State of Illinois
92nd General Assembly
Legislation

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[ House Amendment 003 ]


92_HB5734ham001

 










                                             LRB9214200NTpkam

 1                    AMENDMENT TO HOUSE BILL 5734

 2        AMENDMENT NO.     .  Amend House Bill 5734  by  replacing
 3    everything after the enacting clause with the following:

 4        "Section 5.  The Property Tax Code is amended by changing
 5    Section 18-185 and adding Section 18-190.5 as follows:

 6        (35 ILCS 200/18-185)
 7        Sec.  18-185.  Short title; definitions.  This Division 5
 8    may be cited as the Property Tax  Extension  Limitation  Law.
 9    As used in this Division 5:
10        "Consumer Price Index" means the Consumer Price Index for
11    All  Urban  Consumers  for  all items published by the United
12    States Department of Labor.
13        "Extension limitation" means (a) the lesser of 5% or  the
14    percentage  increase  in  the Consumer Price Index during the
15    12-month calendar year preceding the levy  year  or  (b)  the
16    rate of increase approved by voters under Section 18-205.
17        "Affected  county"  means  a  county of 3,000,000 or more
18    inhabitants or a county contiguous to a county  of  3,000,000
19    or more inhabitants.
20        "Taxing  district"  has  the  same  meaning  provided  in
21    Section  1-150, except as otherwise provided in this Section.
22    For the 1991 through 1994 levy years only, "taxing  district"
 
                            -2-              LRB9214200NTpkam
 1    includes  only  each non-home rule taxing district having the
 2    majority of its 1990  equalized  assessed  value  within  any
 3    county  or  counties contiguous to a county with 3,000,000 or
 4    more inhabitants.  Beginning with the 1995 levy year, "taxing
 5    district" includes only each non-home  rule  taxing  district
 6    subject  to  this  Law  before  the  1995  levy year and each
 7    non-home rule taxing district not subject to this Law  before
 8    the  1995 levy year having the majority of its 1994 equalized
 9    assessed value in an affected county or counties.   Beginning
10    with  the levy year in which this Law becomes applicable to a
11    taxing  district  as  provided  in  Section  18-213,  "taxing
12    district" also includes those taxing districts  made  subject
13    to this Law as provided in Section 18-213.
14        "Aggregate  extension" for taxing districts to which this
15    Law applied before  the  1995  levy  year  means  the  annual
16    corporate extension for the taxing district and those special
17    purpose  extensions  that  are  made  annually for the taxing
18    district, excluding special purpose extensions: (a) made  for
19    the  taxing  district to pay interest or principal on general
20    obligation bonds that were approved by referendum;  (b)  made
21    for  any  taxing  district  to  pay  interest or principal on
22    general obligation bonds issued before October 1,  1991;  (c)
23    made  for any taxing district to pay interest or principal on
24    bonds issued to refund or  continue  to  refund  those  bonds
25    issued  before  October  1,  1991;  (d)  made  for any taxing
26    district to pay interest or  principal  on  bonds  issued  to
27    refund  or  continue  to refund bonds issued after October 1,
28    1991 that were approved  by  referendum;  (e)  made  for  any
29    taxing district to pay interest or principal on revenue bonds
30    issued before October 1, 1991 for payment of which a property
31    tax  levy  or  the full faith and credit of the unit of local
32    government is pledged; however, a  tax  for  the  payment  of
33    interest or principal on those bonds shall be made only after
34    the governing body of the unit of local government finds that
 
