Bill Text: IL HB0192 | 2013-2014 | 98th General Assembly | Chaptered
Bill Title: Amends the School Code. In a Section concerning the debt limitations of school districts, provides that, in addition to all other authority to issue bonds, Smithton Community Consolidated School District 130 may issue bonds with an aggregate principal amount not to exceed $15,000,000 if certain conditions are met, including (1) that the voters of the district approve a proposition for the bond issuance at an election held on or after April 9, 2013 and (2) that, prior to the issuance of the bonds, the school board determines, by resolution, that the building and equipping of a new Middle School Building and the alteration, repair, and equipping of the existing Elementary School Building are required as a result of the limited capacity, age, and condition of the existing school building. Provides that the debt incurred on the bonds shall not be considered indebtedness for purposes of any statutory debt limitation and that the bonds must mature within not to exceed 25 years from their date, notwithstanding any other law to the contrary. Effective immediately.
Spectrum: Partisan Bill (Democrat 3-0)
Status: (Passed) 2013-06-28 - Public Act . . . . . . . . . 98-0036 [HB0192 Detail]
Download: Illinois-2013-HB0192-Chaptered.html
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| Public Act 098-0036 | ||||
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AN ACT concerning education.
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Be it enacted by the People of the State of Illinois,
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represented in the General Assembly:
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Section 5. The Local Government Debt Reform Act is amended | ||||
by changing Section 10 as follows:
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(30 ILCS 350/10) (from Ch. 17, par. 6910)
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Sec. 10. General provisions. Bonds authorized by | ||||
applicable law may
be issued in one or more series, bear such | ||||
date or dates, become due at
such time or times within 40 | ||||
years, except as expressly limited by
applicable law, provided | ||||
that notwithstanding any such express limitation bonds issued | ||||
by Lockport High School, Township High School District 113, | ||||
South Suburban Community College District No. 510, Elgin | ||||
Community College District No. 509, or Kishwaukee Community | ||||
College District No. 523 for the purpose of purchasing, | ||||
constructing, or improving real property or paying claims | ||||
against any such district incurred for the purpose of | ||||
purchasing, constructing, or improving real property may | ||||
become due within 25 years, bear interest payable at such | ||||
intervals and at such rate or
rates as authorized under | ||||
applicable law, which rates may be fixed or
variable, be in | ||||
such denominations, be in such form, either coupon,
registered | ||||
or book-entry, carry such conversion, registration, and | ||||
exchange
privileges, be subject to defeasance upon such terms, | ||
have such rank or
priority, be executed in such manner, be | ||
payable in such medium of payment
at such place or places | ||
within or without the State of Illinois, make
provision for a | ||
corporate trustee within or without the State with respect
to | ||
such bonds, prescribe the rights, powers and duties thereof to | ||
be
exercised for the benefit of the governmental unit and the | ||
protection of
the bondholders, provide for the holding in | ||
trust, investment and use of
moneys, funds and accounts held | ||
under an ordinance, provide for assignment
of and direct | ||
payment of the moneys to pay such bonds or to be deposited
into | ||
such funds or accounts directly to such trustee, be subject to | ||
such
terms of redemption with or without premium, and be sold | ||
in such manner at
private or public sale and at such price, all | ||
as the governing body shall
determine. Whenever such bonds are | ||
sold at price less than par, they
shall be sold at such price | ||
and bear interest at such rate or rates such
that either the | ||
true interest cost (yield) or the net interest rate, as may
be | ||
selected by the governing body, received upon the sale of such | ||
bonds
does not exceed the maximum rate otherwise authorized by | ||
applicable law.
Except for an ordinance required to be | ||
published by applicable law in
connection with a backdoor | ||
referendum, any bond ordinance adopted by a
governing body | ||
under applicable law shall, in all instances, become effective
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immediately without publication or posting or any further act | ||
or requirement.
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(Source: P.A. 96-787, eff. 8-28-09; 96-1077, eff. 7-16-10; | ||
97-615, eff. 8-26-11.)
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