Full Text of SB0629 95th General Assembly
SB0629sam001 95TH GENERAL ASSEMBLY
|
Sen. Don Harmon
Filed: 5/24/2007
|
|
09500SB0629sam001 |
|
LRB095 10861 BDD 35853 a |
|
| 1 |
| AMENDMENT TO SENATE BILL 629
| 2 |
| AMENDMENT NO. ______. Amend Senate Bill 629 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 and by adding Section 18-53 as follows: | 6 |
| (35 ILCS 200/18-53 new) | 7 |
| Sec. 18-53. Refund recapture levy.
| 8 |
| (a) If a taxing district is required to refund a portion of | 9 |
| the
property tax revenue distributed to that taxing district
| 10 |
| because of a decision of the Property Tax Appeal Board, an
| 11 |
| assessment or exemption decision of the Department of Revenue, | 12 |
| a court order issued pursuant to an assessment valuation | 13 |
| complaint under Section 23-15, or an administrative decision of | 14 |
| a local
assessing official that reduces the assessed value of a | 15 |
| property
within the district, that taxing district may, without
| 16 |
| referendum, adopt a levy to recapture the
revenue lost by the |
|
|
|
09500SB0629sam001 |
- 2 - |
LRB095 10861 BDD 35853 a |
|
| 1 |
| refund or refunds. | 2 |
| (b) The recapture levy
may not exceed an amount equal to | 3 |
| the aggregate refunds paid
by the district for the prior fiscal | 4 |
| year. At the district's option, the recapture levy may be | 5 |
| extended in successive annual installments, but the total of | 6 |
| all installments may not exceed the amount allowed under this | 7 |
| subsection for a single levy. | 8 |
| Within 45 days after a request by a taxing district, the | 9 |
| county treasurer must certify the aggregate refunds paid by a | 10 |
| taxing district for
purposes of this Section. Whenever the | 11 |
| county treasurer certifies aggregate refunds at the request of | 12 |
| a taxing district under this Section, the treasurer shall keep | 13 |
| records of the individual refunds included in the aggregate. | 14 |
| All such information must be provided to the county clerk. The | 15 |
| county clerk shall keep a record of such information and of any | 16 |
| recapture levy that may, thereafter, be extended so that the | 17 |
| amount of the extension can be distinguished from any other | 18 |
| levies and extensions for that district. The county treasurer's | 19 |
| and the county clerk's records under this Section are available | 20 |
| to the public upon request. | 21 |
| (c) Any taxpayer who has received a refund under subsection | 22 |
| (a) that exceeds $500 and that has been included in a recapture | 23 |
| levy by a particular taxing district under this Section has the | 24 |
| right to have that refund amount abated from the extension of | 25 |
| the recapture levy against his or her property. For purposes of | 26 |
| this Section, the "property" for which the recapture extension |
|
|
|
09500SB0629sam001 |
- 3 - |
LRB095 10861 BDD 35853 a |
|
| 1 |
| may be abated is one or more parcels that were the subject of a | 2 |
| consolidated refund. If the taxing district's recapture levy | 3 |
| and extension was made in a lesser amount than the aggregate of | 4 |
| all refunds certified by the treasurer for that district, then | 5 |
| each abatement must reflect that same proportionate reduction. | 6 |
| The abatement may be granted only upon application as | 7 |
| provided in this Section. A taxpayer seeking an abatement under | 8 |
| this Section must apply to the county treasurer no later than | 9 |
| the due date under Section 23-10 for tax objection complaints | 10 |
| regarding tax levies of the year for which the recapture levy | 11 |
| was extended. The county treasurer may prescribe the form in | 12 |
| which the application must be made. The application must | 13 |
| include a copy of the decision or order that gave rise to the | 14 |
| refund and must specify the abatement claimed. The treasurer, | 15 |
| assisted if necessary by the county clerk, shall confirm (i) | 16 |
| whether the refund identified in the application was included | 17 |
| within the appropriate treasurer's certification of aggregate | 18 |
| refunds and (ii) the percentage that the refund represents of | 19 |
| the total recapture levy, and, upon such confirmation, the | 20 |
| abatement must be allowed as provided in this Section. If the | 21 |
| taxes abated have been paid, they must be refunded. If the | 22 |
| treasurer cannot determine whether the application should be | 23 |
| allowed, or otherwise denies the application, then any taxpayer | 24 |
| who has paid the tax subject to the claimed abatement may | 25 |
| petition the circuit court for a refund in the time and manner | 26 |
| provided in Section 20-175. Any refund granted pursuant to an |
|
|
|
09500SB0629sam001 |
- 4 - |
LRB095 10861 BDD 35853 a |
|
| 1 |
| abatement may not be included in a recapture levy under this | 2 |
| Section. | 3 |
| The county treasurer and county clerk shall mark their | 4 |
| records to reflect any abatement under this Section. | 5 |
| (d) For purposes of the Property Tax
Extension Limitation | 6 |
| Law, the taxing district's
aggregate extension does not include | 7 |
| the recapture
levy authorized under this Section. | 8 |
| (35 ILCS 200/18-185)
| 9 |
| Sec. 18-185. Short title; definitions. This Division 5 may | 10 |
| be cited as the
Property Tax Extension Limitation Law. As used | 11 |
| in this Division 5:
| 12 |
| "Consumer Price Index" means the Consumer Price Index for | 13 |
| All Urban
Consumers for all items published by the United | 14 |
| States Department of Labor.
