Bill Text: IL HB4119 | 2017-2018 | 100th General Assembly | Introduced
Bill Title: Amends the School Code. Removes a provision allowing the corporate authorities of a school district to issue refunding bonds without submitting the question to the electors of the school district for approval. Instead, sets forth provisions requiring elector approval before issuance.
Spectrum: Partisan Bill (Republican 1-0)
Status: (Failed) 2019-01-08 - Session Sine Die [HB4119 Detail]
Download: Illinois-2017-HB4119-Introduced.html
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1 | AN ACT concerning education.
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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 School Code is amended by changing Section | ||||||||||||||||||||||||
5 | 19-16 as follows:
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6 | (105 ILCS 5/19-16) (from Ch. 122, par. 19-16)
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7 | Sec. 19-16. Resolution and referendum for issuance. The | ||||||||||||||||||||||||
8 | corporate authorities of any school district , without | ||||||||||||||||||||||||
9 | submitting the
question to the electors thereof for approval, | ||||||||||||||||||||||||
10 | may authorize by resolution the submission to the electors | ||||||||||||||||||||||||
11 | thereof for approval the question of
the issuance of refunding | ||||||||||||||||||||||||
12 | bonds (1) to refund its bonds prior to their
maturity; (2) to | ||||||||||||||||||||||||
13 | refund its unpaid matured bonds; (3) to refund matured
coupons | ||||||||||||||||||||||||
14 | evidencing interest upon its unpaid bonds; (4) to refund | ||||||||||||||||||||||||
15 | interest
at the coupon rate upon its unpaid matured bonds that | ||||||||||||||||||||||||
16 | has accrued since the
maturity of those bonds; (5) to refund | ||||||||||||||||||||||||
17 | its bonds which by their terms are
subject to redemption before | ||||||||||||||||||||||||
18 | maturity; and (6) to refund other valid and
subsisting | ||||||||||||||||||||||||
19 | evidences of indebtedness that are due and payable. These | ||||||||||||||||||||||||
20 | refunding bonds may not be issued unless authorized by a | ||||||||||||||||||||||||
21 | majority of the votes cast on the proposition, which must be | ||||||||||||||||||||||||
22 | conducted in accordance with the general election law. The
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23 | refunding bonds and the procedure for issuing them shall comply |
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1 | with
Sections 19-5 through 19-7.
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2 | (Source: Laws 1961, p. 31 .)
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