Bill Text: IL HB4862 | 2021-2022 | 102nd General Assembly | Introduced

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Bill Title: Creates the Better Opportunities for Learning and Development (BOLD) Act. Provides that a governmental unit may establish a property assessed individualized learning opportunity program and create a BOLD area or BOLD areas under the program. Provides that, under the program, the governmental unit may enter into an assessment contract with the record owner of property within a BOLD area to finance or refinance one or more individualized learning opportunities for a resident who owns the property or a child or ward of the resident owner. Sets forth required provisions for the contract with the resident owner. Contains other provisions. Effective immediately.

Spectrum: Partisan Bill (Republican 1-0)

Status: (Introduced - Dead) 2022-01-27 - Referred to Rules Committee [HB4862 Detail]

Download: Illinois-2021-HB4862-Introduced.html

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102ND GENERAL ASSEMBLY State of Illinois 2021 and 2022 HB4862 Introduced , by Rep. Deanne M. Mazzochi SYNOPSIS AS INTRODUCED:
New Act
Creates the Better Opportunities for Learning and Development (BOLD) Act. Provides that a governmental unit may establish a property assessed individualized learning opportunity program and create a BOLD area or BOLD areas under the program. Provides that, under the program, the governmental unit may enter into an assessment contract with the record owner of property within a BOLD area to finance or refinance one or more individualized learning opportunity for a resident who owns the property or a child or ward of the resident owner. Sets forth required provisions for the contract with the resident owner. Contains other provisions. Effective immediately.
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A BILL FOR
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AN ACT concerning finance.
Be it enacted by the People of the State of Illinois,
represented in the General Assembly:
Section 1. Short title. This Act may be cited as the Better
Opportunities for Learning and Development (BOLD) Act.
Section 5. Definitions. As used in this Act:
"Assessment" means a special assessment imposed by a
governmental unit pursuant to an assessment contract.
"Assessment contract" means a voluntary written contract
between the applicable governmental unit (or a permitted
assignee) and record owner governing the terms and conditions
of financing and assessment under a program.
"Authority" means the Illinois Finance Authority.
"BOLD area" means an area designated by a governmental
unit under Section 10.
"Capital provider" means any credit union, federally
insured depository institution, insurance company, trust
company, or other entity approved by a governmental unit or
its program administrator or program administrators that
finances or refinances an individualized learning opportunity
by purchasing BOLD bonds issued by the governmental unit or
the Authority for that purpose. "Capital provider" also means
any special purpose vehicle that is directly or indirectly

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wholly owned by one or more of the entities listed in this
definition or any bond underwriter.
"Educational instructor" shall mean any instructor or
provider of curriculum content for an individualized learning
opportunity.
"Governmental unit" means a county or municipality located
in the State.
"Individualized learning opportunity" means any
educational program of study directed toward students aged 5
through 18, as well as job training opportunities for those
students.
Section 10. Property assessed individualized learning
opportunity program; creation.
(a) Pursuant to the procedures provided in Section 15, a
governmental unit may establish a property assessed
individualized learning opportunity program and, from time to
time, create a BOLD area or BOLD areas under the program.
(b) Under a program, the governmental unit may enter into
an assessment contract with the record owner of property
within a BOLD area to finance or refinance one or more
individualized learning opportunity for a resident who owns
the property or a child or ward of the resident owner. The
assessment contract shall provide for the repayment of all or
a portion of the cost of an individualized learning
opportunity program through assessments upon the property

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benefited. The amount of the financing or refinancing may
include any and all of the following: the cost of books and
instruction; the cost of labor to provide the instruction; if
online instruction is provided, the cost of a router and
computer; application and administrative fees; financing fees;
reserves; capitalized interest; costs of billing the
assessment; and all other fees, costs, and expenses that may
be incurred by the record owner pursuant to the provisions of
the individualized learning opportunity; provided, however,
that this amount in total may not exceed the lesser of $7,500
per year or 90% of the existing property tax levy by a local
unit of government that provides educational services at the
level of instruction in the prior year for the property, less
expenses levied by the school district unit for pension
payments and capital expenditures.
(c) A governmental unit may sell or assign, for
consideration, any and all assessment contracts; the permitted
assignee of the assessment contract shall have and possess the
same delegable powers and rights at law or in equity as the
applicable governmental unit would have if the assessment
contract had not been assigned with regard to (i) the
precedence and priority of liens evidenced by the assessment
contract, (ii) the accrual of interest, and (iii) the fees and
expenses of collection. The permitted assignee shall have the
right to enforce such liens pursuant to subsection (a) of
Section 30. No costs or attorney's fees incurred shall be

