Full Text of HB6138 93rd General Assembly
HB6138ham001 93RD GENERAL ASSEMBLY
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Rep. JoAnn D. Osmond
Filed: 3/31/2004
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LRB093 14906 LRD 49426 a |
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| AMENDMENT TO HOUSE BILL 6138
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| AMENDMENT NO. ______. Amend House Bill 6138 by replacing | 3 |
| everything after the enacting clause with the following:
| 4 |
| "Section 5. The Property Tax Code is amended by changing | 5 |
| Section 18-185 as follows: | 6 |
| (35 ILCS 200/18-185)
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| Sec. 18-185. Short title; definitions. This Division 5 may | 8 |
| be cited as the
Property Tax Extension Limitation Law. As used | 9 |
| in this Division 5:
| 10 |
| "Consumer Price Index" means the Consumer Price Index for | 11 |
| All Urban
Consumers for all items published by the United | 12 |
| States Department of Labor.
| 13 |
| "Extension limitation" means (a) the lesser of 5% or the | 14 |
| percentage increase
in the Consumer Price Index during the | 15 |
| 12-month calendar year preceding the
levy year or (b) the rate | 16 |
| of increase approved by voters under Section 18-205.
| 17 |
| "Affected county" means a county of 3,000,000 or more | 18 |
| inhabitants or a
county contiguous to a county of 3,000,000 or | 19 |
| more inhabitants.
| 20 |
| "Taxing district" has the same meaning provided in Section | 21 |
| 1-150, except as
otherwise provided in this Section. For the | 22 |
| 1991 through 1994 levy years only,
"taxing district" includes | 23 |
| only each non-home rule taxing district having the
majority of | 24 |
| its
1990 equalized assessed value within any county or counties |
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| contiguous to a
county with 3,000,000 or more inhabitants. | 2 |
| Beginning with the 1995 levy
year, "taxing district" includes | 3 |
| only each non-home rule taxing district
subject to this Law | 4 |
| before the 1995 levy year and each non-home rule
taxing | 5 |
| district not subject to this Law before the 1995 levy year | 6 |
| having the
majority of its 1994 equalized assessed value in an | 7 |
| affected county or
counties. Beginning with the levy year in
| 8 |
| which this Law becomes applicable to a taxing district as
| 9 |
| provided in Section 18-213, "taxing district" also includes | 10 |
| those taxing
districts made subject to this Law as provided in | 11 |
| Section 18-213.
| 12 |
| "Aggregate extension" for taxing districts to which this | 13 |
| Law applied before
the 1995 levy year means the annual | 14 |
| corporate extension for the taxing
district and those special | 15 |
| purpose extensions that are made annually for
the taxing | 16 |
| district, excluding special purpose extensions: (a) made for | 17 |
| the
taxing district to pay interest or principal on general | 18 |
| obligation bonds
that were approved by referendum; (b) made for | 19 |
| any taxing district to pay
interest or principal on general | 20 |
| obligation bonds issued before October 1,
1991; (c) made for | 21 |
| any taxing district to pay interest or principal on bonds
| 22 |
| issued to refund or continue to refund those bonds issued | 23 |
| before October 1,
1991; (d)
made for any taxing district to pay | 24 |
| interest or principal on bonds
issued to refund or continue to | 25 |
| refund bonds issued after October 1, 1991 that
were approved by | 26 |
| referendum; (e)
made for any taxing district to pay interest
or | 27 |
| principal on revenue bonds issued before October 1, 1991 for | 28 |
| payment of
which a property tax levy or the full faith and | 29 |
| credit of the unit of local
government is pledged; however, a | 30 |
| tax for the payment of interest or principal
on those bonds | 31 |
| shall be made only after the governing body of the unit of | 32 |
| local
government finds that all other sources for payment are | 33 |
| insufficient to make
those payments; (f) made for payments | 34 |
| under a building commission lease when
the lease payments are |
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| for the retirement of bonds issued by the commission
before | 2 |
| October 1, 1991, to pay for the building project; (g) made for | 3 |
| payments
due under installment contracts entered into before | 4 |
| October 1, 1991;
