|
|
|
SB2342 Engrossed |
- 2 - |
LRB095 19763 HLH 46136 b |
|
|
1 |
| this Section a notice shall include:
|
2 |
| (a) The time and place of hearing;
|
3 |
| (b) The boundaries of the area by legal description |
4 |
| and, where possible, by street
location; |
5 |
| (c) The permanent tax index number of each parcel |
6 |
| located within the area;
|
7 |
| (d) The nature of the special services to be provided |
8 |
| within the proposed special service area and a statement as |
9 |
| to whether the proposed special services are for new |
10 |
| construction, maintenance, or other purposes; |
11 |
| (e) If the special services are to be maintained other |
12 |
| than by the municipality or the county after the life of |
13 |
| the bonds, then a statement indicating who will be |
14 |
| responsible for maintenance of the special services after |
15 |
| the life of the bonds;
|
16 |
| (f) A notification that all interested persons, |
17 |
| including all persons
owning
taxable property located |
18 |
| within the special service area, will be given an
|
19 |
| opportunity to be heard at the hearing regarding the |
20 |
| issuance of the bonds and
an opportunity to file objections |
21 |
| to the issuance of the bonds; and
|
22 |
| (g) The maximum amount of bonds proposed to be issued, |
23 |
| the maximum period
of
time over which the bonds will be |
24 |
| retired, and the maximum interest rate the
bonds will bear.
|
25 |
| The question of the creation of a special service area, the |
26 |
| levy or
imposition of a tax in the special service area and the |
|
|
|
SB2342 Engrossed |
- 3 - |
LRB095 19763 HLH 46136 b |
|
|
1 |
| issuance of bonds for
providing special services may all be |
2 |
| considered together at one hearing.
|
3 |
| Any bonds issued shall not exceed the number of bonds, the |
4 |
| interest rate
and the period of extension set forth in the |
5 |
| notice, unless an additional
hearing is held. |
6 |
| Special service area bonds may be issued to refund or |
7 |
| advance refund special service area bonds without meeting any |
8 |
| of the conditions set forth in this Section, except that the |
9 |
| term of the refunding bonds may not be longer than the term of |
10 |
| the refunded bonds and the debt service payable in any year on |
11 |
| the refunding bonds may not exceed the debt service payable in |
12 |
| that year on the refunded bonds. |
13 |
| Property taxes levied under the provisions of Section 27-75 |
14 |
| of this Code in 2 or more special service areas established |
15 |
| under this Article 27 may be pledged to secure a single bond |
16 |
| issue benefitting the special service areas if those special |
17 |
| service areas are within the corporate limits of a |
18 |
| municipality. Any such property taxes must be levied on a basis |
19 |
| that provides a rational relationship between the amount of the |
20 |
| tax levied against each lot, block, tract, and parcel of land |
21 |
| in each special service area and the special service benefit |
22 |
| rendered. The changes made by this amendatory Act of the 95th |
23 |
| General Assembly do not change any other terms, duties, or |
24 |
| powers of a special service area under this Article.
|
25 |
| Bonds issued pursuant to this Article shall not be regarded
|
26 |
| as indebtedness of the municipality or county,
as the case may |