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assigned to the recipient of the permitted assignee as a
result of any foreclosure action or other legal proceeding
brought pursuant to this Act for each record owner subject to
the proceedings. Because a current market value for the
assessment contracts is presently unknown, a governmental unit
or the Authority may sell or assign assessment contracts
without competitive bidding or the solicitation of requests
for proposals or requests for qualifications through December
31, 2030; however, on and after January 1, 2031, competitive
bidding or the solicitation of requests for proposals or
requests for qualifications shall be required thereafter.
(d) A program shall be administered by either one or more
than one program administrators or the governmental unit, as
determined by the governing body.
(e) If expenses are incurred for elementary or secondary
education for a child or ward of a property owner for a period
of at least 5 years, or for a period of at least 3 years for
multiple students, a governing body may further allow for the
creation of an amortization schedule where the assessment may
be amortized on a schedule where payoff amounts are to be
completed by the time the property owner reaches the age of 65,
and where the assessment payoff shall be accelerated in the
event of a sale or transfer of property.
Section 15. Program established.
(a) To establish a property assessed individualized

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learning opportunity, the governing body shall adopt a
resolution or ordinance that includes all of the following:
(1) a finding that one or more property owners within
the BOLD district is subject to a local school district or
community college district levy, and that educational
attainment, job training, or preferred curriculum choices
are not currently provided within existing school
districts;
(2) a statement of intent to facilitate access to
educational funding (which may be from one or more program
administrators or as otherwise permitted by this Act) to
provide funds for individualized learning opportunities,
which will be repaid by assessments on the property
benefited with the agreement of the record owners subject
to the limitations provided in subsection (b) of Section
10 above;
(3) a description of the proposed arrangements for
financing the program through the issuance of BOLD bonds
under or in accordance with Section 35; those BOLD bonds
may be purchased by one or more capital providers;
(4) the types of individualized learning opportunities
that may be financed or refinanced;
(5) a description of the territory within the BOLD
area;
(6) a transcript of public comments if any
discretionary public hearing on the proposed program was

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previously held by the governmental unit prior to the
consideration of the resolution or ordinance establishing
the program; and
(7) the report on the proposed program as described in
Section 20; for this purpose, the resolution or ordinance
may incorporate the report or an amended version thereof
by reference and shall be available for public inspection.
(b) A property assessed individualized learning
opportunity may be amended in accordance with the resolution
or ordinance establishing the program.
Section 20. Program report. The report on the proposed
program required under Section 15 shall include all of the
following:
(1) a form of assessment contract between the
governmental unit and record owner governing the terms and
conditions of financing and assessment under the program;
(2) identification of one or more officials authorized
to enter into an assessment contract on behalf of the
governmental unit;
(3) after the first 2 years of operation,
identification of the 5 most prevalent courses of study
selected for the individualized learning opportunities,
and the 5 most common ages or age ranges of those selecting
the program in prior years;
(4) an application process and eligibility

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requirements for financing or refinancing individualized
learning opportunities under the program;
(5) a method for determining interest rates on amounts
financed or refinanced under assessment contracts,
repayment periods, and the maximum amount of an
assessment, if any;
(6) an explanation of the process for billing and
collecting assessments;
(7) a plan to finance the program pursuant to the
issuance of BOLD bonds under or in accordance with Section
35;
(8) information regarding all of the following, to the
extent known, or procedures to determine the following in
the future:
(A) any revenue source or reserve fund or funds to
be used as security for BOLD bonds described in
paragraph (7); and
(B) any application, administration, or other
program fees to be charged to record owners
participating in the program that will be used to
finance and reimburse all or a portion of costs
incurred by the governmental unit as a result of its
program, but which may not exceed as to the property
owner $250 or 5% of the amounts assessed, whichever is
less;
(9) a requirement that the term of an assessment not

