Illinois General Assembly - Illinois Compiled Statutes

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35 ILCS 200/18-55

(35 ILCS 200/18-55)

Sec. 18-55.

Short title and definitions.

This Division 2 may be cited
as the Truth in Taxation Law.  As used in this Division 2:

(a) "Taxing district" has the meaning specified in Section 1-150 and
includes home rule units, but from January 1, 2000 through December 31,
2002 does not include taxing districts that have territory in Cook County.

(b) "Aggregate levy" means the annual corporate levy of the taxing
district and those special purpose levies which are made annually (other
than debt service levies and levies made for the purpose of paying amounts
due under public building commission leases).

(c) "Special purpose levies" include, but are not limited to, levies
made on an annual basis for contributions to pension plans, unemployment
and worker's compensation, or self-insurance.

(d) "Debt service" means levies made by any taxing district pursuant to
home rule authority, statute, referendum, ordinance, resolution, indenture,
agreement, or contract to retire the principal or pay interest on bonds,
notes, debentures or other financial instruments which evidence indebtedness.

(Source: P.A. 91-357, eff. 7-29-99; 91-523, eff. 1-1-00.)