| 15 |
| "Extension limitation" means (a) the lesser of 5% or the | 16 |
| percentage increase
in the Consumer Price Index during the | 17 |
| 12-month calendar year preceding the
levy year or (b) the rate | 18 |
| of increase approved by voters under Section 18-205.
| 19 |
| "Affected county" means a county of 3,000,000 or more | 20 |
| inhabitants or a
county contiguous to a county of 3,000,000 or | 21 |
| more inhabitants.
| 22 |
| "Taxing district" has the same meaning provided in Section | 23 |
| 1-150, except as
otherwise provided in this Section. For the | 24 |
| 1991 through 1994 levy years only,
"taxing district" includes | 25 |
| only each non-home rule taxing district having the
majority of |
|
|
|
09500SB0629sam001 |
- 5 - |
LRB095 10861 BDD 35853 a |
|
| 1 |
| its
1990 equalized assessed value within any county or counties | 2 |
| contiguous to a
county with 3,000,000 or more inhabitants. | 3 |
| Beginning with the 1995 levy
year, "taxing district" includes | 4 |
| only each non-home rule taxing district
subject to this Law | 5 |
| before the 1995 levy year and each non-home rule
taxing | 6 |
| district not subject to this Law before the 1995 levy year | 7 |
| having the
majority of its 1994 equalized assessed value in an | 8 |
| affected county or
counties. Beginning with the levy year in
| 9 |
| which this Law becomes applicable to a taxing district as
| 10 |
| provided in Section 18-213, "taxing district" also includes | 11 |
| those taxing
districts made subject to this Law as provided in | 12 |
| Section 18-213.
| 13 |
| "Aggregate extension" for taxing districts to which this | 14 |
| Law applied before
the 1995 levy year means the annual | 15 |
| corporate extension for the taxing
district and those special | 16 |
| purpose extensions that are made annually for
the taxing | 17 |
| district, excluding special purpose extensions: (a) made for | 18 |
| the
taxing district to pay interest or principal on general | 19 |
| obligation bonds
that were approved by referendum; (b) made for | 20 |
| any taxing district to pay
interest or principal on general | 21 |
| obligation bonds issued before October 1,
1991; (c) made for | 22 |
| any taxing district to pay interest or principal on bonds
| 23 |
| issued to refund or continue to refund those bonds issued | 24 |
| before October 1,
1991; (d)
made for any taxing district to pay | 25 |
| interest or principal on bonds
issued to refund or continue to | 26 |
| refund bonds issued after October 1, 1991 that
were approved by |
|
|
|
09500SB0629sam001 |
- 6 - |
LRB095 10861 BDD 35853 a |
|
| 1 |
| referendum; (e)
made for any taxing district to pay interest
or | 2 |
| principal on revenue bonds issued before October 1, 1991 for | 3 |
| payment of
which a property tax levy or the full faith and | 4 |
| credit of the unit of local
government is pledged; however, a | 5 |
| tax for the payment of interest or principal
on those bonds | 6 |
| shall be made only after the governing body of the unit of | 7 |
| local
government finds that all other sources for payment are | 8 |
| insufficient to make
those payments; (f) made for payments | 9 |
| under a building commission lease when
the lease payments are | 10 |
| for the retirement of bonds issued by the commission
before | 11 |
| October 1, 1991, to pay for the building project; (g) made for | 12 |
| payments
due under installment contracts entered into before | 13 |
| October 1, 1991;
(h) made for payments of principal and | 14 |
| interest on bonds issued under the
Metropolitan Water | 15 |
| Reclamation District Act to finance construction projects
| 16 |
| initiated before October 1, 1991; (i) made for payments of | 17 |
| principal and
interest on limited bonds, as defined in Section | 18 |
| 3 of the Local Government Debt
Reform Act, in an amount not to | 19 |
| exceed the debt service extension base less
the amount in items | 20 |
| (b), (c), (e), and (h) of this definition for
non-referendum | 21 |
| obligations, except obligations initially issued pursuant to
| 22 |
| referendum; (j) made for payments of principal and interest on | 23 |
| bonds
issued under Section 15 of the Local Government Debt | 24 |
| Reform Act; (k)
made
by a school district that participates in | 25 |
| the Special Education District of
Lake County, created by | 26 |
| special education joint agreement under Section
10-22.31 of the |
|
|
|
09500SB0629sam001 |
- 7 - |
LRB095 10861 BDD 35853 a |
|
| 1 |
| School Code, for payment of the school district's share of the
| 2 |
| amounts required to be contributed by the Special Education | 3 |
