Illinois General Assembly - Illinois Compiled Statutes

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50 ILCS 20/18

(50 ILCS 20/18) (from Ch. 85, par. 1048)

Sec. 18.

Whenever, and as often as, a municipal corporation having
taxing power enters into a lease with a Public Building Commission, the
governing body of such municipal corporation shall provide by ordinance
or resolution, as the case may be, for the levy and collection of a
direct annual tax sufficient to pay the annual rent payable under such
lease as and when it becomes due and payable. A certified copy of the
lease of such municipal corporation and a certified copy of the tax
levying ordinance or resolution, as the case may be, of such municipal
corporation shall be filed in the office of the county clerk in each
county in which any portion of the territory of such municipal
corporation is situated, which certified copies shall constitute the
authority for the county clerk or clerks, in each case, to extend the
taxes annually necessary to pay the annual rent payable under such lease
as and when it becomes due and payable.
No taxes shall be extended for any lease entered into after the effective
date of this amendatory Act of 1993, however, until after a public hearing on
the lease. The clerk or secretary of the governing body of the municipal
corporation shall cause notice of the time and place of the hearing to be
published at least once, at least 15 days before the hearing, in a newspaper
published or having general circulation within the municipal corporation. If no
such newspaper exists, the clerk or secretary shall cause the notice to be
posted, at least 15 days before the hearing, in at least 10 conspicuous places
within the municipal corporation. The notice shall be in the following form:

NOTICE OF PUBLIC HEARING ON LEASE between (name of the
municipal corporation) and (name of the public building commission).

A public hearing regarding a lease between (name of the municipal
corporation) and (name of the public building commission) will be held by (name
of the governing body of the municipal corporation) on (date) at (time) at
(location).  The largest yearly rental payment set forth in the lease is ($
amount).  The maximum length of the lease is (years).

The purpose of the lease is (explain in 25 words or less).

Dated (insert date).

By Order of (name of the governing body

of the Municipal Corporation)

/s/............

Clerk or Secretary

At the hearing, all persons residing or owning
property in the municipal corporation shall have an
opportunity to be heard orally,
in writing, or both.

Upon the filing of the certified copies of the lease and
the tax levying ordinance or resolution in the office of the county clerk
or clerks of the proper county or counties, it shall be the duty
of such county clerk or clerks to ascertain the rate per cent which,
upon the value of all property subject to taxation within the municipal
corporation, as that property is assessed or equalized by the Department
of Revenue, will produce a net amount of not less than
the amount of the annual rent reserved in such lease.  The county clerk
or clerks shall thereupon, and thereafter annually during the term of
the lease, extend taxes against all of the taxable property contained in
that municipal corporation sufficient to pay the annual rental reserved
in such lease. Such tax shall be levied and collected in like manner
with the other taxes of such municipal corporation and shall be in
addition to all other taxes now or hereafter authorized to be levied by
that municipal corporation. This tax shall not be included within any
statutory limitation of rate or amount for that municipal corporation
but shall be excluded therefrom and be in addition thereto and in excess
thereof.  The fund realized from such tax levy shall be set aside for the
payment of the annual rent and shall not be disbursed for any other
purpose until the annual rental has been paid in full.  This Section
shall not be construed to limit the power of the Commission to enter
into leases with any municipal corporation whether or not the municipal
corporation has the power of taxation.

(Source: P.A. 92-16, eff. 6-28-01.)