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exceed the period of one year; and that the assessment may
not exceed 5% of the value of the property per year;
provided that an assessment contract financing or
refinancing multiple children's individualized learning
opportunities may have a term that may be amortized over a
period of five years, as calculated in accordance with the
principles established by the program report;
(10) If the 5% limit is to be modified, a requirement
for an appropriate ratio of the amount of the assessment
to the greater of any of the following:
(A) the value of the property as determined by the
office of the county assessor; or
(B) the value of the property as determined by an
appraisal conducted by a licensed appraiser;
(11) a requirement that the record owner of property
subject to a mortgage obtain written consent from the
mortgage holder before participating in the program;
(12) provisions for marketing and participant
education;
(13) provisions to avoid predatory lending practices;
and
(14) quality assurance and antifraud measures.
Section 25. Assessment contracts with record owners of
property.
(a) A record owner of property within the BOLD area may

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apply to the governmental unit or its program administrator or
program administrators to finance or refinance an
individualized learning opportunity under the governmental
unit's program.
(b) A governmental unit may impose an assessment under a
property assessed individualized learning opportunity only
pursuant to the terms of a recorded assessment contract with
the record owner of the property to be assessed.
(c) Before entering into an assessment contract with a
record owner under a program, the governmental unit or its
program administrator or program administrators shall verify
that the applicable property is entirely within the BOLD area
and receive evidence of all of the following:
(1) a description of the curriculum for the proposed
individualized learning opportunity;
(2) that there are no delinquent taxes, special
assessments, or water or sewer charges on the property;
(3) that there are no delinquent assessments on the
program;
(4) whether there are any involuntary liens on the
property, including, but not limited to, construction or
mechanics liens, lis pendens or judgments against the
record owner, environmental proceedings, or eminent domain
proceedings;
(5) that no notices of default or other evidence of
property-based debt delinquency have been recorded and not

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cured;
(6) that the record owner is current on all mortgage
debt on the property, the record owner has not filed for
bankruptcy in the last 2 years, and the property is not an
asset in a current bankruptcy proceeding;
(7) that the individualized learning opportunity shall
be performed under the supervision of an accredited
program, certified educator in the State of Illinois or
another State, and for job training opportunities that are
supervised by a professional in the industry or a
vocational educator in which the job training is being
taught or other individual licensed under the Department
of Financial and Professional Regulation, or who has been
certified by a national professional organization, who has
agreed to adhere to a set of terms and conditions through a
process established by the governmental unit or its
program administrator or program administrators;
(8) that the educational instructor or instructors
providing the individualized learning opportunity has or
have signed a written acknowledgment that the governmental
unit or its program administrator or program
administrators will not authorize final payment to the
educational instructor or instructors until the
governmental unit has received written confirmation from
the record owner that the individualized learning
opportunity was properly completed; and if any

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certification standard was agreed upon, that the student
has achieved the applicable certification; provided,
however, that the educational instructor or instructors
retain all legal rights and remedies in the event there is
a disagreement with the record owner;
(9) that the aggregate amount financed or refinanced
under one or more assessment contracts beyond the tax
levies that the property would already incur in connection
with a local school district does not exceed 25% in
relation to the greater of any of the following:
(A) the value of the property as determined by the
office of the county assessor; or
(B) the value of the property as determined by an
appraisal conducted by a licensed appraiser; and
(10) that there is a process for evaluation of the
value and quality of the individualized learning
opportunity.
(d) Before entering into an assessment contract with the
governmental unit, the record owner shall provide to the
mortgage holders of any existing mortgages encumbering or
otherwise secured by the property a notice of the record
owner's intent to enter into an assessment contract with the
governmental unit, together with the maximum principal amount
to be financed or refinanced and the maximum annual assessment
necessary to repay that amount, along with an additional
request that the mortgage holders of any existing mortgages

