093_SB0083sam001

 










                                     LRB093 04102 SJM 10966 a

 1                     AMENDMENT TO SENATE BILL 83

 2        AMENDMENT NO.     .  Amend Senate Bill  83  by  replacing
 3    everything after the enacting clause with the following:

 4        "Section 5.  The Property Tax Code is amended by changing
 5    Section 18-185 as follows:

 6        (35 ILCS 200/18-185)
 7        Sec.  18-185.  Short title; definitions.  This Division 5
 8    may be cited as the Property Tax  Extension  Limitation  Law.
 9    As used in this Division 5:
10        "Consumer Price Index" means the Consumer Price Index for
11    All  Urban  Consumers  for  all items published by the United
12    States Department of Labor.
13        "Extension limitation" means (a) the lesser of 5% or  the
14    percentage  increase  in  the Consumer Price Index during the
15    12-month calendar year preceding the levy  year  or  (b)  the
16    rate of increase approved by voters under Section 18-205.
17        "Affected  county"  means  a  county of 3,000,000 or more
18    inhabitants or a county contiguous to a county  of  3,000,000
19    or more inhabitants.
20        "Taxing  district"  has  the  same  meaning  provided  in
21    Section  1-150, except as otherwise provided in this Section.
22    For the 1991 through 1994 levy years only, "taxing  district"
 
                            -2-      LRB093 04102 SJM 10966 a
 1    includes  only  each non-home rule taxing district having the
 2    majority of its 1990  equalized  assessed  value  within  any
 3    county  or  counties contiguous to a county with 3,000,000 or
 4    more inhabitants.  Beginning with the 1995 levy year, "taxing
 5    district" includes only each non-home  rule  taxing  district
 6    subject  to  this  Law  before  the  1995  levy year and each
 7    non-home rule taxing district not subject to this Law  before
 8    the  1995 levy year having the majority of its 1994 equalized
 9    assessed value in an affected county or counties.   Beginning
10    with  the levy year in which this Law becomes applicable to a
11    taxing  district  as  provided  in  Section  18-213,  "taxing
12    district" also includes those taxing districts  made  subject
13    to this Law as provided in Section 18-213.
14        "Aggregate  extension" for taxing districts to which this
15    Law applied before  the  1995  levy  year  means  the  annual
16    corporate extension for the taxing district and those special
17    purpose  extensions  that  are  made  annually for the taxing
18    district, excluding special purpose extensions: (a) made  for
19    the  taxing  district to pay interest or principal on general
20    obligation bonds that were approved by referendum;  (b)  made
21    for  any  taxing  district  to  pay  interest or principal on
22    general obligation bonds issued before October 1,  1991;  (c)
23    made  for any taxing district to pay interest or principal on
24    bonds issued to refund or  continue  to  refund  those  bonds
25    issued  before  October  1,  1991;  (d)  made  for any taxing
26    district to pay interest or  principal  on  bonds  issued  to
27    refund  or  continue  to refund bonds issued after October 1,
28    1991 that were approved  by  referendum;  (e)  made  for  any
29    taxing district to pay interest or principal on revenue bonds
30    issued before October 1, 1991 for payment of which a property
31    tax  levy  or  the full faith and credit of the unit of local
32    government is pledged; however, a  tax  for  the  payment  of
33    interest or principal on those bonds shall be made only after
34    the governing body of the unit of local government finds that
 
                            -3-      LRB093 04102 SJM 10966 a
 1    all  other sources for payment are insufficient to make those
 2    payments; (f) made for payments under a  building  commission
 3    lease when the lease payments are for the retirement of bonds
 4    issued  by  the commission before October 1, 1991, to pay for
 5    the  building  project;  (g)  made  for  payments  due  under
 6    installment contracts entered into before  October  1,  1991;
 7    (h)  made  for  payments  of  principal and interest on bonds
 8    issued under the Metropolitan Water Reclamation District  Act
 9    to  finance construction projects initiated before October 1,
10    1991; (i) made for payments  of  principal  and  interest  on
11    limited   bonds,  as  defined  in  Section  3  of  the  Local
12    Government Debt Reform Act, in an amount not  to  exceed  the
13    debt  service  extension  base  less the amount in items (b),
14    (c), (e), and  (h)  of  this  definition  for  non-referendum
15    obligations,  except obligations initially issued pursuant to
16    referendum; (j) made for payments of principal  and  interest
17    on bonds issued under Section 15 of the Local Government Debt
18    Reform   Act;   and  (k)  made  by  a  school  district  that
19    participates  in  the  Special  Education  District  of  Lake
20    County, created by special education  joint  agreement  under
21    Section  10-22.31  of  the  School  Code,  for payment of the
22    school  district's  share  of  the  amounts  required  to  be
23    contributed by the Special Education District of Lake  County
24    to  the Illinois Municipal Retirement Fund under Article 7 of
25    the Illinois Pension Code; the amount of any extension  under
26    this  item  (k)  shall be certified by the school district to
27    the county clerk.
28        "Aggregate extension" for the taxing districts  to  which
29    this  Law  did  not  apply  before the 1995 levy year (except
30    taxing districts subject  to  this  Law  in  accordance  with
31    Section  18-213) means the annual corporate extension for the
32    taxing district and those special purpose extensions that are
33    made annually for  the  taxing  district,  excluding  special
34    purpose  extensions:  (a) made for the taxing district to pay
 
