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91_SB0932
LRB9105673PTmg
1 AN ACT to amend the Bond Issue Notification Act by
2 changing Sections 10, 15, and 30.
3 Be it enacted by the People of the State of Illinois,
4 represented in the General Assembly:
5 Section 5. The Bond Issue Notification Act is amended by
6 changing Sections 10, 15, and 30 as follows:
7 (30 ILCS 352/10)
8 Sec. 10. Hearing requirements. Notwithstanding and in
9 addition to any other law, before adopting an ordinance
10 selling non-referendum general obligation bonds or limited
11 bonds, the governing body of the governmental unit proposing
12 to sell the bonds shall hold at least one public hearing
13 concerning the governing body's intent to sell the bonds.
14 The governing body or the presiding officer of the governing
15 body shall set the date, time, and location of the hearing.
16 The This hearing may be part of a regularly scheduled meeting
17 of the governing body.
18 (Source: P.A. 89-655, eff. 1-1-97.)
19 (30 ILCS 352/15)
20 Sec. 15. Notice requirement. The clerk or secretary of
21 the governmental unit shall publish notice of the hearing at
22 least once in a newspaper of general circulation in the
23 governmental unit not less than 7 nor more than 30 21 days
24 before the date of the hearing. The notice shall also be
25 given by posting at least 48 hours before the hearing a copy
26 of the notice at the principal office of the governing body
27 or, if a principal office does not exist, then at the
28 building in which the hearing is to be held not be placed in
29 the legal notice or classified advertisement sections of the
30 newspaper. The notice, which shall appear above the name of
-2- LRB9105673PTmg
1 the clerk or the secretary, shall be in substantially the
2 following form:
3 The ...... (governmental entity) will hold a public
4 hearing on ... (date) at ... (time). The hearing will be
5 held at .......... (location). The purpose of the
6 hearing will be to receive public comments on the
7 proposal to sell bonds in the amount of $.... (amount)
8 for the purpose of ......... (state purpose).
9 (Name of clerk or secretary of governmental unit) ...........
10 (Seal of clerk or secretary of governmental unit) ......
11 Any notice that excludes that information shall be deemed
12 invalid. Governmental units issuing non-referendum general
13 obligation bonds or limited bonds subject to backdoor
14 referendum under applicable law may publish one notice that
15 includes both the information required by this Section and by
16 the backdoor referendum provision.
17 (Source: P.A. 89-655, eff. 1-1-97.)
18 (30 ILCS 352/30)
19 Sec. 30. Exemptions. Governmental units that are
20 issuing either (i) refunding general obligation bonds, or
21 (ii) refunding limited bonds, or (iii) special service area
22 bonds are not required to comply with the provisions of this
23 Act.
24 (Source: P.A. 89-655, eff. 1-1-97.)
25 Section 99. Effective date. This Act takes effect upon
26 becoming law.