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consent to the record owner subjecting the property to the
program. The governmental unit shall be provided with a copy
or other proof of those notices and the written consent of the
mortgage holder for the record owner to enter into the
assessment contract which acknowledges that (i) the existing
mortgage or mortgages for which the consent was received will
be subordinate to the assessment contract and the lien created
thereby and (ii) the governmental unit or its permitted
assignee can foreclose the property if the assessments are not
paid.
(e) The first recourse for securing funds to repay
assessments associated with an individualized learning
opportunity program under this Act are the existing property
tax levies imposed each year by the local school district
taxing body for that property owner, provided that neither the
property owner, nor the property owner's children or wards,
are currently attending the unit of local government for which
a levy is being imposed.
(f) If the record owner has signed a certification that
the governmental unit has complied with the provisions of this
Section, then this shall be conclusive evidence as to
compliance with these provisions, but shall not relieve any
educational instructor or the governmental unit from any
potential liability.
(g) If assessments cannot be paid by the property owner,
best efforts shall be made to amortize the outstanding

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assessed amounts over the life of the owner up to the age of
65, with interest to accrue at a rate not to exceed 5% per
year.
(h) The imposition of any assessment pursuant to this Act
shall be exempt from any other statutory procedures or
requirements that condition the imposition of special
assessments or taxes against property, except as specifically
set forth in this Act.
Section 30. Assessments constitute a lien; billing and
collecting.
(a) An assessment contract shall be recorded with the
county in which the BOLD area is located. An assessment
imposed under a property assessed individualized learning
opportunity pursuant to an assessment contract, including any
interest on the assessment and any penalty, shall, upon
recording of the assessment contract in the county in which
the BOLD area is located, constitute a lien against the
property on which the assessment is imposed until the
assessment, including any interest or penalty, is paid in
full. The lien of the assessment contract shall run with the
property until the assessment is paid in full and a
satisfaction or release for the same has been recorded by the
governmental unit or its program administrator or program
administrators and shall have the same lien priority and
status as other property tax and special assessment liens as

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provided in the Property Tax Code. The governmental unit (or
any permitted assignee) shall have all rights and remedies in
the case of default or delinquency in the payment of an
assessment as it does with respect to delinquent property
taxes and other delinquent special assessments as set forth in
Article 9 of the Illinois Municipal Code, including the lien,
sale, and foreclosure remedies described in that Article,
provided that, if the individualized learning opportunity
involves students under the age of 18, no foreclosure action
may occur until the student reaches the age of majority; or
five years from the date on which the student has completed the
individualized learning opportunity that generated the
assessment, whichever is later. When the assessment, including
any interest and penalty, is paid in full, the lien shall be
removed and released from the property.
(b) The assessment shall be imposed by the governmental
unit against each lot, block, tract, and parcel of land set
forth in the assessment contract.
(c) Assessments created under this Act may be billed and
collected as follows:
(1) A county which has established a program may
include assessments in the regular property tax bills of
the county. The county collector of the county in which a
BOLD area is located may bill and collect assessments with
the regular property tax bills of the county if requested
by a municipality within its jurisdiction; no municipality

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is required to make such a request of its county
collector. If the county collector agrees to bill and
collect assessments with the regular property tax bills of
the county, then the applicable assessment contract shall
be filed with the county collector and the annual amount
due as set forth in an assessment contract shall become
due in installments at the times property taxes shall
become due in accordance with each regular property tax
bill payable during the year in which such assessment
comes due;
(2) If the county collector does not agree to bill and
collect assessments with the regular property tax bills of
the county or the governmental unit in which the BOLD area
is located declines to request the county collector to do
so, then the governmental unit shall bill and collect the
assessments, either directly or as permitted in paragraph
(3) of this subsection, and the annual amount due as set
forth in an assessment contract shall become due in
installments on or about the times property taxes would
otherwise become due in accordance with each regular
property tax bill payable during the year in which such
assessment comes due; or
(3) If a governmental unit is billing and collecting
assessments pursuant to paragraph (2) of this subsection,
assessment installments may be billed and collected by the
governmental unit's program administrator or program