(h) made for payments of principal and | 5 |
| interest on bonds issued under the
Metropolitan Water | 6 |
| Reclamation District Act to finance construction projects
| 7 |
| initiated before October 1, 1991; (i) made for payments of | 8 |
| principal and
interest on limited bonds, as defined in Section | 9 |
| 3 of the Local Government Debt
Reform Act, in an amount not to | 10 |
| exceed the debt service extension base less
the amount in items | 11 |
| (b), (c), (e), and (h) of this definition for
non-referendum | 12 |
| obligations, except obligations initially issued pursuant to
| 13 |
| referendum; (j) made for payments of principal and interest on | 14 |
| bonds
issued under Section 15 of the Local Government Debt | 15 |
| Reform Act; (k)
made
by a school district that participates in | 16 |
| the Special Education District of
Lake County, created by | 17 |
| special education joint agreement under Section
10-22.31 of the | 18 |
| School Code, for payment of the school district's share of the
| 19 |
| amounts required to be contributed by the Special Education | 20 |
| District of Lake
County to the Illinois Municipal Retirement | 21 |
| Fund under Article 7 of the
Illinois Pension Code; the amount | 22 |
| of any extension under this item (k) shall be
certified by the | 23 |
| school district to the county clerk; and (l) made to fund
| 24 |
| expenses of providing joint recreational programs for the | 25 |
| handicapped under
Section 5-8 of
the
Park District Code or | 26 |
| Section 11-95-14 of the Illinois Municipal Code ; (m) made for | 27 |
| temporary relocation loan repayment purposes pursuant to | 28 |
| Sections 2-3.77 and 17-2.2d of the School Code, and (n) made | 29 |
| for payment of principal and interest on any bonds issued under | 30 |
| the authority of Section 17-2.2d of the School Code .
| 31 |
| "Aggregate extension" for the taxing districts to which | 32 |
| this Law did not
apply before the 1995 levy year (except taxing | 33 |
| districts subject to this Law
in
accordance with Section | 34 |
| 18-213) means the annual corporate extension for the
taxing |
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| district and those special purpose extensions that are made | 2 |
| annually for
the taxing district, excluding special purpose | 3 |
| extensions: (a) made for the
taxing district to pay interest or | 4 |
| principal on general obligation bonds that
were approved by | 5 |
| referendum; (b) made for any taxing district to pay interest
or | 6 |
| principal on general obligation bonds issued before March 1, | 7 |
| 1995; (c) made
for any taxing district to pay interest or | 8 |
| principal on bonds issued to refund
or continue to refund those | 9 |
| bonds issued before March 1, 1995; (d) made for any
taxing | 10 |
| district to pay interest or principal on bonds issued to refund | 11 |
| or
continue to refund bonds issued after March 1, 1995 that | 12 |
| were approved by
referendum; (e) made for any taxing district | 13 |
| to pay interest or principal on
revenue bonds issued before | 14 |
| March 1, 1995 for payment of which a property tax
levy or the | 15 |
| full faith and credit of the unit of local government is | 16 |
| pledged;
however, a tax for the payment of interest or | 17 |
| principal on those bonds shall be
made only after the governing | 18 |
| body of the unit of local government finds that
all other | 19 |
| sources for payment are insufficient to make those payments; | 20 |
| (f) made
for payments under a building commission lease when | 21 |
| the lease payments are for
the retirement of bonds issued by | 22 |
| the commission before March 1, 1995 to
pay for the building | 23 |
| project; (g) made for payments due under installment
contracts | 24 |
| entered into before March 1, 1995; (h) made for payments of
| 25 |
| principal and interest on bonds issued under the Metropolitan | 26 |
| Water Reclamation
District Act to finance construction | 27 |
| projects initiated before October 1,
1991; (i) made for | 28 |
| payments of principal and interest on limited bonds,
as defined | 29 |
| in Section 3 of the Local Government Debt Reform Act, in an | 30 |
| amount
not to exceed the debt service extension base less the | 31 |
| amount in items (b),
(c), and (e) of this definition for | 32 |
| non-referendum obligations, except
obligations initially | 33 |
| issued pursuant to referendum and bonds described in
