2023 Illinois Compiled Statutes › Chapter 30 - FINANCE › 30 ILCS 310/ - Registered Bond Act.

(30 ILCS 310/1) (from Ch. 17, par. 6651)
Sec. 1. 
		Title of Act. 
		This Act shall be known and may be cited as
the "Registered Bond Act".
(Source: P.A. 82-1059.)
(30 ILCS 310/2) (from Ch. 17, par. 6652)
Sec. 2. 
		Definitions. 
		As used in this Act, the following words or terms
shall have the meanings set forth opposite each, unless the context clearly
indicates another meaning is
intended:
"Bonds" or "other evidences of indebtedness" mean any instrument providing
for the payment of money executed by or on behalf of a public corporation
or which the public corporation has assumed or agreed to pay, including,
without limitation of the foregoing, bonds, notes, contracts, leases, certificates
and tax anticipation warrants.
"Governing body" means the legislative body, council, board, commission
or body, by whatever name it is known, having charge of the corporate affairs
of a public corporation.
"Public corporations" mean any body corporate organized by or pursuant
to the laws of this State to carry out a public governmental or proprietary
function, including, without limitation of the foregoing, the state, any
school district, park district, city, village, incorporated town, county,
drainage or any other type of district, commission, authority, university,
public community college or any combination thereof, acting through the
corporate authorities thereof.
"Registered form" means bonds or other evidences of indebtedness issued
(i) registered as to both principal and interest and which must be presented
to the public corporation or its agent registrar for transfer or (ii) in
registered form as required by Sections 103 or 103A of the Internal Revenue
Code of 1954, as amended, or any successor provisions of the tax laws of
the United States of America, which form may include bonds or other evidences
of indebtedness issued wholly in book entry form.
(Source: P.A. 82-1059.)
(30 ILCS 310/3) (from Ch. 17, par. 6653)
Sec. 3. 
		Findings. 
		(a) The Tax Equity and Fiscal Responsibility Act
of 1982 requires that certain obligations issued by a state or political
subdivision thereof, in order for the interest thereon to be exempt from
federal income taxes, be issued in registered form; and
(b) It is in the best interests of the citizens of this State that bonds
or other evidences of indebtedness of public corporations be issuable in
registered form to be sold at the lowest interest rate possible; and
(c) Various statutes pertaining to the issuance of bonds require or expressly
provide only for the issuance of bonds in negotiable coupon form or other
form not qualifying as registered form, and it is necessary to grant supplemental
authority to issue such bonds in registered form.
(Source: P.A. 82-1059.)
(30 ILCS 310/4) (from Ch. 17, par. 6654)
Sec. 4. 
		Bonds issuable in registered form. 
		Any public corporation
may issue in registered form any bonds or other evidences of indebtedness
it is authorized to issue by applicable law.  The power to issue bonds or
other evidences of indebtedness in such form shall not be conditioned upon
or limited to only those which must be issued in registered form to qualify
for tax-exempt status.
(Source: P.A. 82-1059.)
(30 ILCS 310/5) (from Ch. 17, par. 6655)
Sec. 5. 
		Other Acts and agreements. 
		A public corporation may do or
cause to be done all acts, or enter into all contracts, indentures and agreements,
including, without limitation, trust or escrow agreements, agency agreements
and registrar agreements and may expend such sums to effectuate same which
are deemed necessary, appropriate, useful or advantageous to the issuance
of bonds or other evidences of indebtedness in registered form by the governing
body or by the executive officers authorized to issue bonds or other evidences
of indebtedness of the public corporation.
(Source: P.A. 82-1059.)
(30 ILCS 310/6) (from Ch. 17, par. 6656)
Sec. 6. 
		Construction of Act. 
		The grant of authority contained in this
Act is supplemental and in addition to all other power or authority granted
to public corporations, shall be construed liberally and shall not be construed
as a limitation of any power or authority otherwise granted.
(Source: P.A. 82-1059.)
(30 ILCS 310/7) (from Ch. 17, par. 6657)
Sec. 7. 
		Effective date. 
		This Act takes effect upon its becoming a law.
(Source: P.A. 82-1059.)