                            -3-              LRB9214200NTpkam
 1    all  other sources for payment are insufficient to make those
 2    payments; (f) made for payments under a  building  commission
 3    lease when the lease payments are for the retirement of bonds
 4    issued  by  the commission before October 1, 1991, to pay for
 5    the  building  project;  (g)  made  for  payments  due  under
 6    installment contracts entered into before  October  1,  1991;
 7    (h)  made  for  payments  of  principal and interest on bonds
 8    issued under the Metropolitan Water Reclamation District  Act
 9    to  finance construction projects initiated before October 1,
10    1991; (i) made for payments  of  principal  and  interest  on
11    limited   bonds,  as  defined  in  Section  3  of  the  Local
12    Government Debt Reform Act, in an amount not  to  exceed  the
13    debt  service  extension  base  less the amount in items (b),
14    (c), (e), and  (h)  of  this  definition  for  non-referendum
15    obligations,  except obligations initially issued pursuant to
16    referendum; (j) made for payments of principal  and  interest
17    on bonds issued under Section 15 of the Local Government Debt
18    Reform   Act;   and  (k)  made  by  a  school  district  that
19    participates  in  the  Special  Education  District  of  Lake
20    County, created by special education  joint  agreement  under
21    Section  10-22.31  of  the  School  Code,  for payment of the
22    school  district's  share  of  the  amounts  required  to  be
23    contributed by the Special Education District of Lake  County
24    to  the Illinois Municipal Retirement Fund under Article 7 of
25    the Illinois Pension Code; the amount of any extension  under
26    this  item  (k)  shall be certified by the school district to
27    the county clerk.
28        "Aggregate extension" for the taxing districts  to  which
29    this  Law  did  not  apply  before the 1995 levy year (except
30    taxing districts subject  to  this  Law  in  accordance  with
31    Section  18-213) means the annual corporate extension for the
32    taxing district and those special purpose extensions that are
33    made annually for  the  taxing  district,  excluding  special
34    purpose  extensions:  (a) made for the taxing district to pay
 
                            -4-              LRB9214200NTpkam
 1    interest or principal on general obligation bonds  that  were
 2    approved  by  referendum; (b) made for any taxing district to
 3    pay interest or principal on general obligation bonds  issued
 4    before March 1, 1995; (c) made for any taxing district to pay
 5    interest  or  principal on bonds issued to refund or continue
 6    to refund those bonds issued before March 1, 1995;  (d)  made
 7    for any taxing district to pay interest or principal on bonds
 8    issued  to  refund  or  continue to refund bonds issued after
 9    March 1, 1995 that were approved by referendum; (e) made  for
10    any  taxing  district to pay interest or principal on revenue
11    bonds issued before March 1, 1995  for  payment  of  which  a
12    property tax levy or the full faith and credit of the unit of
13    local  government  is pledged; however, a tax for the payment
14    of interest or principal on those bonds shall  be  made  only
15    after  the  governing  body  of  the unit of local government
16    finds that all other sources for payment are insufficient  to
17    make  those  payments; (f) made for payments under a building
18    commission  lease  when  the  lease  payments  are  for   the
19    retirement  of bonds issued by the commission before March 1,
20    1995 to pay for the building project; (g) made  for  payments
21    due  under installment contracts entered into before March 1,
22    1995; (h) made for payments  of  principal  and  interest  on
23    bonds   issued   under  the  Metropolitan  Water  Reclamation
24    District  Act  to  finance  construction  projects  initiated
25    before October 1, 1991; (i) made for  payments  of  principal
26    and interest on limited bonds, as defined in Section 3 of the
27    Local  Government Debt Reform Act, in an amount not to exceed
28    the debt service extension base less the amount in items (b),
29    (c),  and  (e)  of   this   definition   for   non-referendum
30    obligations,  except obligations initially issued pursuant to
31    referendum and bonds described  in  subsection  (h)  of  this
32    definition;  (j)  made for payments of principal and interest
33    on bonds issued under Section 15 of the Local Government Debt
34    Reform Act; (k) made for payments of principal  and  interest
 
                            -5-              LRB9214200NTpkam
 1    on  bonds  authorized  by  Public Act 88-503 and issued under
 2    Section 20a of the Chicago Park District Act for aquarium  or
 3    museum  projects;  and (l) made for payments of principal and
 4    interest on bonds authorized by Public Act 87-1191 and issued
 5    under Section 42 of the Cook County Forest Preserve  District
 6    Act  for  zoological  park projects; and (m) made pursuant to
 7    Section 34-53.5 of the School Code, whether  levied  annually
 8    or not.
 9        "Aggregate  extension"  for all taxing districts to which
10    this Law applies in accordance with  Section  18-213,  except
11    for  those  taxing  districts  subject  to  paragraph  (2) of
12    subsection (e) of Section 18-213, means the annual  corporate
13    extension  for  the taxing district and those special purpose
14    extensions that are made annually for  the  taxing  district,
15    excluding special purpose extensions: (a) made for the taxing
16    district  to  pay interest or principal on general obligation
17    bonds that were approved by  referendum;  (b)  made  for  any
18    taxing  district  to  pay  interest  or  principal on general
19    obligation  bonds  issued  before  the  date  on  which   the
20    referendum  making this Law applicable to the taxing district
21    is held; (c) made for any taxing district to pay interest  or
22    principal  on  bonds  issued  to refund or continue to refund
23    those bonds issued before the date on  which  the  referendum
24    making  this  Law  applicable to the taxing district is held;
25    (d) made for any taxing district to pay interest or principal
26    on bonds issued to refund or continue to refund bonds  issued
27    after  the  date  on  which  the  referendum  making this Law
28    applicable to the taxing district is held if the  bonds  were
29    approved by referendum after the date on which the referendum
30    making  this  Law  applicable to the taxing district is held;
31    (e) made for any taxing district to pay interest or principal
32    on  revenue  bonds  issued  before  the  date  on  which  the
33    referendum making this Law applicable to the taxing  district
34    is  held for payment of which a property tax levy or the full
 
