State of Illinois
91st General Assembly
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91_SB0932eng

 
SB932 Engrossed                                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
 
SB932 Engrossed             -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.

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