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administrators or another third party.
The assessment installments for assessments billed as
provided for under any paragraph of this subsection shall be
payable at the times and in the manner as set forth in the
applicable bill.
(d) If a governmental unit, a program administrator, or
another third party is billing and collecting assessments
pursuant to subsection (b), and the applicable assessment
becomes delinquent during any year, the applicable collector
shall, on or before the date in such year required by the
county in which the BOLD area is located, make a report in
writing to the general office of the county in which the
applicable property subject to the assessment is situated and
authorized by the general revenue laws of this State to apply
for judgment and sell lands for taxes due the county and the
State, of the assessments or installments thereof the
applicable collector has billed for and not received as
required under the applicable bill, including any interest or
penalties that may be due as set forth in the applicable
assessment contract, unless otherwise limited in this Act.
This report shall be certified by the applicable collector and
shall include statements that (i) the report contains true and
correct list of delinquent assessments that the collector has
not received as required by the applicable bill and (ii) an
itemization of the amount of the delinquent assessment,
including interest and penalties, if applicable. The report of

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the applicable collector, when so made, shall be prima facie
evidence that all requirements of the law in relation to
making the report have been complied with and that the
assessments or the matured installments thereof, and the
interest thereon, and the interest accrued on installments not
yet matured, mentioned in the report, are due and unpaid. Upon
proper filing of such report, at the direction of the
governmental unit or its permitted assignee, the county
collector shall enforce the collection of the assessments in
the manner provided by law.
(e) Payment received by mail and postmarked on or before
the required due date is not delinquent. From and after the due
date of any installment of an assessment, an additional rate
of interest of 1/2% per month above the prime rate established
by the Federal Reserve may be imposed with respect to the
delinquent amount of such installment, which shall be payable
to the applicable governmental unit or other permitted
assignee as set forth in the applicable bill, unless otherwise
limited by this Act.
Section 35. Issuance of BOLD bonds.
(a) Except as provided for in subsection (k), a
governmental unit shall issue BOLD bonds under this Act, or
the Authority shall issue BOLD bonds in accordance with this
Act and pursuant to subsection (d) of Section 825-65 of the
Illinois Finance Authority Act, in either case to finance or

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refinance energy projects under a property assessed
individualized learning opportunity program.
(b) BOLD bonds issued under this Act or in accordance with
this Act and pursuant to subsection (d) of Section 825-65 of
the Illinois Finance Authority Act:
(1) shall not be general obligations of the
governmental unit or the Authority, as applicable, but
shall be secured by the following:
(A) payments under one or more assessment
contracts on benefited property or properties within
the BOLD area or BOLD areas specified;
(B) if applicable, municipal bond insurance,
letters of credit, or public or private guarantees or
sureties;
(C) if applicable, revenue sources or reserves
established by the governmental unit or the Authority
from bond proceeds or other lawfully available funds;
and
(D) the property owner's share of a property tax
levy that has been imposed or would be imposed by a
local school district.
(2) may be secured on a parity basis with BOLD bonds of
another series or subseries issued by the governmental
unit or the Authority pursuant to the terms of a master
indenture entered into as authorized by an ordinance or
resolution adopted by the governing body or the Authority,

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as applicable;
(3) may bear interest at any rate or rates not to
exceed such rate or rates as the governing body or the
Authority shall determine by ordinance or resolution,
unless otherwise limited by this Act;
(4) may pay interest upon the date or dates described
in such BOLD bonds;
(5) shall have a maturity no more than 20 years from
the date of issuance;
(6) may be subject to redemption with or without
premium upon such terms and provisions as may be provided
under the terms of a master indenture entered into as
authorized by an ordinance or resolution adopted by the
governing body or the Authority, as applicable, including,
without limitation, terms as to the order of redemption
(numerical, pro rata, by series, subseries, or otherwise)
and as to the timing thereof;
(7) shall be negotiable instruments under Illinois law
and be subject to the Registered Bond Act; and
(8) may be payable either serially or at term, or any
combination thereof, in such order of preference,
priority, lien position, or rank (including, without
limitation, numerical, pro rata, by series, subseries, or
otherwise) as the governing body or Authority may provide.
(c) A pledge of assessments, funds, or contractual rights
made by a governmental unit or the Authority in connection