                            -4-      LRB093 04102 SJM 10966 a
 1    interest or principal on general obligation bonds  that  were
 2    approved  by  referendum; (b) made for any taxing district to
 3    pay interest or principal on general obligation bonds  issued
 4    before March 1, 1995; (c) made for any taxing district to pay
 5    interest  or  principal on bonds issued to refund or continue
 6    to refund those bonds issued before March 1, 1995;  (d)  made
 7    for any taxing district to pay interest or principal on bonds
 8    issued  to  refund  or  continue to refund bonds issued after
 9    March 1, 1995 that were approved by referendum; (e) made  for
10    any  taxing  district to pay interest or principal on revenue
11    bonds issued before March 1, 1995  for  payment  of  which  a
12    property tax levy or the full faith and credit of the unit of
13    local  government  is pledged; however, a tax for the payment
14    of interest or principal on those bonds shall  be  made  only
15    after  the  governing  body  of  the unit of local government
16    finds that all other sources for payment are insufficient  to
17    make  those  payments; (f) made for payments under a building
18    commission  lease  when  the  lease  payments  are  for   the
19    retirement  of bonds issued by the commission before March 1,
20    1995 to pay for the building project; (g) made  for  payments
21    due  under installment contracts entered into before March 1,
22    1995; (h) made for payments  of  principal  and  interest  on
23    bonds   issued   under  the  Metropolitan  Water  Reclamation
24    District  Act  to  finance  construction  projects  initiated
25    before October 1, 1991; (i) made for  payments  of  principal
26    and interest on limited bonds, as defined in Section 3 of the
27    Local  Government Debt Reform Act, in an amount not to exceed
28    the debt service extension base less the amount in items (b),
29    (c),  and  (e)  of   this   definition   for   non-referendum
30    obligations,  except obligations initially issued pursuant to
31    referendum and bonds described  in  subsection  (h)  of  this
32    definition;  (j)  made for payments of principal and interest
33    on bonds issued under Section 15 of the Local Government Debt
34    Reform Act; (k) made for payments of principal  and  interest
 
                            -5-      LRB093 04102 SJM 10966 a
 1    on  bonds  authorized  by  Public Act 88-503 and issued under
 2    Section 20a of the Chicago Park District Act for aquarium  or
 3    museum  projects;  (l)  made  for  payments  of principal and
 4    interest on bonds authorized by Public Act  87-1191  or  this
 5    amendatory  Act  of  the 93rd General Assembly and (i) issued
 6    pursuant to Section 21.2 of the Cook County  Forest  Preserve
 7    District Act, (ii) issued under Section 42 of the Cook County
 8    Forest Preserve District Act for zoological park projects, or
 9    (iii)  issued  under  Section  44.1 of the Cook County Forest
10    Preserve District Act for botanical gardens projects; and (m)
11    made pursuant to Section 34-53.5 of the School Code,  whether
12    levied annually or not.
13        "Aggregate  extension"  for all taxing districts to which
14    this Law applies in accordance with  Section  18-213,  except
15    for  those  taxing  districts  subject  to  paragraph  (2) of
16    subsection (e) of Section 18-213, means the annual  corporate
17    extension  for  the taxing district and those special purpose
18    extensions that are made annually for  the  taxing  district,
19    excluding special purpose extensions: (a) made for the taxing
20    district  to  pay interest or principal on general obligation
21    bonds that were approved by  referendum;  (b)  made  for  any
22    taxing  district  to  pay  interest  or  principal on general
23    obligation  bonds  issued  before  the  date  on  which   the
24    referendum  making this Law applicable to the taxing district
25    is held; (c) made for any taxing district to pay interest  or
26    principal  on  bonds  issued  to refund or continue to refund
27    those bonds issued before the date on  which  the  referendum
28    making  this  Law  applicable to the taxing district is held;
29    (d) made for any taxing district to pay interest or principal
30    on bonds issued to refund or continue to refund bonds  issued
31    after  the  date  on  which  the  referendum  making this Law
32    applicable to the taxing district is held if the  bonds  were
33    approved by referendum after the date on which the referendum
34    making  this  Law  applicable to the taxing district is held;
 
