SB2087 Enrolled LRB094 08857 MKM 39076 b

1     AN ACT concerning State government.
 
2     Be it enacted by the People of the State of Illinois,
3 represented in the General Assembly:
 
4     Section 5. The Addison Creek Restoration Commission Act is
5 amended by changing Sections 15 and 20 and by adding Section 17
6 as follows:
 
7     (20 ILCS 3901/15)
8     (Section scheduled to be repealed on January 1, 2010)
9     Sec. 15. Acceptance of grants, loans, advances, and
10 appropriations. The Commission may apply for and accept grants,
11 loans, advances, and appropriations from the federal
12 government and from the State of Illinois or any agency or
13 instrumentality thereof to be used for the purposes of the
14 Commission and may enter into any agreement in relation to
15 these grants, loans, advances, and appropriations. The
16 Commission may also accept from the State, any State agency,
17 department, or commission, any unit of local government, any
18 railroad, school authority, or jointly therefrom, grants of
19 funds or services for any of the purposes of this Act.
20 (Source: P.A. 93-948, eff. 8-19-04.)
 
21     (20 ILCS 3901/17 new)
22     Sec. 17. Borrowing money and issuance of bonds.
23     (a) The Commission may incur debt and borrow money from
24 time to time and, in evidence thereof, may issue and sell bonds
25 in an amount sufficient to provide funds for carrying out the
26 purposes of this Act, to pay all costs and expenses incident to
27 issuing the bonds, and to refund and refinance, from time to
28 time, bonds so issued and sold.
29     (b) Before issuing any bonds under this Section, the
30 Commission shall adopt a resolution calling for the submission
31 of the question of issuing the bonds and imposing a tax

 

 

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1 sufficient for payment of the interest on the bonds as it falls
2 due and to pay the bonds as they mature to the voters of that
3 part of the territory of the Commission that is within the
4 Addison Creek floodplain in accordance with the general
5 election law. The question must be in substantially the
6 following form:
7         Shall the Commission issue bonds in an amount not to
8     exceed (insert amount) and levy a tax at a rate not to
9     exceed (insert rate) of the equalized assessed value of all
10     taxable property located within that part of the territory
11     of the Commission that is within the Addison Creek
12     floodplain for the payment of the interest on the bonds as
13     it falls due and to pay the bonds as they mature?
14     The ballot must have printed on it, but not as part of the
15 proposition submitted, the following: "The approximate impact
16 of the proposed tax rate on the owner of a single family home
17 having a market value of (insert value) would be (insert
18 amount) in the first year of the tax if the tax is fully
19 implemented." No other information needs to be included on the
20 ballot.
21     The votes must be recorded as "Yes" or "No".
22     If a majority of the electors voting on the question vote
23 in the affirmative, the Commission may thereafter issue the
24 bonds and levy the tax.
25     (c) The total amount levied and extended under this Section
26 and Section 20, in the aggregate, in any single taxable year,
27 shall not exceed $10,000,000.
 
28     (20 ILCS 3901/20)
29     (Section scheduled to be repealed on January 1, 2010)
30     Sec. 20. Taxing powers.
31     (a) After the first Monday in October and by the first
32 Monday in December in each year, the Commission shall levy the
33 general taxes for the Commission by general categories for the
34 next fiscal year. A certified copy of the levy ordinance shall
35 be filed with the county clerk of each county in which the that

 

 

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1 part of the territory of the Commission that is within the
2 Addison Creek floodplain is located by the last Tuesday in
3 December each year.
4     (b) The amount of taxes levied for general corporate
5 purposes for a fiscal year may not exceed the rate of .01% of
6 the value, as equalized or assessed by the Department of
7 Revenue, of the taxable property located within that part of
8 the territory of the Commission that is within the Addison
9 Creek floodplain, provided that the total amount levied and
10 extended under this Section and Section 17, in the aggregate,
11 in any single taxable year, shall not exceed $10,000,000.
12     (c) This tax and tax rate are exclusive of the taxes
13 required for the payment of the principal of and interest on
14 bonds.
15     (d) The rate of the tax levied for general corporate
16 purposes of the Commission may be initially imposed or
17 thereafter increased, up to the maximum rate identified in
18 subsection (b), by the Commission by a resolution calling for
19 the submission of the question of imposing or increasing the
20 rate to the voters of that part of the territory of the
21 Commission that is within the Addison Creek floodplain in
22 accordance with the general election law. The question must be
23 in substantially the following form:
24         Shall the Commission be authorized to establish its
25     general corporate tax rate at (insert rate) on the
26     equalized assessed value on all taxable property located
27     within that part of the territory of the Commission that is
28     within the Addison Creek floodplain for its general
29     purposes?
30     The ballot must have printed on it, but not as part of the
31 proposition submitted, the following: "The approximate impact
32 of the proposed (tax rate or increase) on the owner of a single
33 family home having a market value of (insert value) would be
34 (insert amount) in the first year of the (tax rate or increase)
35 if the (tax rate or increase) is fully implemented." The ballot
36 may have printed on it, but not as part of the proposition, one

 

 

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1 or both of the following: "The last tax rate extended for the
2 purposes of the Commission was (insert rate). The last rate
3 increase approved for the purposes of the Commission was in
4 (insert year)." No other information needs to be included on
5 the ballot.
6     The votes must be recorded as "Yes" or "No".
7     If a majority of the electors voting on the question vote
8 in the affirmative, the Commission may thereafter levy the tax.
9 The Commission shall not have the power to levy real property
10 taxes for any purpose whatsoever.
11 (Source: P.A. 93-948, eff. 8-19-04.)
 
12     Section 99. Effective date. This Act takes effect on July
13 1, 2005.