SB 3563

Abstract

Amends the Illinois Local Library Act. Provides that the bond of a library treasurer or custodian of the moneys paid over to a library board shall not be less than 10% (rather than 50%) of the total funds received by the library in the last fiscal year or the treasurer or custodian of the moneys paid over to a library board may provide insurance coverage for negligent and intentional acts by library officials and employees that could result in the loss of library funds in an amount at least equal to 10% (rather than 50%) of the average amount of the library's operating fund from the prior 3 fiscal years. Makes similar changes in the Illinois Library System Act and the Public Library District Act of 1991 relating to treasurer bonds. Effective immediately. House Floor Amendment No. 1 Deletes reference to: 75 ILCS 5/4-9 from Ch. 81, par. 4-9 75 ILCS 10/5 from Ch. 81, par. 115 75 ILCS 16/30-45 Adds reference to: 65 ILCS 5/11-74.4-3.5 Replaces everything after the enacting clause. Amends the Tax Increment Allocation Redevelopment Act of the Illinois Municipal Code. Extends the estimated date of completion of a redevelopment project and the retirement of obligations issued to finance redevelopment project costs to not later than December 31 of the year in which the payment to the municipal treasurer is to be made with respect to ad valorem taxes levied in the 32nd calendar year after the year in which the ordinance approving the redevelopment project area was adopted if the ordinance was adopted on April 19, 2004 by the Village of Tremont. Extends the estimated dates of completion of redevelopment projects and the retirement of obligations issued to finance redevelopment project costs to the 35th calendar year after the year in which various ordinances were adopted by the Village of Franklin Park, City of Jacksonville, City of Prophetstown, City of Ottawa, City of Salem, Village of Malta, City of Highland, City of Chicago, City of Des Plaines, City of Sullivan, and City of Oak Forest. Creates tax increment allocation financing extensions to the 47th year (currently, the 35th year) for various ordinances adopted by the City of Ottawa and Village of Rosemont if those municipalities adopt a specified ordinance and provide notice to the taxing bodies that would otherwise constitute the joint review board of each redevelopment project area. Effective immediately.