Bill Text: IL HB1014 | 2019-2020 | 101st General Assembly | Introduced
Bill Title: Amends the Counties Code. Makes a technical change in a Section concerning the issuance of county bonds.
Spectrum: Partisan Bill (Democrat 1-0)
Status: (Introduced - Dead) 2019-04-12 - Rule 19(a) / Re-referred to Rules Committee [HB1014 Detail]
Download: Illinois-2019-HB1014-Introduced.html
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1 | AN ACT concerning local government.
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2 | Be it enacted by the People of the State of Illinois,
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3 | represented in the General Assembly:
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4 | Section 5. The Counties Code is amended by changing Section | |||||||||||||||||||
5 | 5-1012 as follows:
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6 | (55 ILCS 5/5-1012) (from Ch. 34, par. 5-1012)
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7 | Sec. 5-1012. Issuance of county bonds. When the
the county | |||||||||||||||||||
8 | board of any
county deems it necessary to issue county bonds to | |||||||||||||||||||
9 | enable them to perform
any of the duties imposed upon them by | |||||||||||||||||||
10 | law, they may, by an order, entered
of record, specifying the | |||||||||||||||||||
11 | amount of bonds required, and the object for
which they are to | |||||||||||||||||||
12 | be issued, submit to the legal voters of their county, at
any | |||||||||||||||||||
13 | election, the question of issuing such county bonds. The county | |||||||||||||||||||
14 | board
shall certify the question to the proper election | |||||||||||||||||||
15 | officials who shall
submit the question at an election in | |||||||||||||||||||
16 | accordance with the general election
law. The amount of the | |||||||||||||||||||
17 | bonds so issued shall not exceed, including the then
existing | |||||||||||||||||||
18 | indebtedness of the county, 5.75% of the value of such
taxable
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19 | property of such county, as ascertained by the assessment for | |||||||||||||||||||
20 | the State and
county tax for the preceding year or, until | |||||||||||||||||||
21 | January 1, 1983, if greater,
the sum that is produced by | |||||||||||||||||||
22 | multiplying the county's 1978 equalized
assessed valuation by | |||||||||||||||||||
23 | the debt limitation percentage in effect on January
1, 1979. |
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1 | The proposition shall be in substantially the following form: | ||||||
2 | "For
county bonds", or "Against county bonds", and if a | ||||||
3 | majority of the votes on
that question shall be "For county | ||||||
4 | bonds", such county board may issue such
bonds in such | ||||||
5 | denominations as the county board may determine of not less
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6 | than $25 each, payable respectively, in not less than one, nor | ||||||
7 | more than 20
years, with interest payable annually or | ||||||
8 | semi-annually, at the rate of not
more than the greater of (i) | ||||||
9 | the maximum rate authorized by the Bond
Authorization Act, as | ||||||
10 | amended at the time of the making of the contract, or
(ii) 8% | ||||||
11 | per annum. This Section shall not require submission to the | ||||||
12 | voters
of the county of bond issues authorized to be issued | ||||||
13 | without such
submission to the voters under Section 5-1027 or | ||||||
14 | 5-1062 or under Division 5-33,
6-6, 6-8 or 6-27 of this Code. | ||||||
15 | With respect to instruments for the payment of money issued | ||||||
16 | under this
Section or its predecessor either before, on, or | ||||||
17 | after the effective date
of Public Act 86-4, it is and always | ||||||
18 | has been the intention of the General
Assembly (i) that the | ||||||
19 | Omnibus Bond Acts are and always have been
supplementary grants | ||||||
20 | of power to issue instruments in accordance with the
Omnibus | ||||||
21 | Bond Acts, regardless of any provision of this Act or "An Act | ||||||
22 | to
revise the law in relation to counties", approved March 31, | ||||||
23 | 1874, that may
appear to be or to have been more restrictive | ||||||
24 | than those Acts, (ii) that
the provisions of this Section or | ||||||
25 | its predecessor are not a limitation on
the supplementary | ||||||
26 | authority granted by the Omnibus Bond Acts, and (iii)
that |
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1 | instruments issued under this Section or its predecessor within | ||||||
2 | the
supplementary authority granted by the Omnibus Bond Acts | ||||||
3 | are not invalid
because of any provision of this Act or "An Act | ||||||
4 | to revise the law in
relation to counties", approved March 31, | ||||||
5 | 1874, that may appear to be or to
have been more restrictive | ||||||
6 | than those Acts.
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7 | (Source: P.A. 90-655, eff. 7-30-98.)
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