|
|
|
95TH GENERAL ASSEMBLY
State of Illinois
2007 and 2008 HB0698
Introduced 2/6/2007, by Rep. Brent Hassert SYNOPSIS AS INTRODUCED: |
|
|
Amends the Property Tax Code. In a Section concerning bond issues for special service areas, provides that bonds may be issued to provide special services for, and be secured by the full faith and credit of the areas included in, 2 or more special service areas established by a municipality or county if (i) the special services for which the bonds are issued are collectively found to be in addition to those services provided generally throughout the municipality or county and (ii) each special service area securing the bonds maintains a separate tax levy. Effective immediately.
|
| |
|
|
FISCAL NOTE ACT MAY APPLY | |
HOUSING AFFORDABILITY IMPACT NOTE ACT MAY APPLY |
|
|
A BILL FOR
|
|
|
|
|
HB0698 |
|
LRB095 06352 BDD 26448 b |
|
|
1 |
| AN ACT concerning revenue.
|
2 |
| Be it enacted by the People of the State of Illinois,
|
3 |
| represented in the General Assembly:
|
4 |
| Section 5. The Property Tax Code is amended by changing |
5 |
| Section 27-45 as follows:
|
6 |
| (35 ILCS 200/27-45)
|
7 |
| Sec. 27-45. Issuance of bonds. Bonds secured by the full |
8 |
| faith and credit
of the area included in the special service |
9 |
| area may be issued for providing
the special services. Bonds, |
10 |
| when so issued, shall be retired by the levy of
taxes in |
11 |
| addition to the taxes specified in Section 27-25 against all of |
12 |
| the
taxable real property included in the area as provided in |
13 |
| the ordinance
authorizing the issuance of the bonds or by the |
14 |
| imposition of another tax
within the special service area. The |
15 |
| county clerk shall annually extend taxes
against all of the |
16 |
| taxable property situated in the county and contained in
such |
17 |
| special service area in amounts sufficient to pay maturing |
18 |
| principal and
interest of those bonds without limitation as to |
19 |
| rate or amount and in addition
to and in excess of any taxes |
20 |
| that may now or hereafter be authorized to be
levied by the |
21 |
| municipality or county. Prior to the issuance of those bonds,
|
22 |
| notice shall be given and a hearing shall be held pursuant to |
23 |
| the provisions of
Sections 27-30 and 27-35. For purposes of |