subsection | 34 |
| (h) of this definition; (j) made for payments of
principal and |
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| interest on bonds issued under Section 15 of the Local | 2 |
| Government
Debt Reform Act; (k) made for payments of principal | 3 |
| and interest on bonds
authorized by Public Act 88-503 and | 4 |
| issued under Section 20a of the Chicago
Park District Act for | 5 |
| aquarium or
museum projects; (l) made for payments of principal | 6 |
| and interest on
bonds
authorized by Public Act 87-1191 or | 7 |
| 93-601
this amendatory Act of the 93rd General
Assembly and (i) | 8 |
| issued pursuant to Section 21.2 of the Cook County Forest
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| Preserve District Act, (ii) issued under Section 42 of the Cook | 10 |
| County
Forest Preserve District Act for zoological park | 11 |
| projects, or (iii) issued
under Section 44.1 of the Cook County | 12 |
| Forest Preserve District Act for
botanical gardens projects; | 13 |
| (m) made
pursuant
to Section 34-53.5 of the School Code, | 14 |
| whether levied annually or not;
(n) made to fund expenses of | 15 |
| providing joint recreational programs for the
handicapped | 16 |
| under Section 5-8 of the Park
District Code or Section 11-95-14 | 17 |
| of the Illinois Municipal Code;
and (o) made by the
Chicago | 18 |
| Park
District for recreational programs for the handicapped | 19 |
| under subsection (c) of
Section
7.06 of the Chicago Park | 20 |
| District Act.
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| "Aggregate extension" for all taxing districts to which | 22 |
| this Law applies in
accordance with Section 18-213, except for | 23 |
| those taxing districts subject to
paragraph (2) of subsection | 24 |
| (e) of Section 18-213, means the annual corporate
extension for | 25 |
| the
taxing district and those special purpose extensions that | 26 |
| are made annually for
the taxing district, excluding special | 27 |
| purpose extensions: (a) made for the
taxing district to pay | 28 |
| interest or principal on general obligation bonds that
were | 29 |
| approved by referendum; (b) made for any taxing district to pay | 30 |
| interest
or principal on general obligation bonds issued before | 31 |
| the date on which the
referendum making this
Law applicable to | 32 |
| the taxing district is held; (c) made
for any taxing district | 33 |
| to pay interest or principal on bonds issued to refund
or | 34 |
| continue to refund those bonds issued before the date on which |
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| the
referendum making this Law
applicable to the taxing | 2 |
| district is held;
(d) made for any
taxing district to pay | 3 |
| interest or principal on bonds issued to refund or
continue to | 4 |
| refund bonds issued after the date on which the referendum | 5 |
| making
this Law
applicable to the taxing district is held if | 6 |
| the bonds were approved by
referendum after the date on which | 7 |
| the referendum making this Law
applicable to the taxing | 8 |
| district is held; (e) made for any
taxing district to pay | 9 |
| interest or principal on
revenue bonds issued before the date | 10 |
| on which the referendum making this Law
applicable to the
| 11 |
| taxing district is held for payment of which a property tax
| 12 |
| levy or the full faith and credit of the unit of local | 13 |
| government is pledged;
however, a tax for the payment of | 14 |
| interest or principal on those bonds shall be
made only after | 15 |
| the governing body of the unit of local government finds that
| 16 |
| all other sources for payment are insufficient to make those | 17 |
| payments; (f) made
for payments under a building commission | 18 |
| lease when the lease payments are for
the retirement of bonds | 19 |
| issued by the commission before the date on which the
| 20 |
| referendum making this
Law applicable to the taxing district is | 21 |
| held to
pay for the building project; (g) made for payments due | 22 |
| under installment
contracts entered into before the date on | 23 |
| which the referendum making this Law
applicable to
the taxing | 24 |
| district is held;
(h) made for payments
of principal and | 25 |
| interest on limited bonds,
as defined in Section 3 of the Local | 26 |
| Government Debt Reform Act, in an amount
not to exceed the debt | 27 |
| service extension base less the amount in items (b),
