Illinois General Assembly - Bill Status for SB0083

Amends the Property Tax Extension Limitation Law in the Property Tax Code. Provides that "debt service extension base" means, for park districts (i) that were first subject to this Law in 1991 or 1995 and (ii) whose extension for the 1994 levy year for the payment of principal and interest on bonds issued by the park district without referendum (but not including excluded non-referendum bonds) was less than 51% of the amount for the 1991 levy year constituting an extension for payment of principal and interest on bonds issued by the park district without referendum (but not including excluded non-referendum bonds), an amount equal to that portion of the extension for the 1991 levy year constituting an extension for payment of principal and interest on bonds issued by the park district without referendum (but not including excluded non-referendum bonds). Provides that "excluded non-referendum bonds" means (i) bonds authorized for certain aquarium and museum projects, (ii) double-barrelled bonds, and (iii) refunding obligations issued to refund or to continue to refund obligations initially issued pursuant to referendum.

Deletes everything after the enacting clause. Reinserts the provisions of the bill as introduced and further amends the Property Tax Extension Limitation Law in the Property Tax Code. Provides that the term "aggregate extension" excludes special purpose extensions made for payments of principal and interest on bonds authorized by this amendatory Act of the 93rd General Assembly and issued under the Cook County Forest Preserve District Act. Amends the Cook County Forest Preserve District Act. Provides that for the purpose of making capital improvements to any land acquired or to be acquired by the forest preserve district and repairs, reconstruction, rehabilitation, or renovation in connection with any buildings of the district or to acquire equipment for the district, the corporate authorities of the district in which the improvements or buildings are maintained may from time to time incur indebtedness and issue bonds therefor in amounts not exceeding, in the aggregate, $50,000,000. Provides that the corporate authorities of the forest preserve district may issue bonds in amounts not exceeding $52,640,000 (now, $27,640,000) for the purpose of making capital improvements and major repairs in connection with a zoological park. Provides that the corporate authorities of the forest preserve district may issue bonds in amounts not exceeding $32,000,000 (now, $7,000,000) for the purpose of making capital improvements and major repairs in connection with botanical gardens.

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