Bill Text: IL SB1514 | 2009-2010 | 96th General Assembly | Enrolled
Bill Title: Amends the Illinois Municipal Code with respect to the "Business District Development and Redevelopment Law". Authorizes the issuance of bonds without referendum. Specifies notice requirements for a public hearing on a proposed business district plan. Sets forth the procedure for amending a business district plan. Specifies the requirements for a municipality to issue bonds for the payment or reimbursement of business district project costs. Makes numerous other changes. Provides that changes to the Law apply only to new business districts, unless an existing district is conformed by ordinance. Effective immediately.
Spectrum: Partisan Bill (Democrat 2-0)
Status: (Passed) 2009-12-02 - Public Act . . . . . . . . . 96-0828 [SB1514 Detail]
Download: Illinois-2009-SB1514-Enrolled.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 General Obligation Bond Act is amended by | ||||||
5 | changing Sections 8, 9, 14, and 15 as follows:
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6 | (30 ILCS 330/8) (from Ch. 127, par. 658)
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7 | Sec. 8. Bond sale expenses. | ||||||
8 | (a)
An amount not to exceed
0.5 percent of the
principal | ||||||
9 | amount of the proceeds of sale of each bond sale is authorized
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10 | to be used to pay the reasonable costs of issuance and sale, | ||||||
11 | including, without limitation, underwriter's discounts and | ||||||
12 | fees, but excluding bond insurance,
of State of
Illinois | ||||||
13 | general obligation bonds authorized and sold pursuant to this | ||||||
14 | Act, provided that no salaries of State employees or other | ||||||
15 | State office operating expenses shall be paid out of | ||||||
16 | non-appropriated proceeds , provided further that the percent | ||||||
17 | shall be 1.0% for each sale of "Build America Bonds" or | ||||||
18 | "Qualified School Construction Bonds" as defined in | ||||||
19 | subsections (d) and (e) of Section 9, respectively . The | ||||||
20 | Governor's Office of Management and Budget shall compile a | ||||||
21 | summary of all costs of issuance on each sale (including both | ||||||
22 | costs paid out of proceeds and those paid out of appropriated | ||||||
23 | funds) and post that summary on its web site within 20 business |
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1 | days after the issuance of
the Bonds. The summary shall | ||||||
2 | include, as applicable, the respective percentages of | ||||||
3 | participation and compensation of each underwriter that is a | ||||||
4 | member of the underwriting syndicate, legal counsel, financial | ||||||
5 | advisors, and other professionals for the bond issue and an | ||||||
6 | identification of all costs of issuance paid to minority owned | ||||||
7 | businesses, female owned businesses, and businesses owned by | ||||||
8 | persons with disabilities. The terms "minority owned | ||||||
9 | businesses", "female owned businesses", and "business owned by | ||||||
10 | a person with a disability" have the meanings given to those | ||||||
11 | terms in the Business Enterprise for Minorities, Females, and | ||||||
12 | Persons with Disabilities Act. That posting shall be maintained | ||||||
13 | on the web site for a period of at least 30 days. In addition, | ||||||
14 | the Governor's Office of Management and Budget shall provide a | ||||||
15 | written copy of each summary of costs to the Speaker and | ||||||
16 | Minority Leader of the House of Representatives, the President | ||||||
17 | and Minority Leader of the Senate, and the Commission on | ||||||
18 | Government Forecasting and Accountability within 20 business | ||||||
19 | days after each issuance of the Bonds. In addition, the | ||||||
20 | Governor's Office of Management and Budget shall provide copies | ||||||
21 | of all contracts under which any costs of issuance are paid or | ||||||
22 | to be paid to the Commission on Government Forecasting and | ||||||
23 | Accountability within 20 business days after the issuance of | ||||||
24 | Bonds for which those costs are paid or to be paid. Instead of | ||||||
25 | filing a second or subsequent copy of the same contract, the | ||||||
26 | Governor's Office of Management and Budget may file a statement |
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1 | that specified costs are paid under specified contracts filed | ||||||
2 | earlier with the Commission. | ||||||
3 | (b) The Director of the Governor's Office of Management and | ||||||
4 | Budget shall not, in connection with the issuance of Bonds, | ||||||
5 | contract with any underwriter, financial advisor, or attorney | ||||||
6 | unless that underwriter, financial advisor, or attorney | ||||||
7 | certifies that the underwriter, financial advisor, or attorney | ||||||
8 | has not and will not pay a contingent fee, whether directly or | ||||||
9 | indirectly, to a third party for having promoted the selection | ||||||
10 | of the underwriter, financial advisor, or attorney for that | ||||||
11 | contract. In the event that the Governor's Office of Management | ||||||
12 | and Budget determines that an underwriter, financial advisor, | ||||||
13 | or attorney has filed a false certification with respect to the | ||||||
14 | payment of contingent fees, the Governor's Office of Management | ||||||
15 | and Budget shall not contract with that underwriter, financial | ||||||
16 | advisor, or attorney, or with any firm employing any person who | ||||||
17 | signed false certifications, for a period of 2 calendar years, | ||||||
18 | beginning with the date the determination is made. The validity | ||||||
19 | of Bonds issued under such circumstances of violation pursuant | ||||||
20 | to this Section shall not be affected.
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21 | (Source: P.A. 93-2, eff. 4-7-03; 93-839, eff. 7-30-04; 93-1067, | ||||||
22 | eff. 1-15-05.)
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23 | (30 ILCS 330/9) (from Ch. 127, par. 659)
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24 | Sec. 9. Conditions for Issuance and Sale of Bonds - | ||||||
25 | Requirements for
Bonds. |
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1 | (a) Except as otherwise provided in this subsection, Bonds | ||||||
2 | shall be issued and sold from time to time, in one or
more | ||||||
3 | series, in such amounts and at such prices as may be directed | ||||||
4 | by the
Governor, upon recommendation by the Director of the
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5 | Governor's Office of Management and Budget.