(c), and | 28 |
| (e) of this definition for non-referendum obligations, except
| 29 |
| obligations initially issued pursuant to referendum; (i) made | 30 |
| for payments
of
principal and interest on bonds issued under | 31 |
| Section 15 of the Local Government
Debt Reform Act;
(j)
made | 32 |
| for a qualified airport authority to pay interest or principal | 33 |
| on
general obligation bonds issued for the purpose of paying | 34 |
| obligations due
under, or financing airport facilities |
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| required to be acquired, constructed,
installed or equipped | 2 |
| pursuant to, contracts entered into before March
1, 1996 (but | 3 |
| not including any amendments to such a contract taking effect | 4 |
| on
or after that date); and (k) made to fund expenses of | 5 |
| providing joint
recreational programs for the handicapped | 6 |
| under Section 5-8 of
the
Park District Code or Section 11-95-14 | 7 |
| of the Illinois Municipal Code.
| 8 |
| "Aggregate extension" for all taxing districts to which | 9 |
| this Law applies in
accordance with paragraph (2) of subsection | 10 |
| (e) of Section 18-213 means the
annual corporate extension for | 11 |
| the
taxing district and those special purpose extensions that | 12 |
| are made annually for
the taxing district, excluding special | 13 |
| purpose extensions: (a) made for the
taxing district to pay | 14 |
| interest or principal on general obligation bonds that
were | 15 |
| approved by referendum; (b) made for any taxing district to pay | 16 |
| interest
or principal on general obligation bonds issued before | 17 |
| the effective date of
this amendatory Act of 1997;
(c) made
for | 18 |
| any taxing district to pay interest or principal on bonds | 19 |
| issued to refund
or continue to refund those bonds issued | 20 |
| before the effective date
of this amendatory Act of 1997;
(d) | 21 |
| made for any
taxing district to pay interest or principal on | 22 |
| bonds issued to refund or
continue to refund bonds issued after | 23 |
| the effective date of this amendatory Act
of 1997 if the bonds | 24 |
| were approved by referendum after the effective date of
this | 25 |
| amendatory Act of 1997;
(e) made for any
taxing district to pay | 26 |
| interest or principal on
revenue bonds issued before the | 27 |
| effective date of this amendatory Act of 1997
for payment of | 28 |
| which a property tax
levy or the full faith and credit of the | 29 |
| unit of local government is pledged;
however, a tax for the | 30 |
| payment of interest or principal on those bonds shall be
made | 31 |
| only after the governing body of the unit of local government | 32 |
| finds that
all other sources for payment are insufficient to | 33 |
| make those payments; (f) made
for payments under a building | 34 |
| commission lease when the lease payments are for
the retirement |
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| of bonds issued by the commission before the effective date
of | 2 |
| this amendatory Act of 1997
to
pay for the building project; | 3 |
| (g) made for payments due under installment
contracts entered | 4 |
| into before the effective date of this amendatory Act of
1997;
| 5 |
| (h) made for payments
of principal and interest on limited | 6 |
| bonds,
as defined in Section 3 of the Local Government Debt | 7 |
| Reform Act, in an amount
not to exceed the debt service | 8 |
| extension base less the amount in items (b),
(c), and (e) of | 9 |
| this definition for non-referendum obligations, except
| 10 |
| obligations initially issued pursuant to referendum; (i) made | 11 |
| for payments
of
principal and interest on bonds issued under | 12 |
| Section 15 of the Local Government
Debt Reform Act;
(j)
made | 13 |
| for a qualified airport authority to pay interest or principal | 14 |
| on
general obligation bonds issued for the purpose of paying | 15 |
| obligations due
under, or financing airport facilities | 16 |
| required to be acquired, constructed,
installed or equipped | 17 |
| pursuant to, contracts entered into before March
1, 1996 (but | 18 |
| not including any amendments to such a contract taking effect | 19 |
| on
or after that date); and (k) made to fund expenses of | 20 |
| providing joint
recreational programs for the handicapped | 21 |
| under Section 5-8 of
the
Park District Code or Section 11-95-14 | 22 |
| of the Illinois Municipal Code.