                            -6-              LRB9214200NTpkam
 1    faith and credit of the unit of local government is  pledged;
 2    however,  a  tax  for the payment of interest or principal on
 3    those bonds shall be made only after the  governing  body  of
 4    the unit of local government finds that all other sources for
 5    payment are insufficient to make those payments; (f) made for
 6    payments  under  a  building  commission lease when the lease
 7    payments are for  the  retirement  of  bonds  issued  by  the
 8    commission  before  the  date  on which the referendum making
 9    this Law applicable to the taxing district is held to pay for
10    the  building  project;  (g)  made  for  payments  due  under
11    installment contracts entered into before the date  on  which
12    the  referendum  making  this  Law  applicable  to the taxing
13    district is held; (h) made  for  payments  of  principal  and
14    interest  on  limited  bonds,  as defined in Section 3 of the
15    Local Government Debt Reform Act, in an amount not to  exceed
16    the debt service extension base less the amount in items (b),
17    (c),   and   (e)   of   this  definition  for  non-referendum
18    obligations, except obligations initially issued pursuant  to
19    referendum;  (i)  made for payments of principal and interest
20    on bonds issued under Section 15 of the Local Government Debt
21    Reform Act; and (j) made for a qualified airport authority to
22    pay interest or principal on general obligation bonds  issued
23    for the purpose of paying obligations due under, or financing
24    airport  facilities  required  to  be  acquired, constructed,
25    installed or equipped pursuant  to,  contracts  entered  into
26    before  March  1,  1996  (but not including any amendments to
27    such a contract taking effect on or after that date).
28        "Aggregate extension" for all taxing districts  to  which
29    this   Law  applies  in  accordance  with  paragraph  (2)  of
30    subsection (e) of Section 18-213 means the  annual  corporate
31    extension  for  the taxing district and those special purpose
32    extensions that are made annually for  the  taxing  district,
33    excluding special purpose extensions: (a) made for the taxing
34    district  to  pay interest or principal on general obligation
 
                            -7-              LRB9214200NTpkam
 1    bonds that were approved by  referendum;  (b)  made  for  any
 2    taxing  district  to  pay  interest  or  principal on general
 3    obligation bonds issued before the  effective  date  of  this
 4    amendatory  Act  of 1997; (c) made for any taxing district to
 5    pay interest or  principal  on  bonds  issued  to  refund  or
 6    continue  to  refund  those bonds issued before the effective
 7    date of this amendatory Act of 1997; (d) made for any  taxing
 8    district  to  pay  interest  or  principal on bonds issued to
 9    refund or continue to refund bonds issued after the effective
10    date of this  amendatory  Act  of  1997  if  the  bonds  were
11    approved  by  referendum  after  the  effective  date of this
12    amendatory Act of 1997; (e) made for any taxing  district  to
13    pay  interest or principal on revenue bonds issued before the
14    effective date of this amendatory Act of 1997 for payment  of
15    which a property tax levy or the full faith and credit of the
16    unit  of  local government is pledged; however, a tax for the
17    payment of interest or principal on those bonds shall be made
18    only after the governing body of the unit of local government
19    finds that all other sources for payment are insufficient  to
20    make  those  payments; (f) made for payments under a building
21    commission  lease  when  the  lease  payments  are  for   the
22    retirement  of  bonds  issued  by  the  commission before the
23    effective date of this amendatory Act of 1997 to pay for  the
24    building project; (g) made for payments due under installment
25    contracts  entered  into  before  the  effective date of this
26    amendatory Act of 1997; (h) made for  payments  of  principal
27    and interest on limited bonds, as defined in Section 3 of the
28    Local  Government Debt Reform Act, in an amount not to exceed
29    the debt service extension base less the amount in items (b),
30    (c),  and  (e)  of   this   definition   for   non-referendum
31    obligations,  except obligations initially issued pursuant to
32    referendum; (i) made for payments of principal  and  interest
33    on bonds issued under Section 15 of the Local Government Debt
34    Reform Act; and (j) made for a qualified airport authority to
 
