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Public Act 093-0709
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| SB2258 Enrolled |
LRB093 15887 RCE 41504 b |
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AN ACT concerning public bodies.
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Be it enacted by the People of the State of Illinois, |
represented in the General Assembly:
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Section 5. The Home Equity Assurance Act is amended by |
changing Sections 4 and 9 as follows:
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(65 ILCS 95/4) (from Ch. 24, par. 1604)
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Sec. 4. Creation of Commission. (a) Whenever in a |
municipality with
more than 1,000,000 inhabitants, the |
question of creating a home equity
program within a contiguous |
territory included entirely within
the municipality is |
initiated by resolution or ordinance
of the corporate |
authorities of the municipality or by a petition
signed by not |
less than 10% of the total number of registered voters of
each |
precinct in the territory, the registered voters of
which are |
eligible to sign the petition, it shall be
the duty of the |
election authority having jurisdiction over such
municipality |
to submit the question of creating a home equity program to
the |
electors of each precinct within
the territory at the regular |
election specified in the resolution,
ordinance or petition |
initiating the question. If the question is
initiated by |
petition and if the requisite number of signatures is not
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obtained in any precinct included within the territory |
described in the
petition, then the petition shall be valid as |
to the territory encompassed by those
precincts for which the |
requisite number of signatures is obtained and any
such |
precinct for which the requisite number of signatures is not |
obtained
shall be excluded from the territory. A petition |
initiating a
question described in this Section shall be filed |
with the election
authority having jurisdiction over the |
municipality. The petition
shall be filed and objections |
thereto shall be made in the manner provided
in the general |
election law. A resolution, ordinance, or petition
initiating a |
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question described in this Section shall specify the election
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at which the question is to be submitted. The referendum on |
such question
shall be held in accordance with general election |
law. Such
question, and the resolution, ordinance, or petition |
initiating the
question, shall include a description of the |
territory, the name of the
proposed home equity program, and |
the maximum rate at which the home
equity program shall be able |
to levy a property tax. All
of that area within the geographic |
boundaries of the territory described in
such question shall be |
included in the program, and no area outside the
geographic |
boundaries of the territory described in such question shall be
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included in the program. If the election authority determines |
that the
description cannot be included within the space |
limitations of the ballot,
the election authority shall prepare |
large printed copies of a notice of
the question, which shall |
be prominently displayed in the polling place of
each precinct |
in which the question is to be submitted.
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(b) Whenever a majority of the voters on such public |
question approve the
creation of a home equity program as |
certified by the proper election
authorities, the mayor of the |
municipality shall appoint, with the consent
of the corporate |
authorities, 9 individuals, to be known as commissioners,
to |
serve as the governing body of the home equity program. The |
mayor
shall choose 7 of the 9 individuals to be appointed to |
the governing
commission from nominees submitted by a community |
organization or community
organizations as defined in this Act. |
A community organization may
recommend up to 20 individuals to |
serve on a governing commission.
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No fewer than 5 commissioners serving at any one time shall |
reside
within the territory of the program.
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Upon creation of a governing commission, the terms of the |
initial
commissioners shall be as follows: 3 shall serve
for |
one year, 3 shall serve for 2 years, and 3 shall serve for 3
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years and until a successor is appointed and qualified. All
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succeeding terms shall be for 3 years, or until a successor is |
appointed
or qualified, and no commissioner may serve more than |
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2 consecutive terms.
Commissioners shall serve without |
compensation except for reimbursement for
reasonable expenses |
incurred in the performance of duties as a
commissioner. A |
vacancy in the office of a member of a commission shall be
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filled in like manner as an original appointment.
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All proceedings and meetings of the governing commission |
shall be
conducted in accordance with the provisions of the |
Open Meetings Act,
as now or hereafter amended.
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(Source: P.A. 86-684.)
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(65 ILCS 95/9) (from Ch. 24, par. 1609)
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Sec. 9. Establishing a new guaranteed value and |
registration date.
(a) A member has the option of applying for |
a new program appraisal by a
program appraiser in order to |
establish a new certificate of participation
with a new |
registration date. The governing commission may exercise the
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right to require a second program appraisal in accordance with |
the
procedures described in Section 6 of this Act. This new |
guaranteed value
shall be subject to the following conditions:
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(1) A new guaranteed value established solely for the |
purpose of
determining a property's increased value due to |
inflation may not be
requested by the member until 5 years have |
elapsed from the member's initial
most recent
registration date |
or 3 years have elapsed from the most recent new registration |
date under this item (1), whichever is later.
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(2) A new guaranteed value established due to home |
improvements shall be
granted only when the value of the home |
improvements exceed $5,000.
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(3) A member may not initiate a claim against the program |
based upon the
new guaranteed value until
8 years after the |
member's initial registration date or 3
5 years after the new |
registration date, whichever is later. Until
that time, |
coverage shall be based on the most recent certificate of
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participation that meets the time limitations
which is at least |
5 years old and the guaranteed value set
forth in that |
certificate of participation.
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(4) If the governing commission, by majority vote, |
determines that the
application for a new appraisal is due to |
substantial property improvements
on the guaranteed residence, |
then the application fee for the appraisal
shall be one-half of |
the registration fee then being charged by the program.
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(5) If the governing commission, by a majority vote, |
concludes that the
application for a new appraisal is not due |
to substantial property
improvements, the application fee for |
the new appraisal shall be the amount
of the registration fee |
then being charged by the program.
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(6) A new guaranteed value shall be subject to all of the |
conditions,
stipulations, and provisions of this Act.
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(b) After following the above procedures, the member shall |
be issued a
new certificate of participation which shall state |
the new guaranteed value
and registration date.
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(c) A member may request a new guaranteed value and |
registration date
only once per year.
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(Source: P.A. 85-1044.)
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Section 99. Effective date. This Act takes effect upon |
becoming law.
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