| District of Lake
County to the Illinois Municipal Retirement | 4 |
| Fund under Article 7 of the
Illinois Pension Code; the amount | 5 |
| of any extension under this item (k) shall be
certified by the | 6 |
| school district to the county clerk; (l) made to fund
expenses | 7 |
| of providing joint recreational programs for the handicapped | 8 |
| under
Section 5-8 of
the
Park District Code or Section 11-95-14 | 9 |
| of the Illinois Municipal Code; (m) made for temporary | 10 |
| relocation loan repayment purposes pursuant to Sections 2-3.77 | 11 |
| and 17-2.2d of the School Code; (n) made for payment of | 12 |
| principal and interest on any bonds issued under the authority | 13 |
| of Section 17-2.2d of the School Code; and (o) made for | 14 |
| contributions to a firefighter's pension fund created under | 15 |
| Article 4 of the Illinois Pension Code, to the extent of the | 16 |
| amount certified under item (5) of Section 4-134 of the | 17 |
| Illinois Pension Code ; and (p) made as a recapture levy under | 18 |
| Section 18-53 .
| 19 |
| "Aggregate extension" for the taxing districts to which | 20 |
| this Law did not
apply before the 1995 levy year (except taxing | 21 |
| districts subject to this Law
in
accordance with Section | 22 |
| 18-213) means the annual corporate extension for the
taxing | 23 |
| district and those special purpose extensions that are made | 24 |
| annually for
the taxing district, excluding special purpose | 25 |
| extensions: (a) made for the
taxing district to pay interest or | 26 |
| principal on general obligation bonds that
were approved by |
|
|
|
09500SB0629sam001 |
- 8 - |
LRB095 10861 BDD 35853 a |
|
| 1 |
| referendum; (b) made for any taxing district to pay interest
or | 2 |
| principal on general obligation bonds issued before March 1, | 3 |
| 1995; (c) made
for any taxing district to pay interest or | 4 |
| principal on bonds issued to refund
or continue to refund those | 5 |
| bonds issued before March 1, 1995; (d) made for any
taxing | 6 |
| district to pay interest or principal on bonds issued to refund | 7 |
| or
continue to refund bonds issued after March 1, 1995 that | 8 |
| were approved by
referendum; (e) made for any taxing district | 9 |
| to pay interest or principal on
revenue bonds issued before | 10 |
| March 1, 1995 for payment of which a property tax
levy or the | 11 |
| full faith and credit of the unit of local government is | 12 |
| pledged;
however, a tax for the payment of interest or | 13 |
| principal on those bonds shall be
made only after the governing | 14 |
| body of the unit of local government finds that
all other | 15 |
| sources for payment are insufficient to make those payments; | 16 |
| (f) made
for payments under a building commission lease when | 17 |
| the lease payments are for
the retirement of bonds issued by | 18 |
| the commission before March 1, 1995 to
pay for the building | 19 |
| project; (g) made for payments due under installment
contracts | 20 |
| entered into before March 1, 1995; (h) made for payments of
| 21 |
| principal and interest on bonds issued under the Metropolitan | 22 |
| Water Reclamation
District Act to finance construction | 23 |
| projects initiated before October 1,
1991; (h-4) made for | 24 |
| stormwater management purposes by the Metropolitan Water | 25 |
| Reclamation District of Greater Chicago under Section 12 of the | 26 |
| Metropolitan Water Reclamation District Act; (i) made for |
|
|
|
09500SB0629sam001 |
- 9 - |
LRB095 10861 BDD 35853 a |
|
| 1 |
| payments of principal and interest on limited bonds,
as defined | 2 |
| in Section 3 of the Local Government Debt Reform Act, in an | 3 |
| amount
not to exceed the debt service extension base less the | 4 |
| amount in items (b),
(c), and (e) of this definition for | 5 |
| non-referendum obligations, except
obligations initially | 6 |
| issued pursuant to referendum and bonds described in
subsection | 7 |
| (h) of this definition; (j) made for payments of
principal and | 8 |
| interest on bonds issued under Section 15 of the Local | 9 |
| Government
Debt Reform Act; (k) made for payments of principal | 10 |
| and interest on bonds
authorized by Public Act 88-503 and | 11 |
| issued under Section 20a of the Chicago
Park District Act for | 12 |
| aquarium or
museum projects; (l) made for payments of principal | 13 |
| and interest on
bonds
authorized by Public Act 87-1191 or | 14 |
| 93-601 and (i) issued pursuant to Section 21.2 of the Cook | 15 |
| County Forest
Preserve District Act, (ii) issued under Section | 16 |
| 42 of the Cook County