| 23 |
| "Debt service extension base" means an amount equal to that | 24 |
| portion of the
extension for a taxing district for the 1994 | 25 |
| levy year, or for those taxing
districts subject to this Law in | 26 |
| accordance with Section 18-213, except for
those subject to | 27 |
| paragraph (2) of subsection (e) of Section 18-213, for the
levy
| 28 |
| year in which the referendum making this Law applicable to the | 29 |
| taxing district
is held, or for those taxing districts subject | 30 |
| to this Law in accordance with
paragraph (2) of subsection (e) | 31 |
| of Section 18-213 for the 1996 levy year,
constituting an
| 32 |
| extension for payment of principal and interest on bonds issued | 33 |
| by the taxing
district without referendum, but not including | 34 |
| excluded non-referendum bonds. For park districts (i) that were |
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| first
subject to this Law in 1991 or 1995 and (ii) whose | 2 |
| extension for the 1994 levy
year for the payment of principal | 3 |
| and interest on bonds issued by the park
district without | 4 |
| referendum (but not including excluded non-referendum bonds)
| 5 |
| was less than 51% of the amount for the 1991 levy year | 6 |
| constituting an
extension for payment of principal and interest | 7 |
| on bonds issued by the park
district without referendum (but | 8 |
| not including excluded non-referendum bonds),
"debt service | 9 |
| extension base" means an amount equal to that portion of the
| 10 |
| extension for the 1991 levy year constituting an extension for | 11 |
| payment of
principal and interest on bonds issued by the park | 12 |
| district without referendum
(but not including excluded | 13 |
| non-referendum bonds). The debt service extension
base may be | 14 |
| established or increased as provided under Section 18-212.
| 15 |
| "Excluded non-referendum bonds" means (i) bonds authorized by | 16 |
| Public
Act 88-503 and issued under Section 20a of the Chicago | 17 |
| Park District Act for
aquarium and museum projects; (ii) bonds | 18 |
| issued under Section 15 of the
Local Government Debt Reform | 19 |
| Act; or (iii) refunding obligations issued
to refund or to | 20 |
| continue to refund obligations initially issued pursuant to
| 21 |
| referendum.
| 22 |
| "Special purpose extensions" include, but are not limited | 23 |
| to, extensions
for levies made on an annual basis for | 24 |
| unemployment and workers'
compensation, self-insurance, | 25 |
| contributions to pension plans, and extensions
made pursuant to | 26 |
| Section 6-601 of the Illinois Highway Code for a road
| 27 |
| district's permanent road fund whether levied annually or not. | 28 |
| The
extension for a special service area is not included in the
| 29 |
| aggregate extension.
| 30 |
| "Aggregate extension base" means the taxing district's | 31 |
| last preceding
aggregate extension as adjusted under Sections | 32 |
| 18-215 through 18-230.
| 33 |
| "Levy year" has the same meaning as "year" under Section
| 34 |
| 1-155.