                            -6-      LRB093 04102 SJM 10966 a
 1    (e) made for any taxing district to pay interest or principal
 2    on  revenue  bonds  issued  before  the  date  on  which  the
 3    referendum making this Law applicable to the taxing  district
 4    is  held for payment of which a property tax levy or the full
 5    faith and credit of the unit of local government is  pledged;
 6    however,  a  tax  for the payment of interest or principal on
 7    those bonds shall be made only after the  governing  body  of
 8    the unit of local government finds that all other sources for
 9    payment are insufficient to make those payments; (f) made for
10    payments  under  a  building  commission lease when the lease
11    payments are for  the  retirement  of  bonds  issued  by  the
12    commission  before  the  date  on which the referendum making
13    this Law applicable to the taxing district is held to pay for
14    the  building  project;  (g)  made  for  payments  due  under
15    installment contracts entered into before the date  on  which
16    the  referendum  making  this  Law  applicable  to the taxing
17    district is held; (h) made  for  payments  of  principal  and
18    interest  on  limited  bonds,  as defined in Section 3 of the
19    Local Government Debt Reform Act, in an amount not to  exceed
20    the debt service extension base less the amount in items (b),
21    (c),   and   (e)   of   this  definition  for  non-referendum
22    obligations, except obligations initially issued pursuant  to
23    referendum;  (i)  made for payments of principal and interest
24    on bonds issued under Section 15 of the Local Government Debt
25    Reform Act; and (j) made for a qualified airport authority to
26    pay interest or principal on general obligation bonds  issued
27    for the purpose of paying obligations due under, or financing
28    airport  facilities  required  to  be  acquired, constructed,
29    installed or equipped pursuant  to,  contracts  entered  into
30    before  March  1,  1996  (but not including any amendments to
31    such a contract taking effect on or after that date).
32        "Aggregate extension" for all taxing districts  to  which
33    this   Law  applies  in  accordance  with  paragraph  (2)  of
34    subsection (e) of Section 18-213 means the  annual  corporate
 
                            -7-      LRB093 04102 SJM 10966 a
 1    extension  for  the taxing district and those special purpose
 2    extensions that are made annually for  the  taxing  district,
 3    excluding special purpose extensions: (a) made for the taxing
 4    district  to  pay interest or principal on general obligation
 5    bonds that were approved by  referendum;  (b)  made  for  any
 6    taxing  district  to  pay  interest  or  principal on general
 7    obligation bonds issued before the  effective  date  of  this
 8    amendatory  Act  of 1997; (c) made for any taxing district to
 9    pay interest or  principal  on  bonds  issued  to  refund  or
10    continue  to  refund  those bonds issued before the effective
11    date of this amendatory Act of 1997; (d) made for any  taxing
12    district  to  pay  interest  or  principal on bonds issued to
13    refund or continue to refund bonds issued after the effective
14    date of this  amendatory  Act  of  1997  if  the  bonds  were
15    approved  by  referendum  after  the  effective  date of this
16    amendatory Act of 1997; (e) made for any taxing  district  to
17    pay  interest or principal on revenue bonds issued before the
18    effective date of this amendatory Act of 1997 for payment  of
19    which a property tax levy or the full faith and credit of the
20    unit  of  local government is pledged; however, a tax for the
21    payment of interest or principal on those bonds shall be made
22    only after the governing body of the unit of local government
23    finds that all other sources for payment are insufficient  to
24    make  those  payments; (f) made for payments under a building
25    commission  lease  when  the  lease  payments  are  for   the
26    retirement  of  bonds  issued  by  the  commission before the
27    effective date of this amendatory Act of 1997 to pay for  the
28    building project; (g) made for payments due under installment
29    contracts  entered  into  before  the  effective date of this
30    amendatory Act of 1997; (h) made for  payments  of  principal
31    and interest on limited bonds, as defined in Section 3 of the
32    Local  Government Debt Reform Act, in an amount not to exceed
33    the debt service extension base less the amount in items (b),
34    (c),  and  (e)  of   this   definition   for   non-referendum
 