Forest Preserve District Act for | 17 |
| zoological park projects, or (iii) issued
under Section 44.1 of | 18 |
| the Cook County Forest Preserve District Act for
botanical | 19 |
| gardens projects; (m) made
pursuant
to Section 34-53.5 of the | 20 |
| School Code, whether levied annually or not;
(n) made to fund | 21 |
| expenses of providing joint recreational programs for the
| 22 |
| handicapped under Section 5-8 of the Park
District Code or | 23 |
| Section 11-95-14 of the Illinois Municipal Code;
(o) made by | 24 |
| the
Chicago Park
District for recreational programs for the | 25 |
| handicapped under subsection (c) of
Section
7.06 of the Chicago | 26 |
| Park District Act; (p) made for contributions to a |
|
|
|
09500SB0629sam001 |
- 10 - |
LRB095 10861 BDD 35853 a |
|
| 1 |
| firefighter's pension fund created under Article 4 of the | 2 |
| Illinois Pension Code, to the extent of the amount certified | 3 |
| under item (5) of Section 4-134 of the Illinois Pension Code ; | 4 |
| (q) made by Ford Heights School District 169 under Section | 5 |
| 17-9.02 of the School Code ; and (r) made as a recapture levy | 6 |
| under Section 18-53 .
| 7 |
| "Aggregate extension" for all taxing districts to which | 8 |
| this Law applies in
accordance with Section 18-213, except for | 9 |
| those taxing districts subject to
paragraph (2) of subsection | 10 |
| (e) of Section 18-213, means the annual corporate
extension for | 11 |
| the
taxing district and those special purpose extensions that | 12 |
| are made annually for
the taxing district, excluding special | 13 |
| purpose extensions: (a) made for the
taxing district to pay | 14 |
| interest or principal on general obligation bonds that
were | 15 |
| approved by referendum; (b) made for any taxing district to pay | 16 |
| interest
or principal on general obligation bonds issued before | 17 |
| the date on which the
referendum making this
Law applicable to | 18 |
| the taxing district is held; (c) made
for any taxing district | 19 |
| to pay interest or principal on bonds issued to refund
or | 20 |
| continue to refund those bonds issued before the date on which | 21 |
| the
referendum making this Law
applicable to the taxing | 22 |
| district is held;
(d) made for any
taxing district to pay | 23 |
| interest or principal on bonds issued to refund or
continue to | 24 |
| refund bonds issued after the date on which the referendum | 25 |
| making
this Law
applicable to the taxing district is held if | 26 |
| the bonds were approved by
referendum after the date on which |
|
|
|
09500SB0629sam001 |
- 11 - |
LRB095 10861 BDD 35853 a |
|
| 1 |
| the referendum making this Law
applicable to the taxing | 2 |
| district is held; (e) made for any
taxing district to pay | 3 |
| interest or principal on
revenue bonds issued before the date | 4 |
| on which the referendum making this Law
applicable to the
| 5 |
| taxing district is held for payment of which a property tax
| 6 |
| levy or the full faith and credit of the unit of local | 7 |
| government is pledged;
however, a tax for the payment of | 8 |
| interest or principal on those bonds shall be
made only after | 9 |
| the governing body of the unit of local government finds that
| 10 |
| all other sources for payment are insufficient to make those | 11 |
| payments; (f) made
for payments under a building commission | 12 |
| lease when the lease payments are for
the retirement of bonds | 13 |
| issued by the commission before the date on which the
| 14 |
| referendum making this
Law applicable to the taxing district is | 15 |
| held to
pay for the building project; (g) made for payments due | 16 |
| under installment
contracts entered into before the date on | 17 |
| which the referendum making this Law
applicable to
the taxing | 18 |
| district is held;
(h) made for payments
of principal and | 19 |
| interest on limited bonds,
as defined in Section 3 of the Local | 20 |
| Government Debt Reform Act, in an amount
not to exceed the debt | 21 |
| service extension base less the amount in items (b),
(c), and | 22 |
| (e) of this definition for non-referendum obligations, except
| 23 |
| obligations initially issued pursuant to referendum; (i) made | 24 |
| for payments
of
principal and interest on bonds issued under | 25 |
| Section 15 of the Local Government
Debt Reform Act;
(j)
made | 26 |
| for a qualified airport authority to pay interest or principal |
|
|
|
09500SB0629sam001 |
- 12 - |
LRB095 10861 BDD 35853 a |
|
| 1 |
| on
general obligation bonds issued for the purpose of paying | 2 |
| obligations due