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with the issuance of BOLD bonds under this Act or in accordance
with this Act and pursuant to Section 825-65 of the Illinois
Finance Authority Act constitutes a statutory lien on the
assessments, funds, or contractual rights so pledged in favor
of the person or persons to whom the pledge is given, without
further action taken by a governmental unit or the Authority,
as applicable. The statutory lien is valid and binding against
all other persons, with or without notice.
(d) The State pledges to and agrees with the holders of any
BOLD bonds issued under this Act or in accordance with the Act
and pursuant to Section 825-65 of the Illinois Finance
Authority Act that the State will not limit or alter the rights
and powers vested in governmental units by this Act or in the
Authority in accordance with this Act and pursuant to Section
825-65 of the Illinois Finance Authority Act so as to impair
the terms of any contract made by a governmental unit or by the
Authority with those bondholders or in any way to impair the
rights or remedies of those bondholders until the BOLD bonds,
together with the interest thereon, and all costs and expenses
in connection with any actions or proceedings by or on behalf
of those bondholders are fully met and discharged.
(e) BOLD bonds issued under this Act or in accordance with
this Act and pursuant to Section 825-65 of the Illinois
Finance Authority Act further essential public and
governmental purposes, including, but not limited to,
expanding opportunity for educational development; workforce

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development; educational opportunity; improving access to
gifted students to challenging curriculum; assisting special
needs students whose current curriculum options are not
adequately serving their needs; and attempting to more
equitably distribute educational benefits, particularly to
lower income homeowners whose children would otherwise be
obligated to attend failing schools, and increased employment.
(g) A capital provider can assign its rights to purchase
BOLD bonds issued by the governmental unit or the Authority to
a designated transferee.
(h) A law firm shall be retained to give a written bond
opinion in connection with any BOLD bond issued under this Act
or in accordance with this Act and pursuant to Section 825-65
of the Illinois Finance Authority Act in form and substance as
requested by the issuer of the BOLD bonds or the capital
provider.
(i) BOLD bonds issued by the Authority in accordance with
this Act and pursuant to subsection (d) of Section 825-65 of
the Illinois Finance Authority Act shall not be entitled to
the benefits of Section 825-75 of the Illinois Finance
Authority Act.
(j) BOLD bonds issued by a governmental unit may otherwise
have any attributes permitted to bonds under the Local
Government Debt Reform Act, as the governing body may provide.
(k) Interim financing prior to the issuance of BOLD bonds
authorized by this Section may be provided only by a warehouse

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fund, except that warehouse funds established by capital
providers shall only interim finance energy projects secured
by one or more assessment contracts for 36 months or less from
the date of recording of the applicable assessment contract.
Section 40. Supplemental powers.
(a) The provisions of this Act are intended to be
supplemental and in addition to all other powers or
authorities granted to any governmental unit, shall be
construed liberally, and shall not be construed as a
limitation of any power or authority otherwise granted.
(b) A governmental unit may use the provisions of this Act
by referencing this Act in the resolution or ordinance
described in Section 15.
Section 45. Recital. BOLD bonds that are issued under this
Act or in accordance with this Act and pursuant to Section
825-65 of the Illinois Finance Authority Act may contain a
recital to that effect and any such recital shall be
conclusive as against the issuer thereof and any other person
as to the validity of the BOLD bonds and as to their compliance
with the provisions of this Act and, as applicable, the
provisions of Section 825-65 of the Illinois Finance Authority
Act.
Section 50. Validation. All actions taken by the Authority

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or any governmental unit under this Act prior to the effective
date of this Act, including, without limitation, creation of a
property assessed individualized learning opportunity program
under Section 10 and Section 15, preparation and approval of a
report on the proposed program under Section 20, entering into
assessment contracts under Section 25, and issuance of bonds,
notes, and other evidences of indebtedness under Section 35
shall be unaffected by the enactment of an amendatory Act of a
subsequent General Assembly and shall continue to be legal,
valid, and in full force and effect.
Section 99. Effective date. This Act takes effect upon
becoming law.