                            -8-      LRB093 04102 SJM 10966 a
 1    obligations,  except obligations initially issued pursuant to
 2    referendum; (i) made for payments of principal  and  interest
 3    on bonds issued under Section 15 of the Local Government Debt
 4    Reform Act; and (j) made for a qualified airport authority to
 5    pay  interest or principal on general obligation bonds issued
 6    for the purpose of paying obligations due under, or financing
 7    airport facilities  required  to  be  acquired,  constructed,
 8    installed  or  equipped  pursuant  to, contracts entered into
 9    before March 1, 1996 (but not  including  any  amendments  to
10    such a contract taking effect on or after that date).
11        "Debt  service  extension  base" means an amount equal to
12    that portion of the extension for a taxing district  for  the
13    1994 levy year, or for those taxing districts subject to this
14    Law  in  accordance  with  Section  18-213,  except for those
15    subject to paragraph (2) of subsection (e) of Section 18-213,
16    for the levy year in which the  referendum  making  this  Law
17    applicable  to  the  taxing  district  is  held, or for those
18    taxing districts subject  to  this  Law  in  accordance  with
19    paragraph  (2)  of  subsection  (e) of Section 18-213 for the
20    1996 levy year, constituting  an  extension  for  payment  of
21    principal and interest on bonds issued by the taxing district
22    without referendum, but not including excluded non-referendum
23    bonds.   For  park  districts  (i) that were first subject to
24    this Law in 1991 or 1995 and (ii)  whose  extension  for  the
25    1994  levy  year for the payment of principal and interest on
26    bonds issued by the park district without referendum (but not
27    including excluded non-referendum bonds) was less than 51% of
28    the amount for the 1991 levy year constituting  an  extension
29    for  payment of principal and interest on bonds issued by the
30    park district without referendum (but not including  excluded
31    non-referendum bonds), "debt service extension base" means an
32    amount  equal  to  that portion of the extension for the 1991
33    levy year constituting an extension for payment of  principal
34    and  interest  on  bonds  issued by the park district without
 
                            -9-      LRB093 04102 SJM 10966 a
 1    referendum (but not including excluded non-referendum bonds).
 2    The  debt  service  extension  base  may  be  established  or
 3    increased  as  provided  under  Section   18-212.   "Excluded
 4    non-referendum  bonds"  means  (i) bonds authorized by Public
 5    Act 88-503 and issued under Section 20a of the  Chicago  Park
 6    District  Act  for  aquarium  and museum projects; (ii) bonds
 7    issued under Section 15 of the Local Government  Debt  Reform
 8    Act;  and  or (iii) refunding obligations issued to refund or
 9    to continue to refund obligations initially  issued  pursuant
10    to  referendum.  The  debt  service  extension  base  may  be
11    established or increased as provided under Section 18-212.
12        "Special purpose extensions" include, but are not limited
13    to,  extensions  for  levies  made  on  an  annual  basis for
14    unemployment  and  workers'   compensation,   self-insurance,
15    contributions  to pension plans, and extensions made pursuant
16    to Section 6-601 of the Illinois  Highway  Code  for  a  road
17    district's  permanent  road  fund  whether levied annually or
18    not.  The  extension  for  a  special  service  area  is  not
19    included in the aggregate extension.
20        "Aggregate  extension  base"  means the taxing district's
21    last preceding aggregate extension as adjusted under Sections
22    18-215 through 18-230.
23        "Levy year" has the same meaning as "year" under  Section
24    1-155.
25        "New  property" means (i) the assessed value, after final
26    board  of  review  or  board  of  appeals  action,   of   new
27    improvements  or  additions  to  existing improvements on any
28    parcel of real property that increase the assessed  value  of
29    that  real  property  during  the levy year multiplied by the
30    equalization factor issued by the  Department  under  Section
31    17-30  and  (ii)  the  assessed  value,  after final board of
32    review or board of  appeals  action,  of  real  property  not
33    exempt  from  real  estate  taxation, which real property was
34    exempt from real estate  taxation  for  any  portion  of  the
 
