Chapter 30 — FINANCE

(30 ILCS 345/3) (from Ch. 17, par. 6853) Sec. 3. Definitions. (a) "Code" means the United States Internal Revenue Code of 1986, as now or hereafter amended. (b) "Official action" means a resolution or ordinance authorizing the issuance or taking similar official action with respe…

(30 ILCS 345/4) (from Ch. 17, par. 6854) Sec. 4. State agency allocation. (a) The Governor's office may allocate volume cap among the State and the State agencies from the State Agency Pool for private activity bonds issued by the State and the State agencies under Section 146 of…

(30 ILCS 345/5) (from Ch. 17, par. 6855) Sec. 5. Unit of local government allocation. (a) No unit of local government shall issue any private activity bond, except in conformity with rules established by the Governor's office pursuant to this Act. (b) The total volume cap availab…

(30 ILCS 345/6) (from Ch. 17, par. 6856) Sec. 6. Voluntary Reallocations. The State, any State agency and the corporate authorities of any home rule unit, except as provided and limited in Section 6.1, may reallocate to any unit of local government, any home rule unit, the State …

(30 ILCS 345/6.1) (from Ch. 17, par. 6856.1) Sec. 6.1. (a) That portion of volume cap allocation remaining unused by a home rule unit, other than a municipality with over 2,000,000 inhabitants, as of May 1 of each calendar year, shall be, on June 1 of each calendar year, reserved…

(30 ILCS 345/7) (from Ch. 17, par. 6857) Sec. 7. Information reporting of private activity bond issuance. (a) Each State agency, unit of local government, and home rule unit or person authorized to act on its behalf shall, within 10 days after the issuance of any private activity…

(30 ILCS 345/7.5) Sec. 7.5. Bond issuer; annual report. The issuer of bonds utilizing bond volume cap from the Local Government Pool and the State Agency Pool shall file, if the issuer utilized the bond volume cap for any housing purpose, an annual report with the Governor and th…

(30 ILCS 345/8) (from Ch. 17, par. 6858) Sec. 8. Home rule units. Except as provided for voluntary transactions as permitted in Section 6, and except as required for the amount of volume cap allocation remaining unused as of May 31 of each year as provided in Section 6.1, nothing…

(30 ILCS 345/9) (from Ch. 17, par. 6859) Sec. 9. Mortgage Credit Certificates. Any allocation of volume cap for the issuance of private activity bonds constituting qualified mortgage bonds, within the meaning of Section 143 of the Code, shall, when made to an authorized issuer of…

(30 ILCS 346/1) Sec. 1. Short title. This Act may be cited as the Private Activity Bond Approval Act. (Source: P.A. 96-1493, eff. 1-1-11.)

(30 ILCS 346/10) Sec. 10. Definition. "Host approval" means an approval by an applicable elected representative of a governmental unit, for purposes of Section 147(f)(2)(A)(ii) of the Internal Revenue Code, having jurisdiction over the area in which a facility is located that is …

(30 ILCS 346/15) Sec. 15. Qualifications for facility requiring host approval. (a) Host approval shall not be granted unless and until the Governor has received the items and information listed in subsection (b) of this Section and has issued an approval as set forth in subsectio…

(30 ILCS 346/5) Sec. 5. Public policy. It is the policy of this State that in order to maintain an effective system of monitoring the use of federal subsidies within the State, facilities within the State proposed to be financed with bonds issued by an issuer that does not have j…

(30 ILCS 346/99) Sec. 99. Effective date. This Act takes effect January 1, 2011. (Source: P.A. 96-1493, eff. 1-1-11.)

(30 ILCS 350/1) (from Ch. 17, par. 6901) Sec. 1. Short title. This Act shall be known and may be cited as the Local Government Debt Reform Act. (Source: P.A. 85-1419.)

(30 ILCS 350/10) (from Ch. 17, par. 6910) Sec. 10. General provisions. Bonds authorized by applicable law may be issued in one or more series, bear such date or dates, become due at such time or times within 40 years, except as expressly limited by applicable law, provided that n…

(30 ILCS 350/11) (from Ch. 17, par. 6911) Sec. 11. Refundings and redemption premiums. Bonds may be refunded or advance refunded upon such terms as the governing body may set in accordance with this Act, for such term of years, not in excess of the maximum term of years permitted…

(30 ILCS 350/12) (from Ch. 17, par. 6912) Sec. 12. Invest in tax-exempts; joint investments. In addition to the authority otherwise available to invest funds, a governing body may authorize and upon such authorization the treasurer of any governmental unit may (i) invest proceeds…

(30 ILCS 350/13) (from Ch. 17, par. 6913) Sec. 13. Certain pledges. A governmental unit may pledge, as security for the payment of its bonds, (1) revenues derived from the operation of any utility system or revenue producing enterprise, (2) moneys deposited or to be deposited int…

