Illinois Compiled Statutes
Home Equity Assurance Act
65 ILCS 95/
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(65 ILCS 95/)
Sec. 4. Creation of Commission.
(a) Whenever in a municipality with more than 1,000,000 inhabitants, the
question of creating a home equity program within a contiguous territory
included entirely within the municipality is initiated by resolution or
ordinance of the corporate authorities of the municipality or by a petition
signed by not less than 10% of the total number of registered voters of
each precinct in the territory, the registered voters of which are eligible
to sign the petition, it shall be the duty of the election authority having
jurisdiction over such municipality to submit the question of creating
a home equity program to the electors of each precinct within the territory
at the regular election specified in the resolution, ordinance or petition
initiating the question.
If the question is initiated by petition and if the requisite number
of signatures is not obtained in any precinct included within the territory
described in the petition, then the petition shall be valid as to the territory
encompassed by those precincts for which the requisite number of signatures
is obtained and any such precinct for which the requisite number of signatures
is not obtained shall be excluded from the territory.
A petition initiating a question described in this Section shall be
filed with the election authority having jurisdiction over the municipality.
The petition shall be filed and objections thereto shall be made in the
manner provided in the general election law.
A resolution, ordinance, or petition initiating a question described
in this Section shall specify the election at which the question is to
be submitted. The referendum on such question shall be held in accordance
with general election law.
Such question, and the resolution, ordinance, or petition initiating
the question, shall include a description of the territory, the name of
the proposed home equity program, and the maximum rate at which the home
equity program shall be able to levy a property tax.
All of that area within the geographic boundaries of the territory described
in such question shall be included in the program, and no area outside
the geographic boundaries of the territory described in such question shall
be included in the program.
If the election authority determines that the description cannot be
included within the space limitations of the ballot, the election authority
shall prepare large printed copies of a notice of the question, which shall
be prominently displayed in the polling place of each precinct in which
the question is to be submitted.
(b) Whenever a majority of the voters on such public question approve
the creation of a home equity program as certified by the proper election
authorities, the mayor of the municipality shall appoint, with the consent
of the corporate authorities, 9 individuals, to be known as commissioners,
to serve as the governing body of the home equity program.
All proceedings and meetings of the governing commission shall be conducted
in accordance with the provisions of the Open Meetings Act, as now or hereafter
amended. (Source: P.A. 86-684.)
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23-28 july / update: 7oct. 2002/ 24 feb.'03