Bonds shall be in | ||||||
6 | such form (either coupon, registered or book entry), in
such | ||||||
7 | denominations, payable within 25 years from their date, subject | ||||||
8 | to such
terms of redemption with or without premium, bear | ||||||
9 | interest payable at
such times and at such fixed or variable | ||||||
10 | rate or rates, and be dated
as shall be fixed and determined by | ||||||
11 | the Director of
the
Governor's Office of Management and Budget
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12 | in the order authorizing the issuance and sale
of any series of | ||||||
13 | Bonds, which order shall be approved by the Governor
and is | ||||||
14 | herein called a "Bond Sale Order"; provided however, that | ||||||
15 | interest
payable at fixed or variable rates shall not exceed | ||||||
16 | that permitted in the
Bond Authorization Act, as now or | ||||||
17 | hereafter amended. Bonds shall be
payable at such place or | ||||||
18 | places, within or without the State of Illinois, and
may be | ||||||
19 | made registrable as to either principal or as to both principal | ||||||
20 | and
interest, as shall be specified in the Bond Sale Order. | ||||||
21 | Bonds may be callable
or subject to purchase and retirement or | ||||||
22 | tender and remarketing as fixed
and determined in the Bond Sale | ||||||
23 | Order. Bonds, other than Bonds issued under Section 3 of this | ||||||
24 | Act for the costs associated with the purchase and | ||||||
25 | implementation of information technology, (i) except for | ||||||
26 | refunding Bonds satisfying the requirements of Section 16 of |
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1 | this Act and sold during fiscal year 2009, 2010, or 2011, must | ||||||
2 | be issued with principal or mandatory redemption amounts in | ||||||
3 | equal amounts, with the first maturity issued occurring within | ||||||
4 | the fiscal year in which the Bonds are issued or within the | ||||||
5 | next succeeding fiscal year and (ii) must mature or be subject | ||||||
6 | to mandatory redemption each fiscal year thereafter up to 25 | ||||||
7 | years, except for refunding Bonds satisfying the requirements | ||||||
8 | of Section 16 of this Act and sold during fiscal year 2009, | ||||||
9 | 2010, or 2011 which must mature or be subject to mandatory | ||||||
10 | redemption each fiscal year thereafter up to 16 years. Bonds | ||||||
11 | issued under Section 3 of this Act for the costs associated | ||||||
12 | with the purchase and implementation of information technology | ||||||
13 | must be issued with principal or mandatory redemption amounts | ||||||
14 | in equal amounts, with the first maturity issued occurring with | ||||||
15 | the fiscal year in which the respective bonds are issued or | ||||||
16 | with the next succeeding fiscal year, with the respective bonds | ||||||
17 | issued maturing or subject to mandatory redemption each fiscal | ||||||
18 | year thereafter up to 10 years. Notwithstanding any provision | ||||||
19 | of this Act to the contrary, the Bonds authorized by Public Act | ||||||
20 | 96-43 this amendatory Act of the 96th General Assembly shall be | ||||||
21 | payable within 5 years from their date and must be issued with | ||||||
22 | principal or mandatory redemption amounts in equal amounts, | ||||||
23 | with payment of principal or mandatory redemption beginning in | ||||||
24 | the first fiscal year following the fiscal year in which the | ||||||
25 | Bonds are issued.
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26 | In the case of any series of Bonds bearing interest at a |
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1 | variable interest
rate ("Variable Rate Bonds"), in lieu of | ||||||
2 | determining the rate or rates at which
such series of Variable | ||||||
3 | Rate Bonds shall bear interest and the price or prices
at which | ||||||
4 | such Variable Rate Bonds shall be initially sold or remarketed | ||||||
5 | (in the
event of purchase and subsequent resale), the Bond Sale | ||||||
6 | Order may provide that
such interest rates and prices may vary | ||||||
7 | from time to time depending on criteria
established in such | ||||||
8 | Bond Sale Order, which criteria may include, without
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9 | limitation, references to indices or variations in interest | ||||||
10 | rates as may, in
the judgment of a remarketing agent, be | ||||||
11 | necessary to cause Variable Rate Bonds
of such series to be | ||||||
12 | remarketable from time to time at a price equal to their
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13 | principal amount, and may provide for appointment of a bank, | ||||||
14 | trust company,
investment bank, or other financial institution | ||||||
15 | to serve as remarketing agent
in that connection.
The Bond Sale | ||||||
16 | Order may provide that alternative interest rates or provisions
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17 | for establishing alternative interest rates, different | ||||||
18 | security or claim
priorities, or different call or amortization | ||||||
19 | provisions will apply during
such times as Variable Rate Bonds | ||||||
20 | of any series are held by a person providing
credit or | ||||||
21 | liquidity enhancement arrangements for such Bonds as | ||||||
22 | authorized in
subsection (b) of this Section.
The Bond Sale | ||||||
23 | Order may also provide for such variable interest rates to be
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24 | established pursuant to a process generally known as an auction | ||||||
25 | rate process
and may provide for appointment of one or more | ||||||
26 | financial institutions to serve
as auction agents and |
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1 | broker-dealers in connection with the establishment of
such | ||||||
2 | interest rates and the sale and remarketing of such Bonds.
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3 | (b) In connection with the issuance of any series of Bonds, | ||||||
4 | the State may
enter into arrangements to provide additional | ||||||
5 | security and liquidity for such
Bonds, including, without | ||||||
6 | limitation, bond or interest rate insurance or
letters of | ||||||
7 | credit, lines of credit, bond purchase contracts, or other
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8 | arrangements whereby funds are made available to retire or | ||||||
9 | purchase Bonds,
thereby assuring the ability of owners of the | ||||||
10 | Bonds to sell or redeem their
Bonds. The State may enter into | ||||||
11 | contracts and may agree to pay fees to persons
providing such | ||||||
12 | arrangements, but only under circumstances where the Director | ||||||
13 | of
the
Governor's Office of Management and Budget certifies | ||||||
14 | that he or she reasonably expects the total
interest paid or to | ||||||
15 | be paid on the Bonds, together with the fees for the
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16 | arrangements (being treated as if interest), would not, taken | ||||||
17 | together, cause
the Bonds to bear interest, calculated to their | ||||||
18 | stated maturity, at a rate in
excess of the rate that the Bonds | ||||||
19 | would bear in the absence of such
arrangements.
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20 | The State may, with respect to Bonds issued or anticipated | ||||||
21 | to be issued,
participate in and enter into arrangements with | ||||||
22 | respect to interest rate
protection or exchange agreements, | ||||||
23 | guarantees, or financial futures contracts
for the purpose of | ||||||
24 | limiting, reducing, or managing interest rate exposure.
The | ||||||
25 | authority granted under this paragraph, however, shall not | ||||||
26 | increase the principal amount of Bonds authorized to be issued |
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1 | by law. The arrangements may be executed and delivered by the | ||||||
2 | Director
of the
Governor's Office of Management and Budget on | ||||||
3 | behalf of the State. Net payments for such
arrangements shall | ||||||
4 | constitute interest on the Bonds and shall be paid from the
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5 | General Obligation Bond Retirement and Interest Fund. The | ||||||
6 | Director of the
Governor's Office of Management and Budget | ||||||
7 | shall at least annually certify to the Governor and
the
State | ||||||
8 | Comptroller his or her estimate of the amounts of such net | ||||||
9 | payments to
be included in the calculation of interest required | ||||||
10 | to be paid by the State.