under, or financing airport facilities | 3 |
| required to be acquired, constructed,
installed or equipped | 4 |
| pursuant to, contracts entered into before March
1, 1996 (but | 5 |
| not including any amendments to such a contract taking effect | 6 |
| on
or after that date); (k) made to fund expenses of providing | 7 |
| joint
recreational programs for the handicapped under Section | 8 |
| 5-8 of
the
Park District Code or Section 11-95-14 of the | 9 |
| Illinois Municipal Code; and (l) made for contributions to a | 10 |
| firefighter's pension fund created under Article 4 of the | 11 |
| Illinois Pension Code, to the extent of the amount certified | 12 |
| under item (5) of Section 4-134 of the Illinois Pension Code ; | 13 |
| and (m) made as a recapture levy under Section 18-53 .
| 14 |
| "Aggregate extension" for all taxing districts to which | 15 |
| this Law applies in
accordance with paragraph (2) of subsection | 16 |
| (e) of Section 18-213 means the
annual corporate extension for | 17 |
| the
taxing district and those special purpose extensions that | 18 |
| are made annually for
the taxing district, excluding special | 19 |
| purpose extensions: (a) made for the
taxing district to pay | 20 |
| interest or principal on general obligation bonds that
were | 21 |
| approved by referendum; (b) made for any taxing district to pay | 22 |
| interest
or principal on general obligation bonds issued before | 23 |
| the effective date of
this amendatory Act of 1997;
(c) made
for | 24 |
| any taxing district to pay interest or principal on bonds | 25 |
| issued to refund
or continue to refund those bonds issued | 26 |
| before the effective date
of this amendatory Act of 1997;
(d) |
|
|
|
09500SB0629sam001 |
- 13 - |
LRB095 10861 BDD 35853 a |
|
| 1 |
| made for any
taxing district to pay interest or principal on | 2 |
| bonds issued to refund or
continue to refund bonds issued after | 3 |
| the effective date of this amendatory Act
of 1997 if the bonds | 4 |
| were approved by referendum after the effective date of
this | 5 |
| amendatory Act of 1997;
(e) made for any
taxing district to pay | 6 |
| interest or principal on
revenue bonds issued before the | 7 |
| effective date of this amendatory Act of 1997
for payment of | 8 |
| which a property tax
levy or the full faith and credit of the | 9 |
| unit of local government is pledged;
however, a tax for the | 10 |
| payment of interest or principal on those bonds shall be
made | 11 |
| only after the governing body of the unit of local government | 12 |
| finds that
all other sources for payment are insufficient to | 13 |
| make those payments; (f) made
for payments under a building | 14 |
| commission lease when the lease payments are for
the retirement | 15 |
| of bonds issued by the commission before the effective date
of | 16 |
| this amendatory Act of 1997
to
pay for the building project; | 17 |
| (g) made for payments due under installment
contracts entered | 18 |
| into before the effective date of this amendatory Act of
1997;
| 19 |
| (h) made for payments
of principal and interest on limited | 20 |
| bonds,
as defined in Section 3 of the Local Government Debt | 21 |
| Reform Act, in an amount
not to exceed the debt service | 22 |
| extension base less the amount in items (b),
(c), and (e) of | 23 |
| this definition for non-referendum obligations, except
| 24 |
| obligations initially issued pursuant to referendum; (i) made | 25 |
| for payments
of
principal and interest on bonds issued under | 26 |
| Section 15 of the Local Government
Debt Reform Act;
(j)
made |
|
|
|
09500SB0629sam001 |
- 14 - |
LRB095 10861 BDD 35853 a |
|
| 1 |
| for a qualified airport authority to pay interest or principal | 2 |
| on
general obligation bonds issued for the purpose of paying | 3 |
| obligations due
under, or financing airport facilities | 4 |
| required to be acquired, constructed,
installed or equipped | 5 |
| pursuant to, contracts entered into before March
1, 1996 (but | 6 |
| not including any amendments to such a contract taking effect | 7 |
| on
or after that date); (k) made to fund expenses of providing | 8 |
| joint
recreational programs for the handicapped under Section | 9 |
| 5-8 of
the
Park District Code or Section 11-95-14 of the | 10 |
| Illinois Municipal Code; and (l) made for contributions to a | 11 |
| firefighter's pension fund created under Article 4 of the | 12 |
| Illinois Pension Code, to the extent of the amount certified | 13 |
| under item (5) of Section 4-134 of the Illinois Pension Code ; | 14 |
| and (m) made as a recapture levy under Section 18-53 .