                            -8-              LRB9214200NTpkam
 1    pay  interest or principal on general obligation bonds issued
 2    for the purpose of paying obligations due under, or financing
 3    airport facilities  required  to  be  acquired,  constructed,
 4    installed  or  equipped  pursuant  to, contracts entered into
 5    before March 1, 1996 (but not  including  any  amendments  to
 6    such a contract taking effect on or after that date).
 7        "Debt  service  extension  base" means an amount equal to
 8    that portion of the extension for a taxing district  for  the
 9    1994 levy year, or for those taxing districts subject to this
10    Law  in  accordance  with  Section  18-213,  except for those
11    subject to paragraph (2) of subsection (e) of Section 18-213,
12    for the levy year in which the  referendum  making  this  Law
13    applicable  to  the  taxing  district  is  held, or for those
14    taxing districts subject  to  this  Law  in  accordance  with
15    paragraph  (2)  of  subsection  (e) of Section 18-213 for the
16    1996 levy year, constituting  an  extension  for  payment  of
17    principal and interest on bonds issued by the taxing district
18    without referendum, but not including (i) bonds authorized by
19    Public Act 88-503 and issued under Section 20a of the Chicago
20    Park  District  Act  for  aquarium  and museum projects; (ii)
21    bonds issued under Section 15 of the  Local  Government  Debt
22    Reform  Act;  or (iii) refunding obligations issued to refund
23    or  to  continue  to  refund  obligations  initially   issued
24    pursuant  to  referendum. The debt service extension base may
25    be established or increased as provided under Section 18-212.
26        "Special purpose extensions" include, but are not limited
27    to, extensions  for  levies  made  on  an  annual  basis  for
28    unemployment   and   workers'  compensation,  self-insurance,
29    contributions to pension plans, and extensions made  pursuant
30    to  Section  6-601  of  the  Illinois Highway Code for a road
31    district's permanent road fund  whether  levied  annually  or
32    not.   The  extension  for  a  special  service  area  is not
33    included in the aggregate extension.
34        "Aggregate extension base" means  the  taxing  district's
 
                            -9-              LRB9214200NTpkam
 1    last preceding aggregate extension as adjusted under Sections
 2    18-215 through 18-230.
 3        "Levy  year" has the same meaning as "year" under Section
 4    1-155.
 5        "New property" means (i) the assessed value, after  final
 6    board   of   review  or  board  of  appeals  action,  of  new
 7    improvements or additions to  existing  improvements  on  any
 8    parcel  of  real property that increase the assessed value of
 9    that real property during the levy  year  multiplied  by  the
10    equalization  factor  issued  by the Department under Section
11    17-30 and (ii) the  assessed  value,  after  final  board  of
12    review  or  board  of  appeals  action,  of real property not
13    exempt from real estate taxation,  which  real  property  was
14    exempt  from  real  estate  taxation  for  any portion of the
15    immediately  preceding   levy   year,   multiplied   by   the
16    equalization  factor  issued  by the Department under Section
17    17-30.  In addition, the county clerk in a county  containing
18    a  population  of 3,000,000 or more shall include in the 1997
19    recovered tax increment value for any  school  district,  any
20    recovered tax increment value that was applicable to the 1995
21    tax year calculations.
22        "Qualified  airport authority" means an airport authority
23    organized under the Airport Authorities Act and located in  a
24    county  bordering  on  the  State  of  Wisconsin and having a
25    population in excess of 200,000 and not greater than 500,000.
26        "Recovered  tax  increment  value"   means,   except   as
27    otherwise  provided  in  this  paragraph,  the  amount of the
28    current year's equalized assessed value, in  the  first  year
29    after a municipality terminates the designation of an area as
30    a redevelopment project area previously established under the
31    Tax  Increment  Allocation  Development  Act  in the Illinois
32    Municipal Code, previously established under  the  Industrial
33    Jobs   Recovery  Law  in  the  Illinois  Municipal  Code,  or
34    previously established under the  Economic  Development  Area
 