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11 | (c) Prior to the issuance of any Variable Rate Bonds | ||||||
12 | pursuant to
subsection (a), the Director of the
Governor's | ||||||
13 | Office of Management and Budget shall adopt an
interest rate | ||||||
14 | risk management policy providing that the amount of the State's
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15 | variable rate exposure with respect to Bonds shall not exceed | ||||||
16 | 20%. This policy
shall remain in effect while any Bonds are | ||||||
17 | outstanding and the issuance of
Bonds
shall be subject to the | ||||||
18 | terms of such policy. The terms of this policy may be
amended | ||||||
19 | from time to time by the Director of the
Governor's Office of | ||||||
20 | Management and Budget but in no
event shall any amendment cause | ||||||
21 | the permitted level of the State's variable
rate exposure with | ||||||
22 | respect to Bonds to exceed 20%.
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23 | (d) "Build America Bonds" in this Section means Bonds | ||||||
24 | authorized by Section 54AA of the Internal Revenue Code of | ||||||
25 | 1986, as amended ("Internal Revenue Code"), and bonds issued | ||||||
26 | from time to time to refund or continue to refund "Build |
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1 | America Bonds". | ||||||
2 | (e) Notwithstanding any other provision of this Section, | ||||||
3 | Qualified School Construction Bonds shall be issued and sold | ||||||
4 | from time to time, in one or more series, in such amounts and | ||||||
5 | at such prices as may be directed by the Governor, upon | ||||||
6 | recommendation by the Director of the Governor's Office of | ||||||
7 | Management and Budget. Qualified School Construction Bonds | ||||||
8 | shall be in such form (either coupon, registered or book | ||||||
9 | entry), in such denominations, payable within 25 years from | ||||||
10 | their date, subject to such terms of redemption with or without | ||||||
11 | premium, and if the Qualified School Construction Bonds are | ||||||
12 | issued with a supplemental coupon, bear interest payable at | ||||||
13 | such times and at such fixed or variable rate or rates, and be | ||||||
14 | dated as shall be fixed and determined by the Director of the | ||||||
15 | Governor's Office of Management and Budget in the order | ||||||
16 | authorizing the issuance and sale of any series of Qualified | ||||||
17 | School Construction Bonds, which order shall be approved by the | ||||||
18 | Governor and is herein called a "Bond Sale Order"; except that | ||||||
19 | interest payable at fixed or variable rates, if any, shall not | ||||||
20 | exceed that permitted in the Bond Authorization Act, as now or | ||||||
21 | hereafter amended. Qualified School Construction Bonds shall | ||||||
22 | be payable at such place or places, within or without the State | ||||||
23 | of Illinois, and may be made registrable as to either principal | ||||||
24 | or as to both principal and interest, as shall be specified in | ||||||
25 | the Bond Sale Order. Qualified School Construction Bonds may be | ||||||
26 | callable or subject to purchase and retirement or tender and |
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1 | remarketing as fixed and determined in the Bond Sale Order. | ||||||
2 | Qualified School Construction Bonds must be issued with | ||||||
3 | principal or mandatory redemption amounts or sinking fund | ||||||
4 | payments into the General Obligation Bond Retirement and | ||||||
5 | Interest Fund (or subaccount therefor) in equal amounts, with | ||||||
6 | the first maturity issued, mandatory redemption payment or | ||||||
7 | sinking fund payment occurring within the fiscal year in which | ||||||
8 | the Qualified School Construction Bonds are issued or within | ||||||
9 | the next succeeding fiscal year, with Qualified School | ||||||
10 | Construction Bonds issued maturing or subject to mandatory | ||||||
11 | redemption or with sinking fund payments thereof deposited each | ||||||
12 | fiscal year thereafter up to 25 years. Sinking fund payments | ||||||
13 | set forth in this subsection shall be permitted only to the | ||||||
14 | extent authorized in Section 54F of the Internal Revenue Code | ||||||
15 | or as otherwise determined by the Director of the Governor's | ||||||
16 | Office of Management and Budget. "Qualified School | ||||||
17 | Construction Bonds" in this subsection means Bonds authorized | ||||||
18 | by Section 54F of the Internal Revenue Code and for bonds | ||||||
19 | issued from time to time to refund or continue to refund such | ||||||
20 | "Qualified School Construction Bonds". | ||||||
21 | (Source: P.A. 96-18, eff. 6-26-09; 96-37, eff. 7-13-09; 96-43, | ||||||
22 | eff. 7-15-09; revised 8-20-09.)
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23 | (30 ILCS 330/14) (from Ch. 127, par. 664)
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24 | Sec. 14. Repayment.
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25 | (a) To provide for the manner of repayment of Bonds, the |
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1 | Governor shall
include an appropriation in each annual State | ||||||
2 | Budget of monies in such amount
as shall be necessary and | ||||||
3 | sufficient, for the period covered by such budget,
to pay the | ||||||
4 | interest, as it shall accrue, on all Bonds issued under this | ||||||
5 | Act,
to pay and discharge the principal of such Bonds as shall, | ||||||
6 | by their terms,
fall due during such period, and to pay a | ||||||
7 | premium, if any, on Bonds to be
redeemed prior to the maturity | ||||||
8 | date , and to pay sinking fund payments in connection with | ||||||
9 | Qualified School Construction Bonds authorized by subsection | ||||||
10 | (e) of Section 9 . Amounts included in such appropriations
for | ||||||
11 | the payment of interest on variable rate bonds shall be the | ||||||
12 | maximum amounts
of interest that may be payable for the period | ||||||
13 | covered by the budget, after
taking into account any credits | ||||||
14 | permitted in the related indenture or other
instrument against | ||||||
15 | the amount of such interest required to be appropriated for
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16 | such period. Amounts included in such appropriations for the | ||||||
17 | payment of
interest shall include the amounts certified by the | ||||||
18 | Director of the
Governor's Office of Management and Budget | ||||||
19 | under subsection (b) of Section 9 of this Act.
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20 | (b) A separate fund in the State Treasury called the | ||||||
21 | "General Obligation
Bond Retirement and Interest Fund" is | ||||||
22 | hereby created.