| 15 |
| "Debt service extension base" means an amount equal to that | 16 |
| portion of the
extension for a taxing district for the 1994 | 17 |
| levy year, or for those taxing
districts subject to this Law in | 18 |
| accordance with Section 18-213, except for
those subject to | 19 |
| paragraph (2) of subsection (e) of Section 18-213, for the
levy
| 20 |
| year in which the referendum making this Law applicable to the | 21 |
| taxing district
is held, or for those taxing districts subject | 22 |
| to this Law in accordance with
paragraph (2) of subsection (e) | 23 |
| of Section 18-213 for the 1996 levy year,
constituting an
| 24 |
| extension for payment of principal and interest on bonds issued | 25 |
| by the taxing
district without referendum, but not including | 26 |
| excluded non-referendum bonds. For park districts (i) that were |
|
|
|
09500SB0629sam001 |
- 15 - |
LRB095 10861 BDD 35853 a |
|
| 1 |
| first
subject to this Law in 1991 or 1995 and (ii) whose | 2 |
| extension for the 1994 levy
year for the payment of principal | 3 |
| and interest on bonds issued by the park
district without | 4 |
| referendum (but not including excluded non-referendum bonds)
| 5 |
| was less than 51% of the amount for the 1991 levy year | 6 |
| constituting an
extension for payment of principal and interest | 7 |
| on bonds issued by the park
district without referendum (but | 8 |
| not including excluded non-referendum bonds),
"debt service | 9 |
| extension base" means an amount equal to that portion of the
| 10 |
| extension for the 1991 levy year constituting an extension for | 11 |
| payment of
principal and interest on bonds issued by the park | 12 |
| district without referendum
(but not including excluded | 13 |
| non-referendum bonds). The debt service extension
base may be | 14 |
| established or increased as provided under Section 18-212.
| 15 |
| "Excluded non-referendum bonds" means (i) bonds authorized by | 16 |
| Public
Act 88-503 and issued under Section 20a of the Chicago | 17 |
| Park District Act for
aquarium and museum projects; (ii) bonds | 18 |
| issued under Section 15 of the
Local Government Debt Reform | 19 |
| Act; or (iii) refunding obligations issued
to refund or to | 20 |
| continue to refund obligations initially issued pursuant to
| 21 |
| referendum.
| 22 |
| "Special purpose extensions" include, but are not limited | 23 |
| to, extensions
for levies made on an annual basis for | 24 |
| unemployment and workers'
compensation, self-insurance, | 25 |
| contributions to pension plans, and extensions
made pursuant to | 26 |
| Section 6-601 of the Illinois Highway Code for a road
|
|
|
|
09500SB0629sam001 |
- 16 - |
LRB095 10861 BDD 35853 a |
|
| 1 |
| district's permanent road fund whether levied annually or not. | 2 |
| The
extension for a special service area is not included in the
| 3 |
| aggregate extension.
| 4 |
| "Aggregate extension base" means the taxing district's | 5 |
| last preceding
aggregate extension as adjusted under Sections | 6 |
| 18-215
through 18-230.
| 7 |
| "Levy year" has the same meaning as "year" under Section
| 8 |
| 1-155.