                            -10-             LRB9214200NTpkam
 1    Tax  Increment  Allocation  Act,  of each taxable lot, block,
 2    tract, or  parcel  of  real  property  in  the  redevelopment
 3    project  area  over  and above the initial equalized assessed
 4    value of each property in  the  redevelopment  project  area.
 5    For  the taxes which are extended for the 1997 levy year, the
 6    recovered tax increment value  for  a  non-home  rule  taxing
 7    district  that  first became subject to this Law for the 1995
 8    levy year because a majority of its 1994  equalized  assessed
 9    value  was  in  an  affected  county  or  counties  shall  be
10    increased  if a municipality terminated the designation of an
11    area in 1993  as  a  redevelopment  project  area  previously
12    established  under  the  Tax Increment Allocation Development
13    Act in the Illinois Municipal  Code,  previously  established
14    under  the  Industrial  Jobs  Recovery  Law  in  the Illinois
15    Municipal Code, or previously established under the  Economic
16    Development  Area  Tax Increment Allocation Act, by an amount
17    equal to the 1994 equalized assessed value  of  each  taxable
18    lot,  block,  tract,  or  parcel  of  real  property  in  the
19    redevelopment   project  area  over  and  above  the  initial
20    equalized  assessed   value   of   each   property   in   the
21    redevelopment  project  area.  In  the  first  year  after  a
22    municipality  removes  a taxable lot, block, tract, or parcel
23    of  real  property  from   a   redevelopment   project   area
24    established  under  the  Tax Increment Allocation Development
25    Act in the  Illinois  Municipal  Code,  the  Industrial  Jobs
26    Recovery  Law in the Illinois Municipal Code, or the Economic
27    Development Area Tax Increment Allocation Act, "recovered tax
28    increment value" means  the  amount  of  the  current  year's
29    equalized  assessed  value of each taxable lot, block, tract,
30    or parcel of real property  removed  from  the  redevelopment
31    project  area  over  and above the initial equalized assessed
32    value  of  that  real  property  before  removal   from   the
33    redevelopment project area.
34        Except  as  otherwise provided in this Section, "limiting
 
                            -11-             LRB9214200NTpkam
 1    rate" means a fraction the numerator of  which  is  the  last
 2    preceding  aggregate  extension base times an amount equal to
 3    one plus the extension limitation defined in this Section and
 4    the denominator of which  is  the  current  year's  equalized
 5    assessed  value  of  all real property in the territory under
 6    the jurisdiction of the taxing district during the prior levy
 7    year.   For  those  taxing  districts  that   reduced   their
 8    aggregate  extension  for  the  last preceding levy year, the
 9    highest aggregate extension in any of the  last  3  preceding
10    levy  years  shall  be  used for the purpose of computing the
11    limiting  rate.   The  denominator  shall  not  include   new
12    property.   The  denominator  shall not include the recovered
13    tax increment value.
14    (Source: P.A. 90-485,  eff.  1-1-98;  90-511,  eff.  8-22-97;
15    90-568,  eff.  1-1-99;  90-616,  eff.  7-10-98;  90-655, eff.
16    7-30-98; 91-357, eff. 7-29-99; 91-478, eff. 11-1-99.)

17        (35 ILCS 200/18-190.5 new)
18        Sec. 18-190.5.  School  districts.  The  requirements  of
19    Section  18-190  of  this Code for a direct referendum on the
20    imposition of a new or increased tax rate do not apply to tax
21    levies that are not included in the aggregate  extension  for
22    those taxing districts to which this Law did not apply before
23    the  1995  levy year (except taxing districts subject to this
24    Law in accordance with Section 18-213 of this Code)  pursuant
25    to clause (m) of Section 18-185 of this Code.

26        Section  10. The School Code is amended by adding Section
27    34-53.5 as follows:

28        (105 ILCS 5/34-53.5 new)
29        Sec. 34-53.5.  Capital  improvement  tax  levy;  purpose;
30    maximum amount.
31        (a)  For  the  purpose  of providing a reliable source of
 
