi | ||||||||||||||||||||||||||
14 | municipal
corporation, or of any farm drainage district, river | ||||||||||||||||||||||||||
15 | district, drainage
and levee district, fire protection | ||||||||||||||||||||||||||
16 | district and jurors' certificates",
approved June 27, 1913, as | ||||||||||||||||||||||||||
17 | now and hereafter amended.
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18 | (b) For the purpose of acquisition of real property, or | ||||||||||||||||||||||||||
19 | rights thereto, a
district may incur indebtedness and, as | ||||||||||||||||||||||||||
20 | evidence of the indebtedness
thus created, may issue and sell | ||||||||||||||||||||||||||
21 | bonds without first obtaining the
consent of the legal voters | ||||||||||||||||||||||||||
22 | of the district.
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23 | (c) For the purpose of development of real property, a |
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1 | district may incur
indebtedness and, as evidence of the | ||||||
2 | indebtedness thus created, may
issue and sell bonds only after | ||||||
3 | the proposition to issue bonds has been
submitted to the legal | ||||||
4 | voters of the district at an election and has
been approved by | ||||||
5 | a majority of those voting on the proposition. Such
election is | ||||||
6 | subject to Section 15.1 of this Act.
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7 | (d) No district shall become indebted in any manner or for | ||||||
8 | any purpose,
to any amount including existing indebtedness in | ||||||
9 | the aggregate exceeding
0.575% of the value, as equalized or | ||||||
10 | assessed by the Department of Revenue,
of the taxable property | ||||||
11 | therein; except that a district entirely within a
county of | ||||||
12 | under
750,000 inhabitants and contiguous to a county of more | ||||||
13 | than
2,000,000 inhabitants may incur indebtedness,
including | ||||||
14 | existing indebtedness, in the aggregate not
exceeding 1.725% of | ||||||
15 | that value if the aggregate indebtedness over 0.575% is
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16 | submitted to the legal voters of the district at an election | ||||||
17 | and is
approved by a majority of those voting on the | ||||||
18 | proposition as provided in
Section 15.1.
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19 | (e) Before or at the time of issuing bonds for acquisition | ||||||
20 | or development
of real property, the district shall provide by | ||||||
21 | ordinance for the
collection of an annual tax, in addition to | ||||||
22 | all other taxes authorized
by this act, sufficient to pay such | ||||||
23 | bonds and the interest thereon as
the same respectively become | ||||||
24 | due. Such bonds shall be divided into
series, the first of | ||||||
25 | which shall mature not later than 5 years after the
date of | ||||||
26 | issue and the last of which shall mature not later
than 25 20 |
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1 | years after the date of issue; shall bear interest at a rate or
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2 | rates not exceeding the maximum rate permitted in "An Act to | ||||||
3 | authorize
public corporations to issue bonds, other evidences | ||||||
4 | of indebtedness and tax
anticipation warrants subject to | ||||||
5 | interest rate limitations set forth
therein", approved May 26, | ||||||
6 | 1970, as now or hereafter amended; shall be
in such form as the | ||||||
7 | district shall by
resolution provide and shall be payable as to | ||||||
8 | both principal and
interest from the proceeds of the annual | ||||||
9 | levy of taxes authorized to be
levied by this Section, or so | ||||||
10 | much thereof as will be sufficient to pay
the principal thereof | ||||||
11 | and the interest thereon. Prior to the
authorization and | ||||||
12 | issuance of such bonds the district may, with or
without | ||||||
13 | notice, negotiate and enter into an agreement or agreements | ||||||
14 | with
any bank, investment banker, trust company or insurance | ||||||
15 | company or group
thereof whereunder the marketing of such bonds | ||||||
16 | may be assured and
consummated. The proceeds of such bonds | ||||||
17 | shall be deposited in a special
fund, to be kept separate and | ||||||
18 | apart from all other funds of the
conservation district.
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19 | (Source: P.A. 94-617, eff. 8-18-05.)
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20 | Section 10. The Downstate Forest Preserve District Act is | ||||||
21 | amended by changing Section 13 as follows:
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22 | (70 ILCS 805/13) (from Ch. 96 1/2, par. 6323)
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23 | Sec. 13. Bonds; limitation on indebtedness.
The board of | ||||||
24 | any forest preserve district organized
hereunder may, for any |
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1 | of the purposes enumerated in this Act, borrow
money upon the | ||||||
2 | faith and credit of such district, and may issue bonds
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3 | therefor. However, a district with a population of less than | ||||||
4 | 3,000,000
may not become indebted in any manner or for any | ||||||
5 | purpose to an amount
including existing indebtedness in the | ||||||
6 | aggregate exceeding 2.3% of the
assessed value of the taxable | ||||||
7 | property therein, as ascertained by the
last equalized | ||||||
8 | assessment for State and county purposes. No district
may incur | ||||||
9 | (i) indebtedness
in excess of .3% of the assessed value of | ||||||
10 | taxable property in the district,
as ascertained by the last | ||||||
11 | equalized assessment for State and county purposes,
for the | ||||||
12 | development of forest preserve lands held by the district, or | ||||||
13 | (ii)
indebtedness for any other purpose except the acquisition | ||||||
14 | of land
including acquiring lands in fee simple along or | ||||||
15 | enclosing water
courses, drainage ways, lakes, ponds, planned | ||||||
16 | impoundments or elsewhere
which are required to store flood | ||||||
17 | waters or control other drainage and
water conditions necessary | ||||||
18 | for the preservation and management of the
water resources of | ||||||
19 | the District, unless the proposition to issue bonds
or | ||||||
20 | otherwise incur indebtedness is certified by the board to the | ||||||
21 | proper
election officials who shall submit the proposition at | ||||||
22 | an election in accordance
with the general election law, and | ||||||
23 | approved by a majority of those voting upon the
proposition. No | ||||||
24 | district containing fewer than 3,000,000 inhabitants may
incur | ||||||
25 | indebtedness for the acquisition of land or lands for any | ||||||
26 | purpose
in excess of 55,000 acres, including all lands |
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1 | theretofore acquired,
unless the proposition to issue bonds or | ||||||
2 | otherwise incur indebtedness is
first submitted to the voters | ||||||
3 | of the district at a referendum in accordance
with the general | ||||||
4 | election law and approved by a
majority of those voting upon | ||||||
5 | the proposition. Before or at the time of
issuing bonds, the | ||||||
6 | board shall provide by ordinance for the collection
of an | ||||||
7 | annual tax sufficient to pay the interest on the bonds as it | ||||||
8 | falls
due, and to pay the bonds as they mature. All bonds | ||||||
9 | issued by any forest
preserve district must be divided into | ||||||
10 | series, the first of which
matures not later than 5 years after | ||||||
11 | the date of issue and the last of
which matures not later than | ||||||
12 | 25 20 years after the date of issue, or for bonds issued prior | ||||||
13 | to January 1, 2011, commonly known as "Build America Bonds" as | ||||||
14 | authorized by Section 54AA of the Internal Revenue Code of | ||||||
15 | 1986, as amended, and for bonds issued from time to time to | ||||||
16 | refund "Build America Bonds", not later than 25 years after the | ||||||
17 | date of issue.
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18 | This Section does not apply to a forest preserve district | ||||||
19 | created under Section 18.5 of the Conservation District Act.
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20 | (Source: P.A. 96-828, eff. 12-2-09.)
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21 | Section 99. Effective date. This Act takes effect upon | ||||||
22 | becoming law.
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