                            -10-     LRB093 04102 SJM 10966 a
 1    immediately   preceding   levy   year,   multiplied   by  the
 2    equalization factor issued by the  Department  under  Section
 3    17-30. In addition, the county clerk in a county containing a
 4    population  of  3,000,000  or  more shall include in the 1997
 5    recovered tax increment value for any  school  district,  any
 6    recovered tax increment value that was applicable to the 1995
 7    tax year calculations.
 8        "Qualified  airport authority" means an airport authority
 9    organized under the Airport Authorities Act and located in  a
10    county  bordering  on  the  State  of  Wisconsin and having a
11    population in excess of 200,000 and not greater than 500,000.
12        "Recovered  tax  increment  value"   means,   except   as
13    otherwise  provided  in  this  paragraph,  the  amount of the
14    current year's equalized assessed value, in  the  first  year
15    after a municipality terminates the designation of an area as
16    a redevelopment project area previously established under the
17    Tax  Increment  Allocation  Development  Act  in the Illinois
18    Municipal Code, previously established under  the  Industrial
19    Jobs   Recovery  Law  in  the  Illinois  Municipal  Code,  or
20    previously established under the  Economic  Development  Area
21    Tax  Increment  Allocation  Act,  of each taxable lot, block,
22    tract, or  parcel  of  real  property  in  the  redevelopment
23    project  area  over  and above the initial equalized assessed
24    value of each property in the redevelopment project area. For
25    the taxes which are extended for  the  1997  levy  year,  the
26    recovered  tax  increment  value  for  a non-home rule taxing
27    district that first became subject to this Law for  the  1995
28    levy  year  because a majority of its 1994 equalized assessed
29    value  was  in  an  affected  county  or  counties  shall  be
30    increased if a municipality terminated the designation of  an
31    area  in  1993  as  a  redevelopment  project area previously
32    established under the Tax  Increment  Allocation  Development
33    Act  in  the  Illinois Municipal Code, previously established
34    under the  Industrial  Jobs  Recovery  Law  in  the  Illinois
 
                            -11-     LRB093 04102 SJM 10966 a
 1    Municipal  Code, or previously established under the Economic
 2    Development Area Tax Increment Allocation Act, by  an  amount
 3    equal  to  the  1994 equalized assessed value of each taxable
 4    lot,  block,  tract,  or  parcel  of  real  property  in  the
 5    redevelopment  project  area  over  and  above  the   initial
 6    equalized   assessed   value   of   each   property   in  the
 7    redevelopment  project  area.  In  the  first  year  after  a
 8    municipality removes a taxable lot, block, tract,  or  parcel
 9    of   real   property   from   a  redevelopment  project  area
10    established under the Tax  Increment  Allocation  Development
11    Act  in  the  Illinois  Municipal  Code,  the Industrial Jobs
12    Recovery Law in the Illinois Municipal Code, or the  Economic
13    Development Area Tax Increment Allocation Act, "recovered tax
14    increment  value"  means  the  amount  of  the current year's
15    equalized assessed value of each taxable lot,  block,  tract,
16    or  parcel  of  real  property removed from the redevelopment
17    project area over and above the  initial  equalized  assessed
18    value   of   that  real  property  before  removal  from  the
19    redevelopment project area.
20        Except as otherwise provided in this  Section,  "limiting
21    rate"  means  a  fraction  the numerator of which is the last
22    preceding aggregate extension base times an amount  equal  to
23    one plus the extension limitation defined in this Section and
24    the  denominator  of  which  is  the current year's equalized
25    assessed value of all real property in  the  territory  under
26    the jurisdiction of the taxing district during the prior levy
27    year.    For   those  taxing  districts  that  reduced  their
28    aggregate extension for the last  preceding  levy  year,  the
29    highest  aggregate  extension  in any of the last 3 preceding
30    levy years shall be used for the  purpose  of  computing  the
31    limiting   rate.   The  denominator  shall  not  include  new
32    property.  The denominator shall not  include  the  recovered
33    tax increment value.
34    (Source:  P.A.  91-357,  eff.  7-29-99; 91-478, eff. 11-1-99;
 
                            -12-     LRB093 04102 SJM 10966 a
 1    92-547, eff. 6-13-02.)

