[ Search ] [ PDF text ] [ Legislation ]
[ Home ] [ Back ] [ Bottom ]
92_HB5736 LRB9214204LDtm 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 (i) the construction and equipping of a new school 12 building or buildings or an addition or additions to an 13 existing school building or buildings, (ii) the purchase of 14 school grounds on which any new school building or an 15 addition to an existing school building is to be constructed 16 or located, (iii) both items (i) and (ii) of this subsection 17 (a), or (iv) the rehabilitation, renovation, and equipping of 18 an existing school building or buildings, the board may levy, 19 upon all taxable property of the school district, in calendar 20 year 2003, a capital improvement tax to produce, when 21 extended, an amount not to exceed the product attained by 22 multiplying (1) the percentage increase, if any, in the 23 Consumer Price Index for All Urban Consumers for all items 24 published by the United States Department of Labor for the 12 25 months ending 2 months prior to the month in which the levy 26 is adopted by (2) $142,500,000. For example, if the 27 percentage increase in the Consumer Price Index is 2.5%, then 28 the computation would be $142,500,000 x 0.025 = $3,562,500. 29 (b) In each calendar year from 2004 through 2030, the 30 board may levy a capital improvement tax to produce, when 31 extended, an amount not to exceed the sum of (1) the maximum -2- LRB9214204LDtm 1 amount that could have been levied by the board in the 2 preceding calendar year pursuant to this Section and (2) the 3 product obtained by multiplying (A) the sum of (i) the 4 maximum amount that could have been levied by the board in 5 the preceding calendar year pursuant to this Section and (ii) 6 $142,500,000 by (B) the percentage increase, if any, in the 7 Consumer Price Index for All Urban Consumers for all items 8 published by the United States Department of Labor for the 12 9 months ending 2 months prior to the month in which the levy 10 is adopted. 11 (c) In calendar year 2031, the board may levy a capital 12 improvement tax to produce, when extended, an amount not to 13 exceed the sum of (1) the maximum amount that could have been 14 levied by the board in calendar year 2030 pursuant to this 15 Section, (2) $142,500,000, and (3) the product obtained by 16 multiplying (A) the sum of (i) the maximum amount that could 17 have been levied by the board in calendar year 2030 pursuant 18 to this Section and (ii) $142,500,000 by (B) the percentage 19 increase, if any, in the Consumer Price Index for All Urban 20 Consumers for all items published by the United States 21 Department of Labor for the 12 months ending 2 months prior 22 to the month in which the levy is adopted. 23 (d) In calendar year 2032 and each calendar year 24 thereafter, the board may levy a capital improvement tax to 25 produce, when extended, an amount not to exceed the sum of 26 (1) the maximum amount that could have been levied by the 27 board in the preceding calendar year pursuant to this Section 28 and (2) the product obtained by multiplying (A) the maximum 29 amount that could have been levied by the board in the 30 preceding calendar year pursuant to this Section by (B) the 31 percentage increase, if any, in the Consumer Price Index for 32 All Urban Consumers for all items published by the United 33 States Department of Labor for the 12 months ending 2 months 34 prior to the month in which the levy is adopted. -3- LRB9214204LDtm 1 (e) An initial tax levy made by the board under this 2 Section must have the approval of the Chicago City Council, 3 by resolution, before the levy may be extended. The board 4 shall communicate its adoption of the initial tax levy by 5 delivering a certified copy of the levy resolution to the 6 Clerk of the City of Chicago. The Chicago City Council shall 7 have 60 days after receipt, by the Clerk of the City of 8 Chicago, of the certified resolution to approve or disapprove 9 the levy. The failure of the Chicago City Council to take 10 action to approve or disapprove the initial tax levy within 11 the 60-day period shall be deemed disapproval of the initial 12 tax levy. Upon the adoption of each subsequent levy by the 13 board under this Section, the board must notify the Chicago 14 City Council that the board has adopted the levy. 15 (f) The board may issue bonds, in accordance with the 16 Local Government Debt Reform Act, including Section 15 of 17 that Act, against any revenues to be collected from the 18 capital improvement tax in any year or years and may pledge, 19 pursuant to Section 13 of the Local Government Debt Reform 20 Act, those revenues as security for the payment of any such 21 bonds. 22 Section 99. Effective date. This Act takes effect upon 23 becoming law.