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IL SB3341
Bill
AI Summary
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Allows conservation districts located entirely within McHenry County to issue bonds without voter approval for development of real property (including trails, parking lots, bridges, roads, picnic shelters, and accessibility/historic structure improvements) if the property was acquired with referendum-approved bonds.
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Preserves existing authority for all conservation districts to issue bonds without voter approval for real property acquisition and expands the ability to issue bonds for property development in districts meeting specific county population criteria.
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Clarifies that referendum-approved bonds, refunding bonds, and fully paid bonds do not count against a district's debt limit when calculating the 0.575% indebtedness cap.
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Requires districts to provide annual tax collection by ordinance to pay principal and interest on bonds before or at the time of issuance.
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Mandates that bond ballots include printed language showing the approximate tax impact on a single-family home at a specified market value in the first year of the increase.
Legislative Description
CONSERVATION DISTRICT-DEBT
Last Action
Public Act . . . . . . . . . 98-1168
1/9/2015