Public Act 096-0884
 		





SB1936 Re-Enrolled
LRB096 10999 HLH 21283 b






    AN ACT concerning revenue.

 
    Be it enacted by the People of the State of Illinois,
 
represented in the General Assembly:






 
    Section 5. The Property Tax Code is amended  by changing 
Section 27-45 as follows:
 



    (35 ILCS 200/27-45)



    Sec. 27-45. Issuance of bonds. Bonds secured by the full 
faith and credit
of the area included in the special service 
area may be issued for providing
the special services. Bonds, 
when so issued, shall be retired by the levy of
taxes in 
addition to  the taxes specified in Section 27-25 against all of 
the
taxable real property included in the area as provided in 
the ordinance
authorizing the issuance of the bonds or by the 
imposition of another tax
within the special service area.  The 
county clerk shall annually extend taxes
against all of the 
taxable property situated in the county and contained in
such 
special service area in amounts sufficient to pay maturing 
principal and
interest of those bonds without limitation as to 
rate or amount and in addition
to and in excess of any taxes 
that may now or hereafter be authorized to be
levied by the 
municipality or county. Prior to the issuance of those bonds,

notice shall be given and a hearing shall be held pursuant to 
the provisions of
Sections 27-30 and 27-35. For purposes of 
this Section a notice shall include:


        (a) The time and place of hearing;


        (b) The boundaries of the area by legal description 
    and, where possible, by street
location;
        (c) The permanent tax index number of each parcel 
    located within the area;

        (d) The nature of the special services to be provided 
    within the proposed special service area and a statement as 
    to whether the proposed special services are for new 
    construction, maintenance, or other purposes;
        (e) If the special services are to be maintained other 
    than by the municipality or the county after the life of 
    the bonds, then a statement indicating who will be 
    responsible for maintenance of the special services after 
    the life of the bonds;



        (f) A notification that all interested persons, 
    including all persons
owning
taxable property located 
    within the special service area, will be given an

    opportunity to be heard at the hearing regarding the 
    issuance of the bonds and
an opportunity to file objections 
    to the issuance of the bonds; and


        (g) The maximum amount of bonds proposed to be issued, 
    the maximum period
of
time over which the bonds will be 
    retired, and the maximum  interest rate the
bonds will bear.

    The question of the creation of a special service area, the 
levy or
imposition of a tax in the special service area and the 
issuance of bonds for
providing special services may all be 
considered together at one hearing.

    Any bonds issued shall not exceed the number of bonds, the 
interest rate
and the period of extension set forth in the 
notice, unless an additional
hearing is held.  
    If the municipality or county finds that refunding is in 
the best interest of the taxpayers of the special service area, 
special service area bonds may be issued to refund or advance 
refund special service area bonds without meeting any of the 
notice or hearing requirements set forth in this Section, 
except that the interest rate on the refunding bonds and the 
maximum period of time over which the refunding bonds will be 
retired may not be greater than that set forth in the original 
notice for the refunded bonds.  Notwithstanding any provision of 
this Section to the contrary, the debt service of the refunding 
bonds issued pursuant to this Section may not exceed the debt 
service estimated to be paid over the remaining duration of the 
refunded bonds. 
    Property taxes levied under the provisions of Section 27-75 
of this Code in 2 or more special service areas established 
under this Article 27 may be pledged to secure a single bond 
issue benefitting the special service areas if those special 
service areas are within the corporate limits of a 
municipality.  Any such property taxes must be levied on a basis 
that provides a rational relationship between the amount of the 
tax levied against each lot, block, tract, and parcel of land 
in each special service area and the special service benefit 
rendered. The changes made by this amendatory Act of the 96th 
General Assembly do not change any other terms, duties, or 
powers of a special service area under this Article.

    Bonds issued pursuant to this Article shall not be regarded

as indebtedness of the municipality or county,
as the case may 
be, for the purpose of any limitation imposed by any law.

(Source: P.A. 93-1013, eff. 8-24-04.)

 

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





Effective Date:  3/1/2010