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23 | (c) The General Assembly shall annually make | ||||||
24 | appropriations to pay the
principal of, interest on, and | ||||||
25 | premium, if any, on Bonds sold under this
Act from the General | ||||||
26 | Obligation Bond Retirement and Interest Fund.
Amounts included |
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1 | in such appropriations for the payment of interest on
variable | ||||||
2 | rate bonds shall be the maximum amounts of interest that may be
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3 | payable during the fiscal year, after taking into account any | ||||||
4 | credits
permitted in the related indenture or other instrument | ||||||
5 | against the amount
of such interest required to be appropriated | ||||||
6 | for such period. Amounts included
in such appropriations for | ||||||
7 | the payment of interest shall include the amounts
certified by | ||||||
8 | the Director of the
Governor's Office of Management and Budget | ||||||
9 | under subsection (b) of
Section 9 of this Act.
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10 | If for any reason there are insufficient funds in either | ||||||
11 | the General
Revenue Fund or the Road Fund to make
transfers to | ||||||
12 | the General Obligation Bond Retirement and Interest Fund as
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13 | required by Section 15 of this Act, or if for any reason the | ||||||
14 | General Assembly
fails to make appropriations sufficient to pay | ||||||
15 | the principal of, interest on,
and premium, if any, on the | ||||||
16 | Bonds, as the same by their terms shall become due,
this Act | ||||||
17 | shall constitute an irrevocable and continuing appropriation | ||||||
18 | of all
amounts necessary for that purpose, and the irrevocable | ||||||
19 | and continuing
authority for and direction to the State | ||||||
20 | Treasurer and the Comptroller to make
the necessary transfers, | ||||||
21 | as directed by the Governor, out of and disbursements
from the | ||||||
22 | revenues and funds of the
State.
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23 | (d) If, because of insufficient funds in either the General | ||||||
24 | Revenue Fund
or the Road Fund, monies have been transferred to | ||||||
25 | the General Obligation
Bond Retirement and Interest Fund, as | ||||||
26 | required by subsection (c) of this
Section, this Act shall |
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1 | constitute the irrevocable and continuing authority
for and | ||||||
2 | direction to the State Treasurer and Comptroller to reimburse | ||||||
3 | these
funds of the State from the General Revenue Fund or the | ||||||
4 | Road Fund, as
appropriate, by transferring, at such times and | ||||||
5 | in such amounts, as directed by
the Governor, an amount to | ||||||
6 | these funds equal to that transferred from them.
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7 | (Source: P.A. 93-9, eff. 6-3-03; 94-793, eff. 5-19-06.)
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8 | (30 ILCS 330/15) (from Ch. 127, par. 665)
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9 | Sec. 15. Computation of Principal and Interest; transfers.
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10 | (a) Upon each delivery of Bonds authorized to be issued | ||||||
11 | under this Act,
the Comptroller shall compute and certify to | ||||||
12 | the Treasurer the total amount
of principal of, interest on, | ||||||
13 | and premium, if any, on Bonds issued that will
be payable in | ||||||
14 | order to retire such Bonds , and the amount of principal of,
| ||||||
15 | interest on and premium, if any, on such Bonds that will be | ||||||
16 | payable on each
payment date according to the tenor of such | ||||||
17 | Bonds during the then current and
each succeeding fiscal year , | ||||||
18 | and the amount of sinking fund payments needed to be deposited | ||||||
19 | in connection with Qualified School Construction Bonds | ||||||
20 | authorized by subsection (e) of Section 9 .
With respect to the | ||||||
21 | interest payable on variable rate bonds, such
certifications | ||||||
22 | shall be calculated at the maximum rate of interest that
may be | ||||||
23 | payable during the fiscal year, after taking into account any | ||||||
24 | credits
permitted in the related indenture or other instrument | ||||||
25 | against the amount
of such interest required to be appropriated |
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| |||||||
1 | for such period pursuant to
subsection (c) of Section 14 of | ||||||
2 | this Act. With respect to the interest
payable, such | ||||||
3 | certifications shall include the amounts certified by the
| ||||||
4 | Director of the
Governor's Office of Management and Budget | ||||||
5 | under subsection (b) of Section 9 of
this Act.
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6 | On or before the last day of each month the State Treasurer | ||||||
7 | and Comptroller
shall transfer from (1) the Road Fund with | ||||||
8 | respect to Bonds issued under
paragraph (a) of Section 4 of | ||||||
9 | this Act or Bonds issued for the purpose of
refunding such | ||||||
10 | bonds, and from (2) the General
Revenue Fund, with respect to | ||||||
11 | all other Bonds issued under this Act, to the
General | ||||||
12 | Obligation Bond Retirement and Interest Fund an amount | ||||||
13 | sufficient to
pay the aggregate of the principal of, interest | ||||||
14 | on, and premium, if any, on
Bonds payable, by their terms on | ||||||
15 | the next payment date divided by the number of
full calendar | ||||||
16 | months between the date of such Bonds and the first such | ||||||
17 | payment
date, and thereafter, divided by the number of months | ||||||
18 | between each succeeding
payment date after the first. Such | ||||||
19 | computations and transfers shall be
made for each series of | ||||||
20 | Bonds issued and delivered. Interest payable on
variable rate | ||||||
21 | bonds shall be calculated at the maximum rate of interest that
| ||||||
22 | may be payable for the relevant period, after taking into | ||||||
23 | account any credits
permitted in the related indenture or other | ||||||
24 | instrument against the amount of
such interest required to be | ||||||
25 | appropriated for such period pursuant to
subsection (c) of | ||||||
26 | Section 14 of this Act. Computations of interest shall
include |
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| |||||||
1 | the amounts certified by the Director of the
Governor's Office | ||||||
2 | of Management and Budget
under subsection (b) of Section 9 of | ||||||
3 | this Act. Interest for which moneys
have already been deposited | ||||||
4 | into the capitalized interest account within the
General | ||||||
5 | Obligation Bond Retirement and Interest Fund shall not be | ||||||
6 | included
in the calculation of the amounts to be transferred | ||||||
7 | under this subsection. Notwithstanding any other provision in | ||||||
8 | this Section, the transfer provisions provided in this | ||||||
9 | paragraph shall not apply to transfers made in fiscal year 2010 | ||||||
10 | with respect to Bonds issued in fiscal year 2010 pursuant to | ||||||
11 | Section 7.2 of this Act. In the case of transfers made in | ||||||
12 | fiscal year 2010 with respect to the Bonds issued in fiscal | ||||||
13 | year 2010 pursuant to Section 7.2 of this Act, on or before the | ||||||
14 | 15th day of the month prior to the required debt service | ||||||
15 | payment, the State Treasurer and Comptroller shall transfer | ||||||
16 | from the General Revenue Fund to the General Obligation Bond | ||||||
17 | Retirement and Interest Fund an amount sufficient to pay the | ||||||
18 | aggregate of the principal of, interest on, and premium, if | ||||||
19 | any, on the Bonds payable in that next month.