                            -12-             LRB9214200NTpkam
 1    revenue for capital improvement purposes,  including  without
 2    limitation (i) the construction and equipping of a new school
 3    building  or  buildings  or  an  addition  or additions to an
 4    existing school building or buildings, (ii) the  purchase  of
 5    school  grounds  on  which  any  new  school  building  or an
 6    addition to an existing school building is to be  constructed
 7    or  located, (iii) both items (i) and (ii) of this subsection
 8    (a), or (iv) the rehabilitation, renovation, and equipping of
 9    an existing school building or buildings, the board may levy,
10    upon all taxable property of the school district, in calendar
11    year  2003,  a  capital  improvement  tax  to  produce,  when
12    extended, an amount not to exceed  the  product  attained  by
13    multiplying  (1)  the  percentage  increase,  if  any, in the
14    Consumer Price Index for All Urban Consumers  for  all  items
15    published by the United States Department of Labor for the 12
16    months  ending  2 months prior to the month in which the levy
17    is  adopted  by  (2)  $142,500,000.   For  example,  if   the
18    percentage increase in the Consumer Price Index is 2.5%, then
19    the computation would be $142,500,000 x 0.025 = $3,562,500.
20        (b)  In  each  calendar  year from 2004 through 2030, the
21    board may levy a capital improvement  tax  to  produce,  when
22    extended,  an amount not to exceed the sum of (1) the maximum
23    amount that could have  been  levied  by  the  board  in  the
24    preceding  calendar year pursuant to this Section and (2) the
25    product obtained by  multiplying  (A)  the  sum  of  (i)  the
26    maximum  amount  that  could have been levied by the board in
27    the preceding calendar year pursuant to this Section and (ii)
28    $142,500,000 by (B) the percentage increase, if any,  in  the
29    Consumer  Price  Index  for All Urban Consumers for all items
30    published by the United States Department of Labor for the 12
31    months ending 2 months prior to the month in which  the  levy
32    is adopted.
33        (c)  In  calendar year 2031, the board may levy a capital
34    improvement tax to produce, when extended, an amount  not  to
 
                            -13-             LRB9214200NTpkam
 1    exceed the sum of (1) the maximum amount that could have been
 2    levied  by  the  board in calendar year 2030 pursuant to this
 3    Section, (2) $142,500,000, and (3) the  product  obtained  by
 4    multiplying  (A) the sum of (i) the maximum amount that could
 5    have been levied by the board in calendar year 2030  pursuant
 6    to  this  Section and (ii) $142,500,000 by (B) the percentage
 7    increase, if any, in the Consumer Price Index for  All  Urban
 8    Consumers  for  all  items  published  by  the  United States
 9    Department of Labor for the 12 months ending 2  months  prior
10    to the month in which the levy is adopted.
11        (d)  In   calendar  year  2032  and  each  calendar  year
12    thereafter, the board may levy a capital improvement  tax  to
13    produce,  when  extended,  an amount not to exceed the sum of
14    (1) the maximum amount that could have  been  levied  by  the
15    board in the preceding calendar year pursuant to this Section
16    and  (2)  the product obtained by multiplying (A) the maximum
17    amount that could have  been  levied  by  the  board  in  the
18    preceding  calendar  year pursuant to this Section by (B) the
19    percentage increase, if any, in the Consumer Price Index  for
20    All  Urban  Consumers  for  all items published by the United
21    States Department of Labor for the 12 months ending 2  months
22    prior to the month in which the levy is adopted.
23        (e)  An  initial  tax  levy  made by the board under this
24    Section must have the approval of the Chicago  City  Council,
25    by  resolution,  before  the levy may be extended.  The board
26    shall communicate its adoption of the  initial  tax  levy  by
27    delivering  a  certified  copy  of the levy resolution to the
28    Clerk of the City of Chicago.  The Chicago City Council shall
29    have 60 days after receipt, by  the  Clerk  of  the  City  of
30    Chicago, of the certified resolution to approve or disapprove
31    the  levy.   The  failure of the Chicago City Council to take
32    action to approve or disapprove the initial tax  levy  within
33    the  60-day period shall be deemed disapproval of the initial
34    tax levy.  Upon the adoption of each subsequent levy  by  the
 
                            -14-             LRB9214200NTpkam
 1    board  under  this Section, the board must notify the Chicago
 2    City Council that the board has adopted the levy.
 3        (f)  The board may issue bonds, in  accordance  with  the
 4    Local  Government  Debt  Reform  Act, including Section 15 of
 5    that Act, against any  revenues  to  be  collected  from  the
 6    capital  improvement tax in any year or years and may pledge,
 7    pursuant to Section 13 of the Local  Government  Debt  Reform
 8    Act,  those  revenues as security for the payment of any such
 9    bonds.

10        Section 99.  Effective date.  This Act takes effect  upon
11    becoming law.".

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