|
| | SB2975 Enrolled | | LRB098 13873 OMW 48486 b |
|
|
| 1 | | AN ACT concerning local government.
|
| 2 | | Be it enacted by the People of the State of Illinois,
|
| 3 | | represented in the General Assembly:
|
| 4 | | Section 5. The Downstate Forest Preserve District Act is |
| 5 | | amended by changing Section 13 as follows:
|
| 6 | | (70 ILCS 805/13) (from Ch. 96 1/2, par. 6323) |
| 7 | | Sec. 13. Bonds; limitation on indebtedness.
The board of |
| 8 | | any forest preserve district organized
hereunder may, for any |
| 9 | | of the purposes enumerated in this Act, borrow
money upon the |
| 10 | | faith and credit of such district, and may issue bonds
|
| 11 | | therefor. However, a district with a population of less than |
| 12 | | 3,000,000
may not become indebted in any manner or for any |
| 13 | | purpose to an amount
including existing indebtedness in the |
| 14 | | aggregate exceeding 2.3% of the
assessed value of the taxable |
| 15 | | property therein, as ascertained by the
last equalized |
| 16 | | assessment for State and county purposes. No district, except |
| 17 | | for the Byron Forest Preserve District,
may incur (i) |
| 18 | | indebtedness
in excess of .3% of the assessed value of taxable |
| 19 | | property in the district,
as ascertained by the last equalized |
| 20 | | assessment for State and county purposes,
for the development |
| 21 | | of forest preserve lands held by the district, or (ii)
|
| 22 | | indebtedness for any other purpose except the acquisition of |
| 23 | | land
including acquiring lands in fee simple along or enclosing |
|
| | SB2975 Enrolled | - 2 - | LRB098 13873 OMW 48486 b |
|
|
|
| 1 | | water
courses, drainage ways, lakes, ponds, planned |
| 2 | | impoundments or elsewhere
which are required to store flood |
| 3 | | waters or control other drainage and
water conditions necessary |
| 4 | | for the preservation and management of the
water resources of |
| 5 | | the District, unless the proposition to issue bonds
or |
| 6 | | otherwise incur indebtedness is certified by the board to the |
| 7 | | proper
election officials who shall submit the proposition at |
| 8 | | an election in accordance
with the general election law, and |
| 9 | | approved by a majority of those voting upon the
proposition. No |
| 10 | | district containing fewer than 3,000,000 inhabitants may
incur |
| 11 | | indebtedness for the acquisition of land or lands for any |
| 12 | | purpose
in excess of 55,000 acres, including all lands |
| 13 | | theretofore acquired,
unless the proposition to issue bonds or |
| 14 | | otherwise incur indebtedness is
first submitted to the voters |
| 15 | | of the district at a referendum in accordance
with the general |
| 16 | | election law and approved by a
majority of those voting upon |
| 17 | | the proposition. Before or at the time of
issuing bonds, the |
| 18 | | board shall provide by ordinance for the collection
of an |
| 19 | | annual tax sufficient to pay the interest on the bonds as it |
| 20 | | falls
due, and to pay the bonds as they mature. All bonds |
| 21 | | issued by any forest
preserve district must be divided into |
| 22 | | series, the first of which
matures not later than 5 years after |
| 23 | | the date of issue and the last of
which matures not later than |
| 24 | | 25 years after the date of issue, or for bonds issued prior to |
| 25 | | January 1, 2011, commonly known as "Build America Bonds" as |
| 26 | | authorized by Section 54AA of the Internal Revenue Code of |
|
| | SB2975 Enrolled | - 3 - | LRB098 13873 OMW 48486 b |
|
|
|
| 1 | | 1986, as amended, and for bonds issued from time to time to |
| 2 | | refund "Build America Bonds", not later than 25 years after the |
| 3 | | date of issue. |
| 4 | | Notwithstanding any contrary provision in this Section, |
| 5 | | the Byron Forest Preserve District may not incur (i) |
| 6 | | indebtedness
in excess of .6% of the assessed value of taxable |
| 7 | | property in the district,
as ascertained by the last equalized |
| 8 | | assessment for State and county purposes,
for the development |
| 9 | | of forest preserve lands held by the district, or (ii)
|
| 10 | | indebtedness for any other purpose except the acquisition of |
| 11 | | land
including acquiring lands in fee simple along or enclosing |
| 12 | | water
courses, drainage ways, lakes, ponds, planned |
| 13 | | impoundments or elsewhere
which are required to store flood |
| 14 | | waters or control other drainage and
water conditions necessary |
| 15 | | for the preservation and management of the
water resources of |
| 16 | | the District, unless the proposition to issue bonds
or |
| 17 | | otherwise incur indebtedness is certified by the board to the |
| 18 | | proper
election officials who shall submit the proposition at |
| 19 | | an election in accordance
with the general election law, and |
| 20 | | approved by a majority of those voting upon the
proposition. |
| 21 | | For a bond proposition put forward by a district organized |
| 22 | | under this Act, the ballot must have printed on it, but not as |
| 23 | | part of the proposition submitted, the following language: |
| 24 | | The approximate impact of the proposed increase on the |
| 25 | | owner of a single-family home having a market value of |
| 26 | | (insert value) would be (insert amount) in the first year |