 2        Section 22.  The Cook County Forest Preserve District Act
 3    is amended by changing Sections 42 and  44.1  and  by  adding
 4    Section 21.2 as follows:

 5        (70 ILCS 810/21.2 new)
 6        Sec.  21.2.   Indebtedness of district; additional bonds.
 7    For the purpose of making capital improvements  to  any  land
 8    acquired  or  to  be  acquired  by  the district and repairs,
 9    reconstruction, rehabilitation, or renovation  in  connection
10    with  any  buildings  of the district or to acquire equipment
11    for the district, the corporate  authorities  of  the  forest
12    preserve  district in which the improvements or buildings are
13    maintained may from time to time incur indebtedness and issue
14    bonds therefor in amounts not exceeding,  in  the  aggregate,
15    $50,000,000.   The bonds shall bear interest at not more than
16    the maximum rate provided by law and  may  mature  up  to  30
17    years  from  the  date thereof.  A resolution authorizing the
18    issuance of bonds under this Section may  be  made  effective
19    without  the submission thereof to the voters of the district
20    for approval.
21        All  moneys  received  from  the  issuance  of  bonds  as
22    provided for in this Section shall be set apart in a separate
23    fund by the district treasurer and shall be used only for the
24    purposes set forth in this Section.
25        The corporate authorities of the district  shall  provide
26    for  the  levy  of  a  direct annual tax upon all the taxable
27    property in the district, sufficient to pay and discharge the
28    principal of the bonds at maturity and to  pay  the  interest
29    thereon  as  it  falls  due.   This  tax  shall be levied and
30    collected in like manner with the general taxes of the forest
31    preserve district and shall be in addition to the maximum  of
32    all  other taxes and tax rates that the district is or may be
 
                            -13-     LRB093 04102 SJM 10966 a
 1    authorized to levy.

 2        (70 ILCS 810/42) (from Ch. 96 1/2, par. 6445)
 3        Sec. 42.  For the purpose of making capital  improvements
 4    and  major  repairs in connection with a zoological park, the
 5    corporate authorities of  the  forest  preserve  district  in
 6    which  such park is maintained may from time to time incur an
 7    indebtedness and issue bonds therefor on or  before  December
 8    31,   1998   in   amounts  not  exceeding  in  the  aggregate
 9    $52,640,000 $27,640,000. Such bonds shall  bear  interest  at
10    not more than the maximum rate provided by law and may mature
11    up   to   30  years  from  the  date  thereof.  A  resolution
12    authorizing the issuance of bonds under this Section  may  be
13    made  effective  without the submission thereof to the voters
14    of the district for approval.
15        All  moneys  received  from  the  issuance  of  bonds  as
16    provided in this Section shall be set  apart  in  a  separate
17    fund by the district treasurer and shall be used only for the
18    purposes set forth in this Section.
19        The  corporate authorities of such district shall provide
20    for the levy of a direct annual  tax  upon  all  the  taxable
21    property  in  such  district, sufficient to pay and discharge
22    the principal of such  bonds  at  maturity  and  to  pay  the
23    interest  thereon  as  it falls due. This tax shall be levied
24    and collected in like manner with the general  taxes  of  the
25    forest  preserve  district  and  shall  be in addition to the
26    maximum of all other taxes and tax rates which  the  district
27    is or may be authorized to levy.
28    (Source: P.A. 89-449, eff. 6-1-96.)

29        (70 ILCS 810/44.1) (from Ch. 96 1/2, par. 6447.1)
30        Sec.   44.1.    For   the   purpose   of  making  capital
31    improvements  in  connection  with  botanical  gardens,   the
32    corporate  authorities  of  the  forest  preserve district in
 
                            -14-     LRB093 04102 SJM 10966 a
 1    which such gardens are maintained may incur  an  indebtedness
 2    and  issue  bonds  therefor  in  amounts not exceeding in the
 3    aggregate  $32,000,000  $7,000,000.  Such  bonds  shall  bear
 4    interest at not more than the maximum rate  provided  by  law
 5    and  shall  mature within 20 years from the date thereof. The
 6    resolution authorizing this issuance of  bonds  may  be  made
 7    effective without the submission thereof to the voters of the
 8    district for approval.
 9        All  moneys  received  from  the  issuance  of  bonds  as
10    provided  in  this  Section  shall be set apart in a separate
11    fund by the district treasurer and shall be used only for the
12    purposes set forth in this Section.
13        The corporate authorities of such district shall  provide
14    for  the  levy  of  a  direct annual tax upon all the taxable
15    property in such district, sufficient to  pay  and  discharge
16    the  principal  of  such  bonds  at  maturity  and to pay the
17    interest thereon as it falls due. This tax  shall  be  levied
18    and  collected  in  like manner with the general taxes of the
19    forest preserve district and shall  be  in  addition  to  the
20    maximum  of  all other taxes and tax rates which the district
21    is or may be authorized to levy.
22    (Source: P.A. 85-1421.)".