| 9 |
| "New property" means (i) the assessed value, after final | 10 |
| board of review or
board of appeals action, of new improvements | 11 |
| or additions to existing
improvements on any parcel of real | 12 |
| property that increase the assessed value of
that real property | 13 |
| during the levy year multiplied by the equalization factor
| 14 |
| issued by the Department under Section 17-30, (ii) the assessed | 15 |
| value, after
final board of review or board of appeals action, | 16 |
| of real property not exempt
from real estate taxation, which | 17 |
| real property was exempt from real estate
taxation for any | 18 |
| portion of the immediately preceding levy year, multiplied by
| 19 |
| the equalization factor issued by the Department under Section | 20 |
| 17-30, including the assessed value, upon final stabilization | 21 |
| of occupancy after new construction is complete, of any real | 22 |
| property located within the boundaries of an otherwise or | 23 |
| previously exempt military reservation that is intended for | 24 |
| residential use and owned by or leased to a private corporation | 25 |
| or other entity, and
(iii) in counties that classify in | 26 |
| accordance with Section 4 of Article
IX of the
Illinois |
|
|
|
09500SB0629sam001 |
- 17 - |
LRB095 10861 BDD 35853 a |
|
| 1 |
| Constitution, an incentive property's additional assessed | 2 |
| value
resulting from a
scheduled increase in the level of | 3 |
| assessment as applied to the first year
final board of
review | 4 |
| market value.
In addition, the county clerk in a county | 5 |
| containing a population of
3,000,000 or more shall include in | 6 |
| the 1997
recovered tax increment value for any school district, | 7 |
| any recovered tax
increment value that was applicable to the | 8 |
| 1995 tax year calculations.
| 9 |
| "Qualified airport authority" means an airport authority | 10 |
| organized under
the Airport Authorities Act and located in a | 11 |
| county bordering on the State of
Wisconsin and having a | 12 |
| population in excess of 200,000 and not greater than
500,000.
| 13 |
| "Recovered tax increment value" means, except as otherwise | 14 |
| provided in this
paragraph, the amount of the current year's | 15 |
| equalized assessed value, in the
first year after a | 16 |
| municipality terminates
the designation of an area as a | 17 |
| redevelopment project area previously
established under the | 18 |
| Tax Increment Allocation Development Act in the Illinois
| 19 |
| Municipal Code, previously established under the Industrial | 20 |
| Jobs Recovery Law
in the Illinois Municipal Code, or previously | 21 |
| established under the Economic
Development Area Tax Increment | 22 |
| Allocation Act, of each taxable lot, block,
tract, or parcel of | 23 |
| real property in the redevelopment project area over and
above | 24 |
| the initial equalized assessed value of each property in the
| 25 |
| redevelopment project area.
For the taxes which are extended | 26 |
| for the 1997 levy year, the recovered tax
increment value for a |
|
|
|
09500SB0629sam001 |
- 18 - |
LRB095 10861 BDD 35853 a |
|
| 1 |
| non-home rule taxing district that first became subject
to this | 2 |
| Law for the 1995 levy year because a majority of its 1994 | 3 |
| equalized
assessed value was in an affected county or counties | 4 |
| shall be increased if a
municipality terminated the designation | 5 |
| of an area in 1993 as a redevelopment
project area previously | 6 |
| established under the Tax Increment Allocation
Development Act | 7 |
| in the Illinois Municipal Code, previously established under
| 8 |
| the Industrial Jobs Recovery Law in the Illinois Municipal | 9 |
| Code, or previously
established under the Economic Development | 10 |
| Area Tax Increment Allocation Act,
by an amount equal to the | 11 |
| 1994 equalized assessed value of each taxable lot,
block, | 12 |
| tract, or parcel of real property in the redevelopment project | 13 |
| area over
and above the initial equalized assessed value of | 14 |
| each property in the
redevelopment project area.
In the first | 15 |
| year after a municipality
removes a taxable lot, block, tract, | 16 |
| or parcel of real property from a
redevelopment project area | 17 |
| established under the Tax Increment Allocation
Development Act | 18 |
| in the Illinois
Municipal Code, the Industrial Jobs Recovery | 19 |
| Law
in the Illinois Municipal Code, or the Economic
Development | 20 |
| Area Tax Increment Allocation Act, "recovered tax increment | 21 |
| value"
means the amount of the current year's equalized | 22 |
| assessed value of each taxable
lot, block, tract, or parcel of | 23 |
| real property removed from the redevelopment
project area over | 24 |
| and above the initial equalized assessed value of that real
| 25 |
| property before removal from the redevelopment project area.
