Rep. Frank J. Mautino
Filed: 5/30/2009
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1 | AMENDMENT TO SENATE BILL 1936
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2 | AMENDMENT NO. ______. Amend Senate Bill 1936, AS AMENDED, | ||||||
3 | by replacing everything after the enacting clause with the | ||||||
4 | following:
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5 | "Section 5. The Property Tax Code is amended by changing | ||||||
6 | Section 27-45 as follows:
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7 | (35 ILCS 200/27-45)
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8 | Sec. 27-45. Issuance of bonds. Bonds secured by the full | ||||||
9 | faith and credit
of the area included in the special service | ||||||
10 | area may be issued for providing
the special services. Bonds, | ||||||
11 | when so issued, shall be retired by the levy of
taxes in | ||||||
12 | addition to the taxes specified in Section 27-25 against all of | ||||||
13 | the
taxable real property included in the area as provided in | ||||||
14 | the ordinance
authorizing the issuance of the bonds or by the | ||||||
15 | imposition of another tax
within the special service area. The | ||||||
16 | county clerk shall annually extend taxes
against all of the |
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1 | taxable property situated in the county and contained in
such | ||||||
2 | special service area in amounts sufficient to pay maturing | ||||||
3 | principal and
interest of those bonds without limitation as to | ||||||
4 | rate or amount and in addition
to and in excess of any taxes | ||||||
5 | that may now or hereafter be authorized to be
levied by the | ||||||
6 | municipality or county. Prior to the issuance of those bonds,
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7 | notice shall be given and a hearing shall be held pursuant to | ||||||
8 | the provisions of
Sections 27-30 and 27-35. For purposes of | ||||||
9 | this Section a notice shall include:
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10 | (a) The time and place of hearing;
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11 | (b) The boundaries of the area by legal description | ||||||
12 | and, where possible, by street
location; | ||||||
13 | (c) The permanent tax index number of each parcel | ||||||
14 | located within the area;
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15 | (d) The nature of the special services to be provided | ||||||
16 | within the proposed special service area and a statement as | ||||||
17 | to whether the proposed special services are for new | ||||||
18 | construction, maintenance, or other purposes; | ||||||
19 | (e) If the special services are to be maintained other | ||||||
20 | than by the municipality or the county after the life of | ||||||
21 | the bonds, then a statement indicating who will be | ||||||
22 | responsible for maintenance of the special services after | ||||||
23 | the life of the bonds;
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24 | (f) A notification that all interested persons, | ||||||
25 | including all persons
owning
taxable property located | ||||||
26 | within the special service area, will be given an
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1 | opportunity to be heard at the hearing regarding the | ||||||
2 | issuance of the bonds and
an opportunity to file objections | ||||||
3 | to the issuance of the bonds; and
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4 | (g) The maximum amount of bonds proposed to be issued, | ||||||
5 | the maximum period
of
time over which the bonds will be | ||||||
6 | retired, and the maximum interest rate the
bonds will bear.
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7 | The question of the creation of a special service area, the | ||||||
8 | levy or
imposition of a tax in the special service area and the | ||||||
9 | issuance of bonds for
providing special services may all be | ||||||
10 | considered together at one hearing.
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11 | Any bonds issued shall not exceed the number of bonds, the | ||||||
12 | interest rate
and the period of extension set forth in the | ||||||
13 | notice, unless an additional
hearing is held. | ||||||
14 | If the municipality or county finds that refunding is in | ||||||
15 | the best interest of the taxpayers of the special service area, | ||||||
16 | special service area bonds may be issued to refund or advance | ||||||
17 | refund special service area bonds without meeting any of the | ||||||
18 | notice or hearing requirements set forth in this Section, | ||||||
19 | except that the interest rate on the refunding bonds, the | ||||||
20 | maximum principal of the refunding bonds, and the maximum | ||||||
21 | period of time over which the refunding bonds will be retired | ||||||
22 | may not be greater than that set forth in the notice for the | ||||||
23 | refunded bonds. | ||||||
24 | Property taxes levied under the provisions of Section 27-75 | ||||||
25 | of this Code in 2 or more special service areas established | ||||||
26 | under this Article 27 may be pledged to secure a single bond |
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1 | issue benefitting the special service areas if those special | ||||||
2 | service areas are within the corporate limits of a | ||||||
3 | municipality. Any such property taxes must be levied on a basis | ||||||
4 | that provides a rational relationship between the amount of the | ||||||
5 | tax levied against each lot, block, tract, and parcel of land | ||||||
6 | in each special service area and the special service benefit | ||||||
7 | rendered. The changes made by this amendatory Act of the 96th | ||||||
8 | General Assembly do not change any other terms, duties, or | ||||||
9 | powers of a special service area under this Article.
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10 | Bonds issued pursuant to this Article shall not be regarded
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11 | as indebtedness of the municipality or county,
as the case may | ||||||
12 | be, for the purpose of any limitation imposed by any law.
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13 | (Source: P.A. 93-1013, eff. 8-24-04.)
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14 | Section 99. Effective date. This Act takes effect upon | ||||||
15 | becoming law.".
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