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| "New property" means (i) the assessed value, after final | 2 |
| board of review or
board of appeals action, of new improvements | 3 |
| or additions to existing
improvements on any parcel of real | 4 |
| property that increase the assessed value of
that real property | 5 |
| during the levy year multiplied by the equalization factor
| 6 |
| issued by the Department under Section 17-30, (ii) the assessed | 7 |
| value, after
final board of review or board of appeals action, | 8 |
| of real property not exempt
from real estate taxation, which | 9 |
| real property was exempt from real estate
taxation for any | 10 |
| portion of the immediately preceding levy year, multiplied by
| 11 |
| the equalization factor issued by the Department under Section | 12 |
| 17-30, and
(iii) in counties that classify in accordance with | 13 |
| Section 4 of Article
IX of the
Illinois Constitution, an | 14 |
| incentive property's additional assessed value
resulting from | 15 |
| a
scheduled increase in the level of assessment as applied to | 16 |
| the first year
final board of
review market value.
In addition, | 17 |
| the county clerk in a county containing a population of
| 18 |
| 3,000,000 or more shall include in the 1997
recovered tax | 19 |
| increment value for any school district, any recovered tax
| 20 |
| increment value that was applicable to the 1995 tax year | 21 |
| calculations.
| 22 |
| "Qualified airport authority" means an airport authority | 23 |
| organized under
the Airport Authorities Act and located in a | 24 |
| county bordering on the State of
Wisconsin and having a | 25 |
| population in excess of 200,000 and not greater than
500,000.
| 26 |
| "Recovered tax increment value" means, except as otherwise | 27 |
| provided in this
paragraph, the amount of the current year's | 28 |
| equalized assessed value, in the
first year after a | 29 |
| municipality terminates
the designation of an area as a | 30 |
| redevelopment project area previously
established under the | 31 |
| Tax Increment Allocation Development Act in the Illinois
| 32 |
| Municipal Code, previously established under the Industrial | 33 |
| Jobs Recovery Law
in the Illinois Municipal Code, or previously | 34 |
| established under the Economic
Development Area Tax Increment |
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| Allocation Act, of each taxable lot, block,
tract, or parcel of | 2 |
| real property in the redevelopment project area over and
above | 3 |
| the initial equalized assessed value of each property in the
| 4 |
| redevelopment project area.
For the taxes which are extended | 5 |
| for the 1997 levy year, the recovered tax
increment value for a | 6 |
| non-home rule taxing district that first became subject
to this | 7 |
| Law for the 1995 levy year because a majority of its 1994 | 8 |
| equalized
assessed value was in an affected county or counties | 9 |
| shall be increased if a
municipality terminated the designation | 10 |
| of an area in 1993 as a redevelopment
project area previously | 11 |
| established under the Tax Increment Allocation
Development Act | 12 |
| in the Illinois Municipal Code, previously established under
| 13 |
| the Industrial Jobs Recovery Law in the Illinois Municipal | 14 |
| Code, or previously
established under the Economic Development | 15 |
| Area Tax Increment Allocation Act,
by an amount equal to the | 16 |
| 1994 equalized assessed value of each taxable lot,
block, | 17 |
| tract, or parcel of real property in the redevelopment project | 18 |
| area over
and above the initial equalized assessed value of | 19 |
| each property in the
redevelopment project area.
In the first | 20 |
| year after a municipality
removes a taxable lot, block, tract, | 21 |
| or parcel of real property from a
redevelopment project area | 22 |
| established under the Tax Increment Allocation
Development Act | 23 |
| in the Illinois
Municipal Code, the Industrial Jobs Recovery | 24 |
| Law
in the Illinois Municipal Code, or the Economic
Development | 25 |
| Area Tax Increment Allocation Act, "recovered tax increment | 26 |
| value"
means the amount of the current year's equalized | 27 |
| assessed value of each taxable
lot, block, tract, or parcel of | 28 |
| real property removed from the redevelopment
project area over | 29 |
| and above the initial equalized assessed value of that real
| 30 |
| property before removal from the redevelopment project area.