| ||||||
20 | The transfer of monies herein and above directed is not | ||||||
21 | required if monies
in the General Obligation Bond Retirement | ||||||
22 | and Interest Fund are more than
the amount otherwise to be | ||||||
23 | transferred as herein above provided, and if the
Governor or | ||||||
24 | his authorized representative notifies the State Treasurer and
| ||||||
25 | Comptroller of such fact in writing.
| ||||||
26 | (b) After the effective date of this Act, the balance of, |
| |||||||
| |||||||
1 | and monies
directed to be included in the Capital Development | ||||||
2 | Bond Retirement and
Interest Fund, Anti-Pollution Bond | ||||||
3 | Retirement and Interest Fund,
Transportation Bond, Series A | ||||||
4 | Retirement and Interest Fund, Transportation
Bond, Series B | ||||||
5 | Retirement and Interest Fund, and Coal Development Bond
| ||||||
6 | Retirement and Interest Fund shall be transferred to and | ||||||
7 | deposited in the
General Obligation Bond Retirement and | ||||||
8 | Interest Fund. This Fund shall be
used to make debt service | ||||||
9 | payments on the State's general obligation Bonds
heretofore | ||||||
10 | issued which are now outstanding and payable from the Funds | ||||||
11 | herein
listed as well as on Bonds issued under this Act.
| ||||||
12 | (c) The unused portion of federal funds received for a | ||||||
13 | capital
facilities project, as authorized by Section 3 of this | ||||||
14 | Act, for which
monies from the Capital Development Fund have | ||||||
15 | been expended shall be
deposited upon completion of the project | ||||||
16 | in the General Obligation Bond
Retirement and Interest Fund. | ||||||
17 | Any federal funds received as reimbursement
for the completed | ||||||
18 | construction of a capital facilities project, as
authorized by | ||||||
19 | Section 3 of this Act, for which monies from the Capital
| ||||||
20 | Development Fund have been expended shall be deposited in the | ||||||
21 | General
Obligation Bond Retirement and Interest Fund.
| ||||||
22 | (Source: P.A. 96-43, eff. 7-15-09.)
| ||||||
23 | Section 10. The Build Illinois Bond Act is amended by | ||||||
24 | changing Sections 5 and 6 as follows:
|
| |||||||
| |||||||
1 | (30 ILCS 425/5) (from Ch. 127, par. 2805)
| ||||||
2 | Sec. 5. Bond Sale Expenses. | ||||||
3 | (a) An amount not to exceed 0.5% of the principal amount of | ||||||
4 | the proceeds of the sale of each bond sale is authorized to be | ||||||
5 | used to pay
reasonable costs of each issuance and sale of Bonds | ||||||
6 | authorized and sold
pursuant to this Act, including, without | ||||||
7 | limitation, underwriter's discounts and fees, but excluding | ||||||
8 | bond insurance, advertising, printing, bond rating, travel of | ||||||
9 | outside vendors,
security, delivery, legal and financial | ||||||
10 | advisory services, initial fees
of trustees, registrars, | ||||||
11 | paying agents and other fiduciaries, initial costs
of credit or | ||||||
12 | liquidity enhancement arrangements, initial fees of indexing
| ||||||
13 | and remarketing agents, and initial costs of interest rate | ||||||
14 | swaps,
guarantees or arrangements to limit interest rate risk, | ||||||
15 | as determined in
the related Bond Sale Order,
from
the proceeds | ||||||
16 | of each Bond sale, provided that no salaries of State employees | ||||||
17 | or other State office operating expenses shall be paid out of | ||||||
18 | non-appropriated proceeds , and provided further that the | ||||||
19 | percent shall be 1.0% for each sale of “Build America Bonds” as | ||||||
20 | defined in subsection (c) of Section 6 . The Governor's Office | ||||||
21 | of Management and Budget shall compile a summary of all costs | ||||||
22 | of issuance on each sale (including both costs paid out of | ||||||
23 | proceeds and those paid out of appropriated funds) and post | ||||||
24 | that summary on its web site within 20 business days after the | ||||||
25 | issuance of the bonds. That posting shall be maintained on the | ||||||
26 | web site for a period of at least 30 days. In addition, the |
| |||||||
| |||||||
1 | Governor's Office of Management and Budget shall provide a | ||||||
2 | written copy of each summary of costs to the Speaker and | ||||||
3 | Minority Leader of the House of Representatives, the President | ||||||
4 | and Minority Leader of the Senate, and the Commission on | ||||||
5 | Government Forecasting and Accountability within 20 business | ||||||
6 | days after each issuance of the bonds. This summary shall | ||||||
7 | include, as applicable, the respective percentage of | ||||||
8 | participation and compensation of each underwriter that is a | ||||||
9 | member of the underwriting syndicate, legal counsel, financial | ||||||
10 | advisors, and other professionals for the Bond issue, and an | ||||||
11 | identification of all costs of issuance paid to minority owned | ||||||
12 | businesses, female owned businesses, and businesses owned by | ||||||
13 | persons with disabilities. The terms "minority owned | ||||||
14 | businesses", "female owned businesses", and "business owned by | ||||||
15 | a person with a disability" have the meanings given to those | ||||||
16 | terms in the Business Enterprise for Minorities, Females, and | ||||||
17 | Persons with Disabilities Act. In addition, the Governor's | ||||||
18 | Office of Management and Budget shall provide copies of all | ||||||
19 | contracts under which any costs of issuance are paid or to be | ||||||
20 | paid to the Commission on Government Forecasting and | ||||||
21 | Accountability within 20 business days after the issuance of | ||||||
22 | Bonds for which those costs are paid or to be paid. Instead of | ||||||
23 | filing a second or subsequent copy of the same contract, the | ||||||
24 | Governor's Office of Management and Budget may file a statement | ||||||
25 | that specified costs are paid under specified contracts filed | ||||||
26 | earlier with the Commission.
