Full Text of SB1936 96th General Assembly
SB1936ham002 96TH GENERAL ASSEMBLY
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Rep. Frank J. Mautino
Filed: 5/18/2009
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LRB096 10999 HLH 27034 a |
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| AMENDMENT TO SENATE BILL 1936
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| AMENDMENT NO. ______. Amend Senate Bill 1936, AS AMENDED, | 3 |
| by replacing everything after the enacting clause with the | 4 |
| following:
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| "Section 5. The Property Tax Code is amended by changing | 6 |
| Section 27-45 as follows:
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| (35 ILCS 200/27-45)
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| Sec. 27-45. Issuance of bonds. Bonds secured by the full | 9 |
| faith and credit
of the area included in the special service | 10 |
| area may be issued for providing
the special services. Bonds, | 11 |
| when so issued, shall be retired by the levy of
taxes in | 12 |
| addition to the taxes specified in Section 27-25 against all of | 13 |
| the
taxable real property included in the area as provided in | 14 |
| the ordinance
authorizing the issuance of the bonds or by the | 15 |
| imposition of another tax
within the special service area. The | 16 |
| county clerk shall annually extend taxes
against all of the |
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| taxable property situated in the county and contained in
such | 2 |
| special service area in amounts sufficient to pay maturing | 3 |
| principal and
interest of those bonds without limitation as to | 4 |
| rate or amount and in addition
to and in excess of any taxes | 5 |
| that may now or hereafter be authorized to be
levied by the | 6 |
| municipality or county. Prior to the issuance of those bonds,
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| notice shall be given and a hearing shall be held pursuant to | 8 |
| the provisions of
Sections 27-30 and 27-35. For purposes of | 9 |
| this Section a notice shall include:
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| (a) The time and place of hearing;
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| (b) The boundaries of the area by legal description | 12 |
| and, where possible, by street
location; | 13 |
| (c) The permanent tax index number of each parcel | 14 |
| located within the area;
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| (d) The nature of the special services to be provided | 16 |
| within the proposed special service area and a statement as | 17 |
| to whether the proposed special services are for new | 18 |
| construction, maintenance, or other purposes; | 19 |
| (e) If the special services are to be maintained other | 20 |
| than by the municipality or the county after the life of | 21 |
| the bonds, then a statement indicating who will be | 22 |
| responsible for maintenance of the special services after | 23 |
| the life of the bonds;
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| (f) A notification that all interested persons, | 25 |
| including all persons
owning
taxable property located | 26 |
| within the special service area, will be given an
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| opportunity to be heard at the hearing regarding the | 2 |
| issuance of the bonds and
an opportunity to file objections | 3 |
| to the issuance of the bonds; and
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| (g) The maximum amount of bonds proposed to be issued, | 5 |
| the maximum period
of
time over which the bonds will be | 6 |
| retired, and the maximum interest rate the
bonds will bear.
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| The question of the creation of a special service area, the | 8 |
| levy or
imposition of a tax in the special service area and the | 9 |
| issuance of bonds for
providing special services may all be | 10 |
| considered together at one hearing.
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| Any bonds issued shall not exceed the number of bonds, the | 12 |
| interest rate
and the period of extension set forth in the | 13 |
| notice, unless an additional
hearing is held. | 14 |
| If the municipality or county finds that refunding is in | 15 |
| the best interest of the taxpayers of the special service area, | 16 |
| special service area bonds may be issued to refund or advance | 17 |
| refund special service area bonds without meeting any of the | 18 |
| notice or hearing requirements set forth in this Section, | 19 |
| except that the interest rate on the refunding bonds and the | 20 |
| maximum period of time over which the refunding bonds will be | 21 |
| retired may not be greater than that set forth in the notice | 22 |
| for the refunded bonds, and the debt service payable in any | 23 |
| year on the refunding bonds may not exceed the debt service | 24 |
| payable in that year on the refunded bonds. | 25 |
| Property taxes levied under the provisions of Section 27-75 | 26 |
| of this Code in 2 or more special service areas established |
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| under this Article 27 may be pledged to secure a single bond | 2 |
| issue benefitting the special service areas if those special | 3 |
| service areas are within the corporate limits of a | 4 |
| municipality. Any such property taxes must be levied on a basis | 5 |
| that provides a rational relationship between the amount of the | 6 |
| tax levied against each lot, block, tract, and parcel of land | 7 |
| in each special service area and the special service benefit | 8 |
| rendered. The changes made by this amendatory Act of the 96th | 9 |
| General Assembly do not change any other terms, duties, or | 10 |
| powers of a special service area under this Article.
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| Bonds issued pursuant to this Article shall not be regarded
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| as indebtedness of the municipality or county,
as the case may | 13 |
| be, for the purpose of any limitation imposed by any law.
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| (Source: P.A. 93-1013, eff. 8-24-04.)
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| Section 99. Effective date. This Act takes effect upon | 16 |
| becoming law.".
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