101ST GENERAL ASSEMBLY
State of Illinois
2019 and 2020
HB5435
 
Introduced , by Rep. Grant Wehrli - Deanne M. Mazzochi - Joe Sosnowski - Amy Grant, Lindsay Parkhurst, et al.
 
SYNOPSIS AS INTRODUCED:
 

 
New Act

     Creates the Taxing Body Refinancing by Popular Vote Act. Provides that no taxing district may renew or refinance its indebtedness in a way that requires the extension of property taxes for the payment of debt service in a taxable year that is later than the taxable year in which the indebtedness would otherwise mature unless the question of such renewal or refinancing is submitted to the electors of the district at a regular election and approved by a majority of the electors voting on the question.
  


LRB101 19009 HLH 68468 b

FISCAL NOTE ACT MAY APPLY
HOUSING AFFORDABILITY IMPACT NOTE ACT MAY APPLY
 
 
A BILL FOR
 

  
HB5435LRB101 19009 HLH 68468 b


  
1    AN ACT concerning local government.
  
 
2    Be it enacted by the People of the State of Illinois,
 
3represented in the General Assembly:
  

  
 
4    Section 1. Short title. This Act may be cited as the Taxing 
5Body Refinancing by Popular Vote Act.
 
6    Section 5. Referendum required.  No taxing district may 
7renew or refinance its indebtedness in a way that requires the 
8extension of property taxes for the payment of debt service in 
9a taxable year that is later than the taxable year in which the 
10indebtedness would otherwise mature unless the question of such 
11renewal or refinancing is submitted to the electors of the 
12district at a regular election and approved by a majority of 
13the electors voting on the question. The corporate authorities 
14of the district must certify the question to the proper 
15election authority, which must submit the question at an 
16election in accordance with the Election Code. The election 
17authority must submit the question in substantially the 
18following form:
19        Shall (taxing district) be authorized to renew or 
20    refinance its existing indebtedness in a way that requires 
21    the extension of property taxes in (taxable year or years)?
22    Votes shall be recorded as "Yes" or "No".
23    The question shall also include, as supplemental 
 
 
HB5435- 2 -LRB101 19009 HLH 68468 b

1information, the disclosure of savings to property taxpayers if 
2the indebtedness is not renewed or refinanced.
3    As used in this Act, "taxing district" has the meaning 
4given to that term in Section 1-150 of the Property Tax Code.