|
| |||||||
| |||||||
1 | (b) The Director of the Governor's Office of Management and | ||||||
2 | Budget shall not, in connection with the issuance of Bonds, | ||||||
3 | contract with any underwriter, financial advisor, or attorney | ||||||
4 | unless that underwriter, financial advisor, or attorney | ||||||
5 | certifies that the underwriter, financial advisor, or attorney | ||||||
6 | has not and will not pay a contingent fee, whether directly or | ||||||
7 | indirectly, to any third party for having promoted the | ||||||
8 | selection of the underwriter, financial advisor, or attorney | ||||||
9 | for that contract. In the event that the Governor's Office of | ||||||
10 | Management and Budget determines that an underwriter, | ||||||
11 | financial advisor, or attorney has filed a false certification | ||||||
12 | with respect to the payment of contingent fees, the Governor's | ||||||
13 | Office of Management and Budget shall not contract with that | ||||||
14 | underwriter, financial advisor, or attorney, or with any firm | ||||||
15 | employing any person who signed false certifications, for a | ||||||
16 | period of 2 calendar years, beginning with the date the | ||||||
17 | determination is made. The validity of Bonds issued under such | ||||||
18 | circumstances of violation pursuant to this Section shall not | ||||||
19 | be affected. | ||||||
20 | (Source: P.A. 93-839, eff. 7-30-04; 93-1067, eff. 1-15-05.)
| ||||||
21 | (30 ILCS 425/6) (from Ch. 127, par. 2806)
| ||||||
22 | Sec. 6. Conditions for Issuance and Sale of Bonds - | ||||||
23 | Requirements for
Bonds - Master and Supplemental Indentures - | ||||||
24 | Credit and Liquidity
Enhancement. | ||||||
25 | (a) Bonds shall be issued and sold from time to time, in |
| |||||||
| |||||||
1 | one
or more series, in such amounts and at such prices as | ||||||
2 | directed by the
Governor, upon recommendation by the Director | ||||||
3 | of the
Governor's Office of Management and Budget.
Bonds shall | ||||||
4 | be payable only from the specific sources and secured in the
| ||||||
5 | manner provided in this Act. Bonds shall be in such form, in | ||||||
6 | such
denominations, mature on such dates within 25 years from | ||||||
7 | their date of
issuance, be subject to optional or mandatory | ||||||
8 | redemption, bear interest
payable at such times and at such | ||||||
9 | rate or rates, fixed or variable, and be
dated as shall be | ||||||
10 | fixed and determined by the Director of the
Governor's Office | ||||||
11 | of Management and Budget
in an order authorizing the
issuance | ||||||
12 | and sale of any series of
Bonds, which order shall be approved | ||||||
13 | by the Governor and is herein called a
"Bond Sale Order"; | ||||||
14 | provided, however, that interest payable at fixed rates
shall | ||||||
15 | not exceed that permitted in "An Act to authorize public | ||||||
16 | corporations
to issue bonds, other evidences of indebtedness | ||||||
17 | and tax anticipation
warrants subject to interest rate | ||||||
18 | limitations set forth therein", approved
May 26, 1970, as now | ||||||
19 | or hereafter amended, and interest payable at variable
rates | ||||||
20 | shall not exceed the maximum rate permitted in the Bond Sale | ||||||
21 | Order.
Said Bonds shall be payable at such place or places, | ||||||
22 | within or without the
State of Illinois,
and may be made | ||||||
23 | registrable
as to either principal only or as to both principal | ||||||
24 | and interest, as shall
be specified in the Bond Sale
Order. | ||||||
25 | Bonds may be callable or subject to purchase and retirement or
| ||||||
26 | remarketing as fixed and determined in the Bond Sale Order. |
| |||||||
| |||||||
1 | Bonds (i) except for refunding Bonds satisfying the | ||||||
2 | requirements of Section 15 of this Act and sold during fiscal | ||||||
3 | year 2009, 2010, or 2011, must be issued with principal or | ||||||
4 | mandatory redemption amounts in equal amounts, with the first | ||||||
5 | maturity issued occurring within the fiscal year in which the | ||||||
6 | Bonds are issued or within the next succeeding fiscal year and | ||||||
7 | (ii) must mature or be subject to mandatory redemption each | ||||||
8 | fiscal year thereafter up to 25 years, except for refunding | ||||||
9 | Bonds satisfying the requirements of Section 16 of this Act and | ||||||
10 | sold during fiscal year 2009, 2010, or 2011 which must mature | ||||||
11 | or be subject to mandatory redemption each fiscal year | ||||||
12 | thereafter up to 16 years.
| ||||||
13 | All Bonds authorized under this Act shall be issued | ||||||
14 | pursuant
to a master trust indenture ("Master Indenture") | ||||||
15 | executed and delivered on
behalf of the State by the Director | ||||||
16 | of the
Governor's Office of Management and Budget, such
Master | ||||||
17 | Indenture to be in substantially the form approved in the Bond | ||||||
18 | Sale
Order authorizing the issuance and sale of the initial | ||||||
19 | series of Bonds
issued under this Act. Such initial series of | ||||||
20 | Bonds may, and each
subsequent series of Bonds shall, also be | ||||||
21 | issued pursuant to a supplemental
trust indenture | ||||||
22 | ("Supplemental Indenture") executed and delivered on behalf
of | ||||||
23 | the State by the Director of the
Governor's Office of | ||||||
24 | Management and Budget, each such
Supplemental
Indenture to be | ||||||
25 | in substantially the form approved in the Bond Sale Order
| ||||||
26 | relating to such series. The Master Indenture and any |
| |||||||
| |||||||
1 | Supplemental
Indenture shall be entered into with a bank or | ||||||
2 | trust company in the State
of Illinois having trust powers and | ||||||
3 | possessing capital and surplus of not
less than $100,000,000. | ||||||
4 | Such indentures shall set forth the terms and
conditions of the | ||||||
5 | Bonds and provide for payment of and security for the
Bonds, | ||||||
6 | including the establishment and maintenance of debt service and
| ||||||
7 | reserve funds, and for other protections for holders of the | ||||||
8 | Bonds.
