Bill Text: IL SB2975 | 2013-2014 | 98th General Assembly | Chaptered
Bill Title: Amends the Downstate Forest Preserve District Act. Provides that the Byron Forest Preserve District may not incur indebtedness in excess of .6% of the assessed value of taxable property in the district.
Spectrum: Partisan Bill (Republican 2-0)
Status: (Passed) 2014-08-01 - Public Act . . . . . . . . . 98-0835 [SB2975 Detail]
Download: Illinois-2013-SB2975-Chaptered.html
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| Public Act 098-0835 | ||||
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AN ACT concerning local government.
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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 Downstate Forest Preserve District Act is | ||||
amended by changing Section 13 as follows:
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(70 ILCS 805/13) (from Ch. 96 1/2, par. 6323) | ||||
Sec. 13. Bonds; limitation on indebtedness.
The board of | ||||
any forest preserve district organized
hereunder may, for any | ||||
of the purposes enumerated in this Act, borrow
money upon the | ||||
faith and credit of such district, and may issue bonds
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therefor. However, a district with a population of less than | ||||
3,000,000
may not become indebted in any manner or for any | ||||
purpose to an amount
including existing indebtedness in the | ||||
aggregate exceeding 2.3% of the
assessed value of the taxable | ||||
property therein, as ascertained by the
last equalized | ||||
assessment for State and county purposes. No district, except | ||||
for the Byron Forest Preserve District,
may incur (i) | ||||
indebtedness
in excess of .3% of the assessed value of taxable | ||||
property in the district,
as ascertained by the last equalized | ||||
assessment for State and county purposes,
for the development | ||||
of forest preserve lands held by the district, or (ii)
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indebtedness for any other purpose except the acquisition of | ||||
land
including acquiring lands in fee simple along or enclosing | ||||
water
courses, drainage ways, lakes, ponds, planned | ||
impoundments or elsewhere
which are required to store flood | ||
waters or control other drainage and
water conditions necessary | ||
for the preservation and management of the
water resources of | ||
the District, unless the proposition to issue bonds
or | ||
otherwise incur indebtedness is certified by the board to the | ||
proper
election officials who shall submit the proposition at | ||
an election in accordance
with the general election law, and | ||
approved by a majority of those voting upon the
proposition. No | ||
district containing fewer than 3,000,000 inhabitants may
incur | ||
indebtedness for the acquisition of land or lands for any | ||
purpose
in excess of 55,000 acres, including all lands | ||
theretofore acquired,
unless the proposition to issue bonds or | ||
otherwise incur indebtedness is
first submitted to the voters | ||
of the district at a referendum in accordance
with the general | ||
election law and approved by a
majority of those voting upon | ||
the proposition. Before or at the time of
issuing bonds, the | ||
board shall provide by ordinance for the collection
of an | ||
annual tax sufficient to pay the interest on the bonds as it | ||
falls
due, and to pay the bonds as they mature. All bonds | ||
issued by any forest
preserve district must be divided into | ||
series, the first of which
matures not later than 5 years after | ||
the date of issue and the last of
which matures not later than | ||
25 years after the date of issue, or for bonds issued prior to | ||
January 1, 2011, commonly known as "Build America Bonds" as | ||
authorized by Section 54AA of the Internal Revenue Code of | ||
1986, as amended, and for bonds issued from time to time to | ||
refund "Build America Bonds", not later than 25 years after the | ||
date of issue. | ||
Notwithstanding any contrary provision in this Section, | ||
the Byron Forest Preserve District may not incur (i) | ||
indebtedness
in excess of .6% of the assessed value of taxable | ||
property in the district,
as ascertained by the last equalized | ||
assessment for State and county purposes,
for the development | ||
of forest preserve lands held by the district, or (ii)
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indebtedness for any other purpose except the acquisition of | ||
land
including acquiring lands in fee simple along or enclosing | ||
water
courses, drainage ways, lakes, ponds, planned | ||
impoundments or elsewhere
which are required to store flood | ||
waters or control other drainage and
water conditions necessary | ||
for the preservation and management of the
water resources of | ||
the District, unless the proposition to issue bonds
or | ||
otherwise incur indebtedness is certified by the board to the | ||
proper
election officials who shall submit the proposition at | ||
an election in accordance
with the general election law, and | ||
approved by a majority of those voting upon the
proposition. | ||
For a bond proposition put forward by a district organized | ||
under this Act, the ballot must have printed on it, but not as | ||
part of the proposition submitted, the following language: | ||
The approximate impact of the proposed increase on the | ||
owner of a single-family home having a market value of | ||
(insert value) would be (insert amount) in the first year | ||
of the increase if the increase is fully implemented. | ||
This Section does not apply to a forest preserve district | ||
created under Section 18.5 of the Conservation District Act.
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(Source: P.A. 96-828, eff. 12-2-09; 96-1178, eff. 7-22-10; | ||
97-364, eff. 8-15-11.)
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