State of Illinois
92nd General Assembly
Legislation

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[ 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.

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