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HB3451 |
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LRB095 05368 DRH 32144 b |
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| (b) Notwithstanding any other provision of this Section: |
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| (i) no funds shall
be payable by the City under this Section |
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| with respect to any taxable year
succeeding the 2009 taxable |
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| year; (ii) in no event shall such funds be payable
on or after |
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| January 1, 2010; (iii) in no event shall the total funds paid
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| by the City pursuant to this Section to all districts for all |
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| taxable years
exceed $40,000,000
$20,000,000 ; and (ii)
(iv) any |
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| amounts payable to a district by the City with
respect to any
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| parcel of property for any taxable year shall be reduced by the |
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| amount of taxes
actually paid to the district for that taxable |
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| year with respect to that parcel
or any leasehold interest |
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| therein.
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| (c) Whenever the City acquires property that is subject to |
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| this Section, the
City shall notify the assessor of the county |
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| in which the property is located.
The assessor or the clerk of |
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| that county shall, on an annual basis, notify the
affected |
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| taxing
school district or community college district of all |
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| property that has
been identified as being subject to this
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| Section, and shall provide the district and the City with such |
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| information as
may be required in determining the amounts |
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| payable by the City under this
Section. The City shall make |
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| payments as required by this Section no later than
90 days |
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| after that information is received and verified by the City.
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| (d) As used in this Section, "Consumer Price Index" means |
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| the Consumer Price
Index for All Urban Consumers for all items |
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| published by the United States
Department of Labor.
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