House Sponsors: MOORE,EUGENE-SAVIANO. Short description: PROP TX-PTELL-AGG EXTENSION Synopsis of Bill as introduced: Amends the Property Tax Extension Limitation Law in the Property Tax Code. In the definition of aggregate extension applicable to those taxing districts not subject to the Law before the 1995 levy year (except for those taxing districts subject to the law in accordance with Section 18-213 of this Act), provides that the amount made for payments of principal and interest on bonds issued under the Metropolitan Water Reclamation District Act to finance certain construction projects shall not be deducted in determining the exclusion for payments of principal and interest on limited bonds in an amount not to exceed the debt service extension base but rather shall be excluded with obligations issued pursuant to referendum. HOUSE AMENDMENT NO. 1. Deletes amendatory provisions in definition of aggregate extension for taxing districts subject to the Law before the 1995 levy year. In the definition of aggregate extension for taxing districts that were not subject to the law before the 1995 levy year, except for taxing districts subject to the law by referendum, provides that the exclusion for the Metropolitan Water Reclamation District Act shall apply to principal and interest on bonds issued to finance flood control projects as well as to finance construction projects including without limitation, all portions of the Tunnel and Reservoir Plan, or made for payments of principal and interest on bonds issued to refund or continue to refund bonds issued to finance such flood control projects or construction projects. FISCAL NOTE, H-AM 1 (Dept. of Revenue) There will be no fiscal impact on this Dept. FISCAL NOTE, H-AM 1 (DCCA) No increased costs are anticipated; there will be more options for the Dist. in financing infrastructure improvements. STATE MANDATES FISCAL NOTE, H-AM 1 HB1454, with H-am 1, fails to meet the definition of a mandate. HOME RULE NOTE, H-AM 1 HB1454 has no impact on home rule units of government. Last action on Bill: SESSION SINE DIE Last action date: 99-01-12 Location: House Amendments to Bill: AMENDMENTS ADOPTED: HOUSE - 1 SENATE - 0 END OF INQUIRY Full Text Bill Status