| 31 |
| Except as otherwise provided in this Section, "limiting | 32 |
| rate" means a
fraction the numerator of which is the last
| 33 |
| preceding aggregate extension base times an amount equal to one | 34 |
| plus the
extension limitation defined in this Section and the |
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| denominator of which
is the current year's equalized assessed | 2 |
| value of all real property in the
territory under the | 3 |
| jurisdiction of the taxing district during the prior
levy year. | 4 |
| For those taxing districts that reduced their aggregate
| 5 |
| extension for the last preceding levy year, the highest | 6 |
| aggregate extension
in any of the last 3 preceding levy years | 7 |
| shall be used for the purpose of
computing the limiting rate. | 8 |
| The denominator shall not include new
property. The denominator | 9 |
| shall not include the recovered tax increment
value.
| 10 |
| (Source: P.A. 92-547, eff. 6-13-02; 93-601, eff. 1-1-04; | 11 |
| 93-606, eff. 11-18-03; 93-612, eff. 11-18-03; revised | 12 |
| 12-10-03.)
| 13 |
| Section 10. The School Code is amended by adding Section | 14 |
| 17-2.2d as follows: | 15 |
| (105 ILCS 5/17-2.2d new) | 16 |
| Sec. 17-2.2d. Special taxing and bonding for temporary | 17 |
| relocation expense and emergency replacement purposes. | 18 |
| (a) In addition to any other taxes and notwithstanding any | 19 |
| limitation imposed by the Property Tax Extension Limitation Law | 20 |
| or any other limitations specified in this Code or any other | 21 |
| law, the school board of any district having a population of | 22 |
| less than 500,000 inhabitants that meets the criteria specified | 23 |
| in subsection (c) of this Section, may, by proper resolution, | 24 |
| levy an annual tax not to exceed 0.05% upon the value of the | 25 |
| taxable property as equalized or assessed by the Department of | 26 |
| Revenue for a period not to exceed 7 years for the purpose of | 27 |
| providing for the repayment of moneys distributed for temporary | 28 |
| relocation expenses of the district pursuant to Section 2-3.77 | 29 |
| of this Code. | 30 |
| (b) The school board of any district that meets the | 31 |
| criteria specified in subsection (c) of this Section may | 32 |
| repair, reconstruct, or replace a condemned building without |
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| seeking referendum approval for the repair, reconstruction, or | 2 |
| replacement. | 3 |
| (c) In order for this Section to apply, the school district | 4 |
| must (i) be located in a county subject to the Property Tax | 5 |
| Extension Limitation Law, (ii) have had a total enrollment of | 6 |
| at least 1,075 students as shown on the 2003 Illinois State | 7 |
| Report Card, and (iii) have had a school building condemned | 8 |
| after January 1, 2004 and prior to June 30, 2004. | 9 |
| (d) Notwithstanding any limitation imposed by the Property | 10 |
| Tax Extension Limitation Law or any other limitations specified | 11 |
| in this Code or any other law, the school board of any district | 12 |
| that meets the criteria specified in subsection (c) of this | 13 |
| Section, may, by proper resolution, issue bonds, without | 14 |
| referendum, in an amount sufficient to finance the total cost | 15 |
| of repair, reconstruction, or replacement of the condemned | 16 |
| building. Any premium and all interest earnings on the proceeds | 17 |
| of the bonds so issued shall be used for the purposes for which | 18 |
| the bonds were issued. The proceeds of any bonds issued under | 19 |
| this Section shall be deposited and accounted for separately | 20 |
| within the district's site and construction/capital | 21 |
| improvements fund. The recording officer of the board shall | 22 |
| file in the office of the county clerk of each county in which | 23 |
| a portion of the district is situated a certified copy of the | 24 |
| resolution providing for the issuance of the bonds and levy of | 25 |
| a tax without limit as to rate or amount to pay the bonds. | 26 |
| Bonds issued under this Section and any bonds issued to refund | 27 |
