2023 Illinois Compiled Statutes › Chapter 30 - FINANCE › 30 ILCS 352/ - Bond Issue Notification Act.

(30 ILCS 352/1)
Sec. 1. 
		Short title. 
		This Act may be cited as the Bond Issue Notification Act.
(Source: P.A. 89-655, eff. 1-1-97.)
(30 ILCS 352/5)
Sec. 5. 
		Definitions. 
		In this Act the following terms shall have the meanings as set forth in Section
3 of the Local Government Debt Reform Act: applicable law, backdoor referendum,
general obligation bonds, governing body, governmental entity, limited bonds,
and ordinance.
(Source: P.A. 89-655, eff. 1-1-97.)
(30 ILCS 352/10)
Sec. 10. 
		Hearing requirements. 
		Notwithstanding and in addition to any
other law, before adopting an ordinance
selling non-referendum general obligation bonds or
limited bonds, the
governing body of the governmental unit
proposing to sell the bonds shall
hold
at least one
public hearing concerning the governing body's intent to sell the bonds.
The governing body or the presiding officer of the governing body shall
set the date, time, and location of the hearing.  The hearing may be part of a regularly scheduled meeting of the governing
body.
(Source: P.A. 91-595, eff. 8-14-99.)
(30 ILCS 352/15)
Sec. 15. 
		Notice requirement. 
		 The clerk or secretary of the governmental unit shall publish
notice of the hearing at
least once in a newspaper of general circulation in the governmental unit not
less than
7 nor more than 30 days before the date of the hearing.
The notice shall also be given by posting at least 48 hours before the
hearing a copy of the notice at the principal office of the governing body or,
if a
principal office does not exist, then at the building in which the hearing is
to be held.  The notice, which shall appear
above the name of the clerk or the secretary,
shall
be in substantially the
following form:
The ...... (governmental entity) will hold a public     hearing on ... (date) at ... (time).  The hearing will be held at .......... (location).  The purpose of the hearing will be to receive public comments on the proposal to sell bonds in the amount of $.... (amount) for the purpose of ......... (state purpose).
(Name of clerk or secretary of governmental unit) ...........
Any notice that excludes that information shall be deemed invalid.
Governmental units issuing non-referendum general obligation bonds or limited
bonds subject to backdoor referendum under applicable law
may publish one notice that includes both the information required by
this
Section and by the backdoor referendum provision.
(Source: P.A. 91-595, eff. 8-14-99.)
(30 ILCS 352/20)
Sec. 20. 
		Hearing. 
		At the hearing required in Section 10, the governing
body shall
explain the reasons for the proposed bond issue and permit persons desiring
to be heard an opportunity to present written or oral testimony within
reasonable time limits.
The hearing may be adjourned to another date without further notice other than
a motion, to be entered upon the minutes of the governing body, fixing the
time,
place, and date of the reconvened hearing.
(Source: P.A. 89-655, eff. 1-1-97.)
(30 ILCS 352/21)
Sec. 21. Bond issues of school districts; hearings; disclosure.
(a) After January 1, 2018, before issuing bonds under Sections 19-2 through 19-7 of the School Code, a school district relying on an exception to the debt limitations in Section 19-1 of the School Code shall hold a hearing as required under this Act. In addition to any other publication or posting requirements, the school district shall post notice of the hearing on its website at least 10 days before the hearing.
(b) In addition to the information set forth in Section 15 of this Act, the notice required by this Section shall include the following information:
(1) a description of the project for which the bonds     will be issued;
(2) an estimate of the number of years during which     the bonds will be outstanding;
(3) an estimate of the total debt service to be paid     on the bonds, including principal, interest, and costs of issuing the bonds; and
(4) an estimate of the average annual property tax     needed to pay the principal of and interest on the bonds extendable against property containing a single family residence and having a fair market value of $100,000.
The notice shall state that the actual number of years during which the bonds will be outstanding, the actual total debt service to be paid on the bonds, and the actual average annual property tax to pay the principal of and interest on the bonds extendable against property containing a single family residence and having a fair market value of $100,000 are subject to change based on many factors, including market conditions at the time the bonds are sold. Any differences between the information set forth in the notice and the actual results at the time the bonds are sold shall not invalidate the hearing or the results of the referendum for the bonds.
(Source: P.A. 100-503, eff. 6-1-18.)
(30 ILCS 352/25)
Sec. 25. 
		Restriction on ordinance passage. 
		The governing body shall not
adopt
the ordinance
selling the non-referendum general obligation bonds or
limited bonds for a period of 7
days after the final adjournment of the public hearing held under this Act.
(Source: P.A. 89-655, eff. 1-1-97.)
(30 ILCS 352/30)
Sec. 30. 
		Exemptions. 
		
Governmental units that are issuing either (i) refunding
general obligation bonds, (ii) refunding limited bonds, or
(iii) special service area bonds
are
not required to comply with the provisions of this Act.
(Source: P.A. 91-595, eff. 8-14-99.)
(30 ILCS 352/35)
Sec. 35. 
		Health/Life Safety Code. 
		If the Regional Superintendent of
Schools having jurisdiction over a school
district
certifies to the school district and the State Board of Education that the
work
proposed for which the non-referendum general obligation bonds or limited bonds
will be issued is work that is required in order
to meet the minimum mandatory safety scores
under the Health/Life Safety Code for Public Schools created pursuant to
Section 2-3.12 of the School Code, the school district issuing the bonds is
not required to
comply with the provisions of this
Act except that, for school
districts exempt from Section 2-3.12 of the School Code, if the board of
education of the school district certifies to the State Board of Education that
the work proposed for which the non-referendum general obligation bonds or
limited bonds will be issued is work that is required in order to implement
a capital improvement program to provide for the health, life, and safety
needs of the pupils, school personnel, and school district, the school district
issuing the bonds is not required to comply with the provisions of this Act.
(Source: P.A. 89-655, eff. 1-1-97.)
(30 ILCS 352/40)
Sec. 40. 
		Emergency situations. 
		Governmental units that are issuing
non-referendum general obligation bonds or limited bonds for the purpose of
making improvements or restorations, the necessity for which is caused by any
casualty, accident, or emergency, are not required to comply with the
provisions of this Act.  As used in this Section, "emergency" means a condition
requiring immediate action to suppress or prevent the spread of disease or to
prevent or remove imminent danger to persons or property.
(Source: P.A. 89-655, eff. 1-1-97.)
(30 ILCS 352/95)
Sec. 95. 
		(Amendatory provisions; text omitted).
(Source: P.A. 89-655, eff. 1-1-97; text omitted.)
(30 ILCS 352/100)
Sec. 100. 
		(Amendatory provisions; text omitted).
(Source: P.A. 89-655, eff. 1-1-97; text omitted.)
(30 ILCS 352/105)
Sec. 105. 
		(Amendatory provisions; text omitted).
(Source: P.A. 89-655, eff. 1-1-97; text omitted.)