(30 ILCS 350/14) (from Ch. 17, par. 6914) Sec. 14. Certain warrant provisions. Whenever applicable law permits a governmental unit to issue warrants in anticipation of taxes to be levied or other funds to be received, the governing body of such governmental unit may cause such wa…

(30 ILCS 350/15) (from Ch. 17, par. 6915) Sec. 15. Double-barrelled bonds. Whenever revenue bonds have been authorized to be issued pursuant to applicable law or whenever there exists for a governmental unit a revenue source, the procedures set forth in this Section may be used b…

(30 ILCS 350/15.01) Sec. 15.01. Limited bonds. A governmental unit is authorized to issue limited bonds payable from the debt service extension base, as defined in the Property Tax Extension Limitation Law, as provided in this amendatory Act of 1995. Bonds authorized by Public Ac…

(30 ILCS 350/16) (from Ch. 17, par. 6916) Sec. 16. Levy for bonds. (a) A governmental unit may levy a tax for the payment of principal of and interest on general obligation bonds or limited bonds at any time prior to March 1 of the calendar year during which the tax will be colle…

(30 ILCS 350/16.5) Sec. 16.5. Proposition for bonds. For all elections held after July 1, 2000, the form of a proposition to authorize the issuance of bonds pursuant to either a referendum or backdoor referendum may be as set forth in this Section as an alternative to the form of…

(30 ILCS 350/17) (from Ch. 17, par. 6917) Sec. 17. Leases and installment contracts. (a) Interest not debt; debt on leases and installment contracts. Interest on bonds shall not be included in any computation of indebtedness of a governmental unit for the purpose of any statutory…

(30 ILCS 350/17.5) Sec. 17.5. Bond authorization by referendum. (a) Whenever applicable law provides that the authorization of or the issuance of bonds is subject to either a referendum or backdoor referendum, the approval, once obtained, remains (i) for 5 years after the date of…

(30 ILCS 350/18) (from Ch. 17, par. 6918) Sec. 18. Recital. Bonds which are issued in part pursuant to this Act may contain a recital to that effect and any such recital shall be conclusive as against the governmental unit and the governing body thereof and any other person as to…

(30 ILCS 350/2) (from Ch. 17, par. 6902) Sec. 2. Findings. The General Assembly finds: (a) There have been many and important changes in the market for and practices with respect to the issuance of bonds of local governmental units in recent years. (b) Various provisions of the I…

(30 ILCS 350/3) (from Ch. 17, par. 6903) Sec. 3. Definitions. In this Act words or terms shall have the following meanings unless the context or usage clearly indicates that another meaning is intended. (a) "Alternate bonds" means bonds issued in lieu of revenue bonds or payable …

(30 ILCS 350/4) (from Ch. 17, par. 6904) Sec. 4. Powers supplemental. 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 limit…

(30 ILCS 350/5) (from Ch. 17, par. 6905) Sec. 5. Backdoor referendum procedure. (a) Whenever applicable law provides that the authorization or the issuance of bonds, or the becoming effective of an ordinance providing for the authorization or issuance of bonds, may be subject to …

(30 ILCS 350/5.5) Sec. 5.5. Notices. (a) Whenever applicable law requires notice in connection with the issuance of bonds, the notice shall be sufficient if the notice appears above the name or title of the person required to give the notice. (b) Whenever applicable law requires …

(30 ILCS 350/6) (from Ch. 17, par. 6906) Sec. 6. Costs of project or purpose. Whenever a governmental unit is authorized by applicable law to issue bonds without referendum pursuant to authority granted or mandate imposed to pay for some public purpose or facility, the public cor…

(30 ILCS 350/7) (from Ch. 17, par. 6907) Sec. 7. Reserves. A governing body may provide for a reserve fund solely for the payment of the principal of and interest on bonds. Bond proceeds may be used to provide such reserve fund. (Source: P.A. 85-1419.)

(30 ILCS 350/8) (from Ch. 17, par. 6908) Sec. 8. Coverage covenant. A governing body is authorized and may covenant and contract with the holders of revenue bonds to levy, charge and collect moneys pledged as security for the payment of revenue bonds in amounts sufficient to prov…

(30 ILCS 350/9) (from Ch. 17, par. 6909) Sec. 9. Provisions for interest. (a) The proceeds of bonds may be used to provide for the payment of interest upon such bonds for a period not to exceed the greater of 2 years or a period ending 6 months after the estimated date of complet…

(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 352/10) 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 l…

(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.)

(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…

(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 hearin…

(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 Co…

(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:…

(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. 8-14-9…

(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 o…

(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 …

(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 o…

(30 ILCS 352/95) Sec. 95. (Amendatory provisions; text omitted). (Source: P.A. 89-655, eff. 1-1-97; text omitted.)

(30 ILCS 365/1) (from Ch. 17, par. 6801) Sec. 1. This Act shall be known and may be cited as the Revenue Producing Commercial Paper Act. (Source: P.A. 83-1520.)