(65 ILCS 5/8-3-7) (from Ch. 24, par. 8-3-7)
Sec. 8-3-7.
Every municipality incorporated under a special act has
the power to levy and collect annually its taxes for general purposes,
exclusive of the amounts levied (1) for the payment of bonded
indebtedness, or interest thereon, (2) for school purposes, (3) under
acts which provide that all taxes levied thereunder shall be in addition
to taxes authorized to be levied for general purposes, and (4) for the
purpose of providing general assistance for persons in need thereof as
provided in "The Illinois Public Aid Code", approved April 11, 1967, as
now or hereafter amended, at whichever of the following rates is higher:
(1) the rate specified in or allowed under its special act, or (2) a
rate which will not exceed 1% of the aggregate valuation of all property
within the municipality, subject to taxation therein, as the property
was equalized or assessed by the Department of Revenue
for the current year.
The foregoing limitations upon tax rates may be increased or
decreased according to the referendum provisions of the General Revenue
Law of Illinois.
(Source: P.A. 81-1509.)
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