92nd General Assembly
Summary of HB5734
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House Sponsors:
CURRIE-BEAUBIEN-OSMOND-GILES.

Senate Sponsors:
PETERSON-LINK-GEO-KARIS-OBAMA

Short description: 
SCH CD-CAP IMPROVMNT TAX LEVY                                              

Synopsis of Bill as introduced:
        Amends the School Code. Allows the Chicago Board of Education  to      
   levy  a  capital  improvement tax, beginning in calendar year 2003 and      
   every year  thereafter,  to  provide  revenue  for  specified  capital      
   improvement  purposes.  Provides  that  an  initial  tax  levy must be      
   approved by the Chicago City Council before it can be extended. If the      
   Chicago City Council does not  approve  a  resolution  to  approve  or      
   disapprove  a capital improvement tax levy within 60 days, the initial      
   tax levy is  deemed  disapproved.  Authorizes  the  Chicago  Board  of      
   Education to issue bonds against any revenues to be collected from the      
   capital  improvement  tax in any year and may pledge those revenues as      
   security for the payment of the bonds. Effective immediately.               
        HOUSE AMENDMENT NO. 1.                                                 
          Adds reference to:                                                   
          35 ILCS 200/18-185                                                   
          35 ILCS 200/18-190.5 new                                             
        Deletes everything after the enacting clause.  Amends the  School      
   Code.  Allows  the  Chicago  Board  of  Education  to  levy  a capital      
   improvement tax to provide revenue for specified  capital  improvement      
   purposes.  Provides  that  an initial tax levy must be approved by the      
   Chicago City Council before it can be extended. If  the  Chicago  City      
   Council  does  not  approve  a  resolution  to approve or disapprove a      
   capital improvement tax levy within 60 days, the initial tax  levy  is      
   deemed disapproved. Authorizes the Chicago Board of Education to issue      
   bonds   against   any  revenues  to  be  collected  from  the  capital      
   improvement tax in any year and pledge those revenues as security  for      
   the payment of the bonds. Amends the Property Tax Code. Excludes            
   extensions made pursuant to these provisions from the definition of         
   aggregate extension under the Property Tax Extension Limitation Law         
   and provides that the requirements under the Law for a direct               
   referendum on the imposition of a new or increased tax rate do not          
   apply. Effective immediately.                                               
          FISCAL NOTE, H-AM 1 (Department of Revenue)                          
          HB 5734 would not create a fiscal impact for the Department of       
          Revenue nor would it impact any of the taxes the Department is       
          required to administer and collect.                                  
        HOUSE AMENDMENT NO. 3.                                                 
          Adds reference to:                                                   
          5 ILCS 140/2                    from Ch. 116, par. 202               
          35 ILCS 200/18-241 new                                               
          50 ILCS 405/1.23 new                                                 
          105 ILCS 5/1E-1 new                                                  
          105 ILCS 5/1E-5 new                                                  
          105 ILCS 5/1E-10 new                                                 
          105 ILCS 5/1E-15 new                                                 
          105 ILCS 5/1E-20 new                                                 
          105 ILCS 5/1E-25 new                                                 
          105 ILCS 5/1E-30 new                                                 
          105 ILCS 5/1E-35 new                                                 
          105 ILCS 5/1E-40 new                                                 
          105 ILCS 5/1E-45 new                                                 
          105 ILCS 5/1E-50 new                                                 
          105 ILCS 5/1E-55 new                                                 
          105 ILCS 5/1E-60 new                                                 
          105 ILCS 5/1E-65 new                                                 
          105 ILCS 5/1E-70 new                                                 
          105 ILCS 5/1E-75 new                                                 
          105 ILCS 5/1E-80 new                                                 
          105 ILCS 5/1E-85 new                                                 
          105 ILCS 5/1E-95 new                                                 
          105 ILCS 5/1E-100 new                                                
          105 ILCS 5/1E-105 new                                                
          105 ILCS 5/1E-110 new                                                
          105 ILCS 5/1E-115 new                                                
          105 ILCS 5/1E-120 new                                                
          105 ILCS 5/1E-125 new                                                
          105 ILCS 5/1E-130 new                                                
          105 ILCS 5/1E-135 new                                                
          105 ILCS 5/1E-140 new                                                
          105 ILCS 5/1E-145 new                                                
          105 ILCS 5/1E-150 new                                                
          105 ILCS 5/1E-155 new                                                
          105 ILCS 5/1E-160 new                                                
          115 ILCS 5/2                    from Ch. 48, par. 1702               
        Further amends the School Code to  allow  a  Financial  Oversight      
   Panel  to  petition the State Board of Education for the establishment      
   of a School Finance Authority to exercise financial control  over  the      
   school  district  and  to  furnish financial assistance. Provides that      
   upon approval of  the  petition,  the  Financial  Oversight  Panel  is      
   abolished.  Provides for appointment of Authority members by the State      
   Superintendent of Education. Includes provisions concerning appointing      
   a  chief  educational  officer;  the  power  to  negotiate  collective      
   bargaining agreements; the  power  to  issue  bonds  and  levy  taxes;      
   reporting to the Governor, General Assembly, and State Superintendent;      
   auditing  the  Authority;  the  property of the Authority being exempt      
   from taxation; and abolition of the Authority. Makes  changes  to  the      
   Freedom   of  Information  Act,  the  Property  Tax  Code,  the  Local      
   Government Debt Limitation Act, and  the  Illinois  Educational  Labor      
   Relations Act.                                                              
 
Last action on Bill: PUBLIC ACT.............................. 92-0547

   Last action date: JUN-13-2002

           Location: House

 Amendments to Bill: AMENDMENTS ADOPTED: HOUSE -   2     SENATE -   0


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