| these bonds are not subject to any debt limitation imposed by | 28 |
| this Code. | 29 |
| (e) The school board, as an express condition to receiving | 30 |
| a temporary relocation loan under Section 2-3.77 of this Code, | 31 |
| must agree to levy the tax provided in this Section at the | 32 |
| maximum rate permitted and to pay to the State of Illinois for | 33 |
| deposit into the Temporary Relocation Expenses Revolving Grant | 34 |
| Fund (i) all proceeds of the tax attributable to the first year |
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| and succeeding years for which the tax is levied after moneys | 2 |
| appropriated for purposes of Section 2-3.77 have been | 3 |
| distributed to the school district and (ii) all insurance | 4 |
| proceeds that become payable to the district under those | 5 |
| provisions of any contract or policy of insurance that provide | 6 |
| reimbursement for or other coverage against loss with respect | 7 |
| to any temporary relocation expenses of the district or | 8 |
| proceeds of any legal judgment or settlement regarding the | 9 |
| temporary relocation expenses incurred by the district, | 10 |
| provided that the aggregate of any tax and insurance or other | 11 |
| proceeds paid by the district to the State pursuant to this | 12 |
| subsection (e) shall not exceed in amount the moneys | 13 |
| distributed to the district pursuant to Section 2-3.77 as a | 14 |
| loan or grant. | 15 |
| (f) If bonds under this Section have been issued by the | 16 |
| school district and the purposes for which the bonds have been | 17 |
| issued are accomplished and paid for in full and there remain | 18 |
| funds on hand from the proceeds of the bonds or interest | 19 |
| earnings or premiums, then the school board, by resolution, | 20 |
| shall transfer those excess funds to the district's bond and | 21 |
| interest fund for the purpose of abating taxes to pay debt | 22 |
| service on the bonds or for defeasance of the debt or both. | 23 |
| (g) If the school district receives a construction grant | 24 |
| under the School Construction Law or any other law and the | 25 |
| purposes for which the grant was issued are accomplished and | 26 |
| paid for in full and there remains funds on hand from the grant | 27 |
| or interest earnings thereon, then the excess funds shall be | 28 |
| paid to the State of Illinois for deposit into the School | 29 |
| Construction Fund or other State fund from which the | 30 |
| construction grant was paid. | 31 |
| (h) All insurance proceeds that become payable to the | 32 |
| school district under those provisions of a contract or policy | 33 |
| of insurance that provide reimbursement for or other coverage | 34 |
| against losses other than with respect to any temporary |
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| relocation expenses of the district or proceeds of any legal | 2 |
| judgment or settlement regarding the repair, reconstruction, | 3 |
| or replacement of the condemned building shall be applied to | 4 |
| the repair, reconstruction, or replacement. If the project is | 5 |
| completed and, therefore, all costs have been paid for in full | 6 |
| and there remain funds on hand, including any interest earnings | 7 |
| thereon, from the insurance coverage, legal judgment, or | 8 |
| settlement, then a portion of those excess funds equal to the | 9 |
| State's share of the construction cost of the project shall be | 10 |
| paid to the State of Illinois for deposit into the School | 11 |
| Construction Fund or other State fund from which the | 12 |
| construction grant was paid, and the remainder of the excess | 13 |
| funds shall be transferred to the district's bond and interest | 14 |
| fund for the purpose of abating taxes to pay debt service on | 15 |
| the bonds or for defeasance of the debt or both. If no debt | 16 |
| service remains to be paid, then the excess may be transferred | 17 |
| to whichever fund that, as determined by the school board, is | 18 |
| most in need of the funds.
| 19 |
| Section 99. Effective date. This Act takes effect upon | 20 |
| becoming law.".
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