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| [ Engrossed ] | [ House Amendment 001 ] |
91_HB1712
LRB9104059MWcb
1 AN ACT to amend the Counties Code by changing Section
2 5-1012.
3 Be it enacted by the People of the State of Illinois,
4 represented in the General Assembly:
5 Section 5. The Counties Code is amended by changing
6 Section 5-1012 as follows:
7 (55 ILCS 5/5-1012) (from Ch. 34, par. 5-1012)
8 Sec. 5-1012. Issuance of county bonds. When the county
9 board of any county deems it necessary to issue county bonds
10 to enable them to perform any of the duties imposed upon them
11 by law, they may, by an order, entered of record, specifying
12 the amount of bonds required, and the object for which they
13 are to be issued, submit to the legal voters of their county,
14 at any election, the question of issuing the such county
15 bonds. The county board shall certify the question to the
16 proper election officials who shall submit the question at an
17 election in accordance with the general election law. The
18 amount of the bonds so issued shall not exceed, including the
19 then existing indebtedness of the county, 5.75% of the value
20 of the such taxable property of the such county, as
21 ascertained by the assessment for the State and county tax
22 for the preceding year or, until January 1, 1983, if greater,
23 the sum that is produced by multiplying the county's 1978
24 equalized assessed valuation by the debt limitation
25 percentage in effect on January 1, 1979. The proposition
26 shall be in substantially the following form: "For county
27 bonds", or "Against county bonds", and if a majority of the
28 votes on that question shall be "For county bonds", such
29 county board may issue such bonds in such denominations as
30 the county board may determine of not less than $25 each,
31 payable respectively, in not less than one, nor more than 20
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1 years, with interest payable annually or semi-annually, at
2 the rate of not more than the greater of (i) the maximum rate
3 authorized by the Bond Authorization Act, as amended at the
4 time of the making of the contract, or (ii) 8% per annum.
5 This Section shall not require submission to the voters of
6 the county of bond issues authorized to be issued without
7 such submission to the voters under Section 5-1027 or 5-1062
8 or under Division 5-33, 6-6, 6-8 or 6-27 of this Code.
9 With respect to instruments for the payment of money
10 issued under this Section or its predecessor either before,
11 on, or after the effective date of Public Act 86-4, it is and
12 always has been the intention of the General Assembly (i)
13 that the Omnibus Bond Acts are and always have been
14 supplementary grants of power to issue instruments in
15 accordance with the Omnibus Bond Acts, regardless of any
16 provision of this Act or "An Act to revise the law in
17 relation to counties", approved March 31, 1874, that may
18 appear to be or to have been more restrictive than those
19 Acts, (ii) that the provisions of this Section or its
20 predecessor are not a limitation on the supplementary
21 authority granted by the Omnibus Bond Acts, and (iii) that
22 instruments issued under this Section or its predecessor
23 within the supplementary authority granted by the Omnibus
24 Bond Acts are not invalid because of any provision of this
25 Act or "An Act to revise the law in relation to counties",
26 approved March 31, 1874, that may appear to be or to have
27 been more restrictive than those Acts.
28 (Source: P.A. 90-655, eff. 7-30-98.)