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[ Engrossed ] | [ Enrolled ] | [ House Amendment 001 ] |
[ House Amendment 003 ] |
92_HB5734 LRB9214200LDtm 1 AN ACT in relation to education. 2 Be it enacted by the People of the State of Illinois, 3 represented in the General Assembly: 4 Section 5. The School Code is amended by adding Section 5 34-53.5 as follows: 6 (105 ILCS 5/34-53.5 new) 7 Sec. 34-53.5. Capital improvement tax levy; purpose; 8 maximum amount. 9 (a) For the purpose of providing a reliable source of 10 revenue for capital improvement purposes, including, without 11 limitation, the construction and equipping of a new school 12 building, the purchase of school grounds on which any new 13 school building is to be constructed or located, or both, or 14 the rehabilitation, renovation, and equipping of an existing 15 school building, the board may levy, upon all taxable 16 property of the school district, beginning in calendar year 17 2003 and every year thereafter, a capital improvement tax at 18 a rate sufficient to produce $35,000,000 in tax revenue. 19 (b) In calendar year 2007, in addition to any tax that 20 the board may levy pursuant to subsection (a), the board may 21 levy, for the purposes designated in subsection (a), a tax at 22 a rate sufficient to produce $35,000,000 in tax revenue. 23 (c) In calendar year 2011, in addition to any tax that 24 the board may levy pursuant to subsections (a) and (b), the 25 board may levy, for the purposes designated in subsection 26 (a), a tax at a rate sufficient to produce $35,000,000 in tax 27 revenue. 28 (d) In calendar year 2031, in addition to any tax that 29 the board may levy pursuant to subsections (a),(b), and (c), 30 the board may levy, for the purposes designated in subsection 31 (a), a tax at a rate sufficient to produce $140,000,000 in -2- LRB9214200LDtm 1 tax revenue. 2 (e) An initial tax levy made by the board under this 3 Section must have the approval of the Chicago City Council, 4 by resolution, before the levy may be extended. The board 5 shall communicate its adoption of the initial tax levy by 6 delivering a certified copy of the levy resolution to the 7 Clerk of the City of Chicago. The Chicago City Council shall 8 have 60 days after receipt, by the Clerk of the City of 9 Chicago, of the certified resolution to approve or disapprove 10 the levy. The failure of the Chicago City Council to take 11 action to approve or disapprove the initial tax levy within 12 the 60-day period shall be deemed disapproval of the initial 13 tax levy. Upon the adoption of each subsequent levy by the 14 board under this Section, the board must notify the Chicago 15 City Council that the board has adopted the levy. 16 (f) The board may issue bonds in accordance with the 17 Local Government Debt Reform Act, including Section 15 of 18 that Act, against any revenues to be collected from any tax 19 levied pursuant to this Section in any year and may pledge 20 those revenues as security for the payment of any such bonds 21 pursuant to Section 13 of the Local Government Debt Reform 22 Act. 23 Section 99. Effective date. This Act takes effect upon 24 becoming law.