2005 Illinois Code - Chapter 30 Finance 30 ILCS 375/ Local Government Debt Offering Act.
(30 ILCS 375/0.01) (from Ch. 85, par. 840)
Sec. 0.01.
Short title.
This Act may be cited as the
Local Government Debt Offering Act.
(Source: P.A. 86‑1324.)
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(30 ILCS 375/1) (from Ch. 85, par. 841)
Sec. 1.
It is the intent of this Act to facilitate, through state technical and
advisory assistance, the marketing of local government bonds and other
long‑term obligations at the lowest possible net interest cost.
(Source: P.A. 77‑1504.)
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(30 ILCS 375/2) (from Ch. 85, par. 842)
Sec. 2.
(a) "Local government" means a county, city, village, town, township,
school district, and other special‑purpose district, authority, or public
corporation within the state and authorized by the state to issue bonds and
other long‑term obligations.
(b) "Governing body" means the body or board charged with exercising the
legislative authority of a local government.
(c) "Department" means the Department of Local Governmental Affairs.
(d) "Chief financial officer" means the comptroller, treasurer, director
of finance or other local government official charged with managing the
fiscal affairs of a local government official charged with managing the
fiscal affairs of a local government.
(e) "Bonds" means debt payable more than one year after date of issue or
incurrence, issued pursuant to the laws authorizing local government
borrowing.
(Source: P. A. 77‑1504.)
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(30 ILCS 375/3) (from Ch. 85, par. 843)
Sec. 3.
The Department is authorized and directed to provide technical and
advisory assistance regarding the issuance of long‑term debt to those local
governments whose governing bodies request such assistance. Such assistance
shall include, but need not be limited to: (1) advice on the marketing of
bonds by local governments, (2) advisory review of proposed local
government debt issues, including the rendering of opinions as to their
legality, (3) conduct of training courses in debt management for local
financial officers, and (4) promotion of the use by local government of
such tools for sound financial management as adequate systems of budgeting,
accounting, auditing, and reporting.
(Source: P. A. 77‑1504.)
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(30 ILCS 375/4) (from Ch. 85, par. 844)
Sec. 4.
At the request of the governing body of any local government, the
Department is authorized to review a proposed debt issue and to render an
advisory opinion based upon the facts concerning the proposed issue. Any
request for an advisory review shall be submitted to the Department in such
form and with such information as the Department may require.
(Source: P.A. 77‑1504.)
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(30 ILCS 375/5) (from Ch. 85, par. 845)
Sec. 5.
At the request of the governing body of any local government, the
Department is authorized to direct the State Treasurer to market such local
government's security offerings by preparing bond issues for sale,
advertising for sealed bids, receiving bids at its offices, and making the
award to the bidder that offers the most favorable terms. The State
Treasurer may, at his discretion, offer for concurrent sale the bonds of
several local governments. State sale of a local security offering under
this section shall in no way imply state guarantee of such debt issue.
(Source: P.A. 77‑1504.)
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(30 ILCS 375/6) (from Ch. 85, par. 846)
Sec. 6.
The Department shall have the following powers and duties:
(1) To require such reports from local governments as will enable it
adequately to provide the technical and advisory assistance authorized by
this act and to perform the regulatory functions required by the act. The
reports shall provide the necessary information for a complete file on
local government debt, which shall be kept open for public inspection at
the Department office.
(2) To encourage, conduct or participate in training courses in debt and
general fiscal management and procedures and practices for the benefit of
local officials, and in connection therewith, to cooperate with
associations of public officials, business and professional organizations,
university faculties, or other specialists.
(3) To conduct studies in debt management, including ways and means of
appraising the terms of alternative bids. The Department may employ expert
consultants to assist in such studies.
(4) To employ or contract for the services of personnel necessary to
carry out the provisions of this act, subject to the provisions of the
Personnel Code.
(5) All departments, divisions, boards, bureaus, commissions, or other
agencies of the state government shall provide such assistance and
information as, not inconsistent with law, the Department may require to
enable it to carry out its duties under this act.
(6) To compile and publish annually a report on its technical assistance
and advisory activities. Such report shall include detailed information on
local government long‑term debt issued and retired during the previous
fiscal year and outstanding at the close of the previous fiscal year, and
such additional statistical data on local government finances that are
obtained by the Department pursuant to paragraph (1) of this section.
(Source: P.A. 77‑1504.)
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(30 ILCS 375/7) (from Ch. 85, par. 847)
Sec. 7.
If any provision of this Act or application thereof to any person or
circumstance is held invalid, such invalidity does not affect other
provisions or applications of this Act which can be given without the
invalid application or provision, and to this end the provisions of this
Act are declared to be severable.
(Source: P. A. 77‑1504.)
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(30 ILCS 375/8) (from Ch. 85, par. 848)
Sec. 8.
This Act does not apply to any home rule unit.
(Source: P. A. 77‑1504.)
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