Illinois General Assembly - Bill Status for SB2338

Creates the Village of Strasburg Tax Levy Validation (2004) Act. Validates the 2003 tax levy ordinance and supplemental or deficiency tax levy ordinance adopted in 2004 and the taxes assessed, levied, and extended thereon by the Village of Strasburg if it meets certain criteria. Provides that no 2003 tax levy or supplemental or deficiency levy, however, is validated to the extent it would have exceeded the maximum amount the district could have levied under the Property Tax Extension Limitation Law if the tax levy ordinance or supplemental or deficiency levy ordinance had been adopted and filed in due time in calendar year 2003. Validates the use for normal operating expenses by the Village of any tax revenue for the calendar year 2003 intended for the payment of principal and interest on outstanding bonds, and validates the use of revenue generated from tax anticipation warrants to make bond payments. Amends the Property Tax Code to provide that the Property Tax Extension Limitation Law and the Truth in Taxation Law are subject to the Village of Strasburg Tax Levy Validation (2004) Act. Effective immediately.

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