The term "reserve funds" as used in this Act shall | ||||||
9 | include funds and
accounts established under indentures to | ||||||
10 | provide for the payment of
principal of and premium and | ||||||
11 | interest on Bonds, to provide for the purchase,
retirement or | ||||||
12 | defeasance of Bonds, to provide for fees of
trustees, | ||||||
13 | registrars, paying agents and other fiduciaries and to provide
| ||||||
14 | for payment of costs of and debt service payable in respect of | ||||||
15 | credit or
liquidity enhancement arrangements, interest rate | ||||||
16 | swaps or guarantees or
financial futures contracts and
indexing | ||||||
17 | and remarketing agents' services.
| ||||||
18 | In the case of any series of Bonds bearing interest at a | ||||||
19 | variable
interest rate ("Variable Rate Bonds"), in lieu of | ||||||
20 | determining the rate or
rates at which such series of Variable | ||||||
21 | Rate Bonds shall bear interest and
the price or prices
at which | ||||||
22 | such Variable Rate Bonds shall be initially sold or remarketed | ||||||
23 | (in
the event of purchase and subsequent resale), the Bond
Sale | ||||||
24 | Order may provide that such interest rates and prices may vary | ||||||
25 | from time to time
depending on criteria established in such | ||||||
26 | Bond Sale Order, which criteria
may include, without |
| |||||||
| |||||||
1 | limitation, references to indices or variations in
interest | ||||||
2 | rates as may, in the judgment of a remarketing agent, be
| ||||||
3 | necessary to cause Bonds of such series to be remarketable from | ||||||
4 | time to
time at a price equal to their principal amount (or | ||||||
5 | compound accreted
value in the case of original issue discount | ||||||
6 | Bonds), and may provide for
appointment of indexing agents and | ||||||
7 | a bank, trust company,
investment bank or other financial | ||||||
8 | institution to serve as remarketing
agent in that connection. | ||||||
9 | The Bond Sale Order may provide that alternative
interest rates | ||||||
10 | or provisions for establishing alternative interest rates,
| ||||||
11 | different security or claim priorities or different call or | ||||||
12 | amortization provisions
will apply during such times as Bonds | ||||||
13 | of any series are held by a person
providing credit or | ||||||
14 | liquidity enhancement arrangements for such Bonds as
| ||||||
15 | authorized in subsection (b) of Section 6 of this Act.
| ||||||
16 | (b) In connection with the issuance of any series of Bonds, | ||||||
17 | the State
may enter into arrangements to provide additional | ||||||
18 | security and liquidity
for such Bonds, including, without | ||||||
19 | limitation, bond or interest rate
insurance or letters of | ||||||
20 | credit, lines of credit, bond purchase contracts or
other | ||||||
21 | arrangements whereby funds are made
available to retire or | ||||||
22 | purchase Bonds, thereby assuring the ability of
owners of the | ||||||
23 | Bonds to sell or redeem their Bonds.
The State may enter into | ||||||
24 | contracts and may agree to pay fees to persons
providing such | ||||||
25 | arrangements, but only under circumstances where the
Director | ||||||
26 | of the Bureau of the Budget
(now Governor's Office of |
| |||||||
| |||||||
1 | Management and Budget)
certifies that he reasonably expects
the | ||||||
2 | total interest paid or to be paid on the Bonds, together with | ||||||
3 | the fees
for the arrangements (being treated as if interest), | ||||||
4 | would not, taken
together, cause the Bonds to bear interest, | ||||||
5 | calculated to their stated
maturity, at a rate in excess of the | ||||||
6 | rate which the Bonds would bear in the
absence of such | ||||||
7 | arrangements. Any bonds, notes or other evidences of
| ||||||
8 | indebtedness issued pursuant to any such arrangements for the | ||||||
9 | purpose of
retiring and discharging outstanding Bonds
shall | ||||||
10 | constitute refunding Bonds
under Section 15 of this Act. The | ||||||
11 | State may participate in and enter
into arrangements with | ||||||
12 | respect to interest rate swaps or guarantees or
financial | ||||||
13 | futures contracts for the
purpose of limiting or restricting | ||||||
14 | interest rate risk; provided
that such arrangements shall be | ||||||
15 | made with or executed through banks
having capital and surplus | ||||||
16 | of not less than $100,000,000 or insurance
companies holding | ||||||
17 | the
highest policyholder rating accorded insurers by A.M. Best & | ||||||
18 | Co. or any
comparable rating service or government bond | ||||||
19 | dealers reporting to, trading
with, and recognized as primary | ||||||
20 | dealers by a Federal Reserve Bank and
having capital and | ||||||
21 | surplus of not less than $100,000,000,
or other persons whose
| ||||||
22 | debt securities are rated in the highest long-term categories | ||||||
23 | by both
Moody's Investors' Services, Inc. and Standard & Poor's | ||||||
24 | Corporation.
Agreements incorporating any of the foregoing | ||||||
25 | arrangements may be executed
and delivered by the Director of | ||||||
26 | the
Governor's Office of Management and Budget on behalf of the
|
| |||||||
| |||||||
1 | State in substantially the form approved in the Bond Sale Order | ||||||
2 | relating to
such Bonds.
| ||||||
3 | (c) "Build America Bonds" in this Section means Bonds | ||||||
4 | authorized by Section 54AA of the Internal Revenue Code of | ||||||
5 | 1986, as amended ("Internal Revenue Code"), and bonds issued | ||||||
6 | from time to time to refund or continue to refund "Build | ||||||
7 | America Bonds". | ||||||
8 | (Source: P.A. 96-18, eff. 6-26-09.)
| ||||||
9 | Section 15. The Downstate Forest Preserve District Act is | ||||||
10 | amended by changing Section 13 as follows:
| ||||||
11 | (70 ILCS 805/13) (from Ch. 96 1/2, par. 6323)
| ||||||
12 | Sec. 13. Bonds; limitation on indebtedness.