| 26 |
| Except as otherwise provided in this Section, "limiting |
|
|
|
09500SB0629sam001 |
- 19 - |
LRB095 10861 BDD 35853 a |
|
| 1 |
| rate" means a
fraction the numerator of which is the last
| 2 |
| preceding aggregate extension base times an amount equal to one | 3 |
| plus the
extension limitation defined in this Section and the | 4 |
| denominator of which
is the current year's equalized assessed | 5 |
| value of all real property in the
territory under the | 6 |
| jurisdiction of the taxing district during the prior
levy year. | 7 |
| For those taxing districts that reduced their aggregate
| 8 |
| extension for the last preceding levy year, the highest | 9 |
| aggregate extension
in any of the last 3 preceding levy years | 10 |
| shall be used for the purpose of
computing the limiting rate. | 11 |
| The denominator shall not include new
property or the recovered | 12 |
| tax increment
value.
If a new rate, a rate decrease, or a | 13 |
| limiting rate increase has been approved at an election held | 14 |
| after March 21, 2006, then (i) the otherwise applicable | 15 |
| limiting rate shall be increased by the amount of the new rate | 16 |
| or shall be reduced by the amount of the rate decrease, as the | 17 |
| case may be, or (ii) in the case of a limiting rate increase, | 18 |
| the limiting rate shall be equal to the rate set forth
in the | 19 |
| proposition approved by the voters for each of the years | 20 |
| specified in the proposition, after
which the limiting rate of | 21 |
| the taxing district shall be calculated as otherwise provided.
| 22 |
| (Source: P.A. 93-601, eff. 1-1-04; 93-606, eff. 11-18-03; | 23 |
| 93-612, eff. 11-18-03; 93-689, eff. 7-1-04; 93-690, eff. | 24 |
| 7-1-04; 93-1049, eff. 11-17-04; 94-974, eff. 6-30-06; 94-976, | 25 |
| eff. 6-30-06; 94-1078, eff. 1-9-07; revised 1-11-07.)
|
|
|
|
09500SB0629sam001 |
- 20 - |
LRB095 10861 BDD 35853 a |
|
| 1 |
| Section 10. The Revenue Anticipation Act is amended by | 2 |
| changing Section 2 as follows:
| 3 |
| (50 ILCS 425/2) (from Ch. 85, par. 831-2)
| 4 |
| Sec. 2. Whenever there are not sufficient funds on hand to | 5 |
| pay obligations
and the governing body of the unit of local | 6 |
| government or school district
shall deem it for the best | 7 |
| interest of the unit of local government or school
district, as | 8 |
| the case may be, to provide funds for the payment of its
| 9 |
| obligations which are either general expenses or otherwise, | 10 |
| whether due or
to accrue in the then fiscal year, and it shall | 11 |
| theretofore have been
assured in writing of receiving revenue | 12 |
| from a reliable source such as
federal aid, State revenue | 13 |
| sharing , or local fees , including refund levies under Section | 14 |
| 18-53 of the Property Tax Code, for the payment of such
| 15 |
| obligations and shall have filed with the proper county clerk | 16 |
| the necessary
evidence of such assurance, such unit of local | 17 |
| government or school
district is hereby authorized to provide | 18 |
| funds for such purpose and issue
its notes therefor in the | 19 |
| manner provided in this Act.
| 20 |
| The governing body shall provide for such issue by an | 21 |
| appropriate resolution
which shall set forth:
| 22 |
| (a) The amount of money to be borrowed and the purpose for | 23 |
| which it will
be expended, the estimated revenues and the | 24 |
| aggregate appropriations for
such purpose. The purpose need not | 25 |
| be stated in detail, but the statement
thereof shall indicate |
|
|
|
09500SB0629sam001 |
- 21 - |
LRB095 10861 BDD 35853 a |
|
| 1 |
| whether such funds are for the payment of general
expenses or | 2 |
| for a particular fund, and if for a particular fund it shall be | 3 |
| identified.
| 4 |
| (b) The date, rate of interest, place of payment and | 5 |
| maturity or
maturities. Such notes may be payable at a | 6 |
| designated bank or at the
office of the treasurer.
| 7 |
| (c) The amount of warrants or notes theretofore issued | 8 |
| under this or any
other act to anticipate the collection of | 9 |
| such revenues.
| 10 |
| (d) A pledge of so much of such revenues as may be | 11 |
| necessary for the payment
of obligations issued hereunder.
| 12 |
| (Source: P.A. 83-1521.)
| 13 |
| Section 99. Effective date. This Act takes effect upon | 14 |
| becoming law.".
|
|