96TH GENERAL ASSEMBLY
State of Illinois
2009 and 2010
SB1936


 
Introduced 2/20/2009, by Sen. A. J. Wilhelmi
 
SYNOPSIS AS INTRODUCED:
 		








  



35 ILCS 200/27-45










    Amends the Property Tax Code.  Authorizes the issuance of refunding bonds for special service area bonds and sets forth requirements for the term and debt service of the refunding bonds. Provides that specified property taxes in 2 or more special service areas may be pledged to secure a single bond issue benefitting the special service areas if those special service areas are within the corporate limits of a municipality. Provides that property taxes that are pledged to secure a single bond issue benefitting more than one special service area shall be levied on a basis that provides a rational relationship between the amount of the tax levied against each lot, block, tract, and parcel of land in the special service area and the special service benefit rendered.
  Effective immediately.
















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FISCAL NOTE ACT MAY APPLY
















 


 


A BILL FOR









 











SB1936

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    AN ACT concerning revenue.

 
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    Be it enacted by the People of the State of Illinois,
 
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represented in the General Assembly:




 
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    Section 5. The Property Tax Code is amended  by changing 
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Section 27-45 as follows:
 



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    (35 ILCS 200/27-45)



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    Sec. 27-45. Issuance of bonds. Bonds secured by the full 
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faith and credit
of the area included in the special service 
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area may be issued for providing
the special services. Bonds, 
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when so issued, shall be retired by the levy of
taxes in 
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addition to  the taxes specified in Section 27-25 against all of 
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the
taxable real property included in the area as provided in 
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the ordinance
authorizing the issuance of the bonds or by the 
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imposition of another tax
within the special service area.  The 
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county clerk shall annually extend taxes
against all of the 
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taxable property situated in the county and contained in
such 
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special service area in amounts sufficient to pay maturing 
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principal and
interest of those bonds without limitation as to 
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rate or amount and in addition
to and in excess of any taxes 
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that may now or hereafter be authorized to be
levied by the 
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municipality or county. Prior to the issuance of those bonds,

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notice shall be given and a hearing shall be held pursuant to 
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the provisions of
Sections 27-30 and 27-35. For purposes of 
 


 






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this Section a notice shall include:


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        (a) The time and place of hearing;


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        (b) The boundaries of the area by legal description 
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    and, where possible, by street
location;
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        (c) The permanent tax index number of each parcel 
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    located within the area;

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        (d) The nature of the special services to be provided 
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    within the proposed special service area and a statement as 
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    to whether the proposed special services are for new 
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    construction, maintenance, or other purposes;
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        (e) If the special services are to be maintained other 
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    than by the municipality or the county after the life of 
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    the bonds, then a statement indicating who will be 
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    responsible for maintenance of the special services after 
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    the life of the bonds;



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        (f) A notification that all interested persons, 
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    including all persons
owning
taxable property located 
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    within the special service area, will be given an

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    opportunity to be heard at the hearing regarding the 
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    issuance of the bonds and
an opportunity to file objections 
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    to the issuance of the bonds; and


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        (g) The maximum amount of bonds proposed to be issued, 
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    the maximum period
of
time over which the bonds will be 
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    retired, and the maximum  interest rate the
bonds will bear.

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    The question of the creation of a special service area, the 
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levy or
imposition of a tax in the special service area and the 
 


 






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issuance of bonds for
providing special services may all be 
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considered together at one hearing.

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    Any bonds issued shall not exceed the number of bonds, the 
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interest rate
and the period of extension set forth in the 
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notice, unless an additional
hearing is held.  
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    Special service area bonds may be issued to refund or 
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advance refund special service area bonds without meeting any 
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of the conditions set forth in this Section, except that the 
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term of the refunding bonds may not be longer than the term of 
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the refunded bonds and the debt service payable in any year on 
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the refunding bonds may not exceed the debt service payable in 
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that year on the refunded bonds. 
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    Property taxes levied under the provisions of Section 27-75 
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of this Code in 2 or more special service areas established 
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under this Article 27 may be pledged to secure a single bond 
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issue benefitting the special service areas if those special 
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service areas are within the corporate limits of a 
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municipality.  Any such property taxes must be levied on a basis 
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that provides a rational relationship between the amount of the 
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tax levied against each lot, block, tract, and parcel of land 
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in each special service area and the special service benefit 
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rendered. The changes made by this amendatory Act of the 96th 
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General Assembly do not change any other terms, duties, or 
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powers of a special service area under this Article.

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    Bonds issued pursuant to this Article shall not be regarded

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as indebtedness of the municipality or county,
as the case may 
 


 






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be, for the purpose of any limitation imposed by any law.

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(Source: P.A. 93-1013, eff. 8-24-04.)

 

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    Section 99. Effective date. This Act takes effect upon 
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becoming law.