The board of | ||||||
13 | any forest preserve district organized
hereunder may, for any | ||||||
14 | of the purposes enumerated in this Act, borrow
money upon the | ||||||
15 | faith and credit of such district, and may issue bonds
| ||||||
16 | therefor. However, a district with a population of less than | ||||||
17 | 3,000,000
may not become indebted in any manner or for any | ||||||
18 | purpose to an amount
including existing indebtedness in the | ||||||
19 | aggregate exceeding 2.3% of the
assessed value of the taxable | ||||||
20 | property therein, as ascertained by the
last equalized | ||||||
21 | assessment for State and county purposes. No district
may incur | ||||||
22 | (i) indebtedness
in excess of .3% of the assessed value of | ||||||
23 | taxable property in the district,
as ascertained by the last | ||||||
24 | equalized assessment for State and county purposes,
for the |
| |||||||
| |||||||
1 | development of forest preserve lands held by the district, or | ||||||
2 | (ii)
indebtedness for any other purpose except the acquisition | ||||||
3 | of land
including acquiring lands in fee simple along or | ||||||
4 | enclosing water
courses, drainage ways, lakes, ponds, planned | ||||||
5 | impoundments or elsewhere
which are required to store flood | ||||||
6 | waters or control other drainage and
water conditions necessary | ||||||
7 | for the preservation and management of the
water resources of | ||||||
8 | the District, unless the proposition to issue bonds
or | ||||||
9 | otherwise incur indebtedness is certified by the board to the | ||||||
10 | proper
election officials who shall submit the proposition at | ||||||
11 | an election in accordance
with the general election law, and | ||||||
12 | approved by a majority of those voting upon the
proposition. No | ||||||
13 | district containing fewer than 3,000,000 inhabitants may
incur | ||||||
14 | indebtedness for the acquisition of land or lands for any | ||||||
15 | purpose
in excess of 55,000 acres, including all lands | ||||||
16 | theretofore acquired,
unless the proposition to issue bonds or | ||||||
17 | otherwise incur indebtedness is
first submitted to the voters | ||||||
18 | of the district at a referendum in accordance
with the general | ||||||
19 | election law and approved by a
majority of those voting upon | ||||||
20 | the proposition. Before or at the time of
issuing bonds, the | ||||||
21 | board shall provide by ordinance for the collection
of an | ||||||
22 | annual tax sufficient to pay the interest on the bonds as it | ||||||
23 | falls
due, and to pay the bonds as they mature. All bonds | ||||||
24 | issued by any forest
preserve district must be divided into | ||||||
25 | series, the first of which
matures not later than 5 years after | ||||||
26 | the date of issue and the last of
which matures not later than |
| |||||||
| |||||||
1 | 20 years after the date of issue , or for bonds issued prior to | ||||||
2 | January 1, 2011, commonly known as "Build America Bonds" as | ||||||
3 | authorized by Section 54AA of the Internal Revenue Code of | ||||||
4 | 1986, as amended, and for bonds issued from time to time to | ||||||
5 | refund "Build America Bonds", not later than 25 years after the | ||||||
6 | date of issue .
| ||||||
7 | This Section does not apply to a forest preserve district | ||||||
8 | created under Section 18.5 of the Conservation District Act.
| ||||||
9 | (Source: P.A. 94-617, eff. 8-18-05.)
| ||||||
10 | Section 20. The Metropolitan Water Reclamation District | ||||||
11 | Act is amended by changing Section 9.6a as follows:
| ||||||
12 | (70 ILCS 2605/9.6a) (from Ch. 42, par. 328.6a)
| ||||||
13 | Sec. 9.6a. The corporate authorities of a sanitary | ||||||
14 | district, in
order to provide funds required for the replacing, | ||||||
15 | remodeling,
completing, altering, constructing and enlarging | ||||||
16 | of sewage treatment
works, water quality improvement projects, | ||||||
17 | or flood control facilities, and additions therefor, pumping
| ||||||
18 | stations, tunnels, conduits, intercepting sewers and outlet | ||||||
19 | sewers,
together with the equipment, including air pollution | ||||||
20 | equipment, and
appurtenances thereto, to acquire property, | ||||||
21 | real, personal or mixed,
necessary for said purposes, for costs | ||||||
22 | and expenses for the acquisition
of the sites and rights-of-way | ||||||
23 | necessary thereto, and for engineering
expenses for designing | ||||||
24 | and supervising the construction of such works,
may issue on or |
| |||||||
| |||||||
1 | before December 31, 2016, in addition to all
other obligations | ||||||
2 | heretofore or herein authorized, bonds, notes or
other | ||||||
3 | evidences of indebtedness for such purposes in an aggregate
| ||||||
4 | amount at any one time outstanding not to exceed 3.35% of the | ||||||
5 | equalized
assessed valuation of all taxable property within the | ||||||
6 | sanitary district,
to be ascertained by the last assessment for | ||||||
7 | State and local taxes
previous to the issuance of any such | ||||||
8 | obligations. Such obligations shall be
issued without | ||||||
9 | submitting the question of such issuance to the legal voters
of | ||||||
10 | such sanitary district for approval.
| ||||||
11 | The corporate authorities may sell such obligations at | ||||||
12 | private or
public sale and enter into any contract or agreement | ||||||
13 | necessary, appropriate
or incidental to the exercise of the | ||||||
14 | powers granted by this Act, including,
without limitation, | ||||||
15 | contracts or agreements for the sale and purchase of
such | ||||||
16 | obligations and the payment of costs and expenses incident | ||||||
17 | thereto.
The corporate authorities may pay such costs and | ||||||
18 | expenses, in whole or in
part, from the corporate fund.
| ||||||
19 | Such obligations shall be issued from time to time only in | ||||||
20 | amounts as may
be required for such purposes but the amount of | ||||||
21 | such obligations issued during
any one budget year shall not | ||||||
22 | exceed $150,000,000 plus
the amount of any obligations | ||||||
23 | authorized by this Act to be issued during the 3
budget years | ||||||
24 | next preceding the year of issuance but which were not issued,
| ||||||
25 | provided, however, that this limitation shall not be applicable | ||||||
26 | (i) to the issuance
of obligations to refund bonds, notes or |
| |||||||
| |||||||
1 | other evidences of indebtedness,
(ii) nor to obligations issued | ||||||
2 | to provide for the repayment of money received
from the Water | ||||||
3 | Pollution Control Revolving Fund for the construction or
repair | ||||||
4 | of wastewater treatment works , and (iii) to obligations issued | ||||||
5 | as part of the American Recovery and Reinvestment Act of 2009, | ||||||
6 | issued prior to January 1, 2011, that are commonly known as | ||||||
7 | "Build America Bonds" as authorized by Section 54AA of the | ||||||
8 | Internal Revenue Code of 1986, as amended . Each ordinance | ||||||
9 | authorizing the
issuance of the obligations shall state the | ||||||
10 | general purpose or purposes for
which they are to be issued, | ||||||
11 | and the corporate authorities may at any time
thereafter pass | ||||||
12 | supplemental appropriations ordinances appropriating the
| ||||||
13 | proceeds from the sale of such obligations for such purposes.
| ||||||
14 | The corporate authorities may issue bonds, notes or other | ||||||
15 | evidences of
indebtedness in an amount necessary to provide | ||||||
16 | funds to refund outstanding
obligations issued pursuant to this | ||||||
17 | Section, including interest accrued or
to accrue thereon.
| ||||||
18 | (Source: P.A. 95-125, eff. 8-13-07; 95-412, eff. 8-24-07.)
| ||||||
19 | Section 99. Effective date. This Act takes effect upon | ||||||
20 | becoming law.
|