HB5360 94TH GENERAL ASSEMBLY

LRB094 19379 BDD 55033 b

94TH GENERAL ASSEMBLY
State of Illinois
2005 and 2006
HB5360

Introduced 01/26/06, by Rep. Brent Hassert

SYNOPSIS AS INTRODUCED:

35 ILCS 200/27-45

Amends the Property Tax Code. In a Section concerning bond issues for special service areas, provides that bonds may be issued to provide special services for, and be secured by the full faith and credit of the areas included in, 2 or more special service areas established by a municipality or county if (i) the special services for which the bonds are issued are collectively found to be in addition to those services provided generally throughout the municipality or county and (ii) each special service area securing the bonds maintains a separate tax levy. Effective immediately.

FISCAL NOTE ACT MAY APPLY

HOUSING AFFORDABILITY IMPACT NOTE ACT MAY APPLY

A BILL FOR

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.

Bonds issued by a municipality or a county under this Section may be issued to provide special services for, and be secured by the full faith and credit of the areas included in, 2 or more special service areas established by a municipality or county under this Article if (i) the special services for which the bonds are issued are collectively found to be in addition to those services provided generally throughout the municipality or county and (ii) each special service area securing the bonds maintains a separate tax levy.

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.