State of Illinois
92nd General Assembly
Legislation

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92_HB5735

 
                                               LRB9214205LDtm

 1        AN ACT in relation to education.

 2        Be  it  enacted  by  the People of the State of Illinois,
 3    represented in the General Assembly:

 4        Section 5. The School Code is amended by  adding  Section
 5    34-53.5 as follows:

 6        (105 ILCS 5/34-53.5 new)
 7        Sec.  34-53.5.  Capital  improvement  tax  levy; purpose;
 8    maximum amount.
 9        (a)  For the purpose of providing a  reliable  source  of
10    revenue  for  capital improvement purposes, including without
11    limitation (i) the construction and equipping of a new school
12    building or buildings or  an  addition  or  additions  to  an
13    existing  school  building or buildings, (ii) the purchase of
14    school grounds  on  which  any  new  school  building  or  an
15    addition  to an existing school building is to be constructed
16    or located, (iii) both items (i) and (ii) of this  subsection
17    (a), or (iv) the rehabilitation, renovation, and equipping of
18    an existing school building or buildings, the board may levy,
19    upon all taxable property of the school district, in calendar
20    year  2003,  a  capital  improvement  tax  to  produce,  when
21    extended,  an  amount  not  to exceed the product attained by
22    multiplying (1) the  percentage  increase,  if  any,  in  the
23    Consumer  Price  Index  for All Urban Consumers for all items
24    published by the United States Department of Labor for the 12
25    months ending 2 months prior to the month in which  the  levy
26    is   adopted  by  (2)  $142,500,000.   For  example,  if  the
27    percentage increase in the Consumer Price Index is 2.5%, then
28    the computation would be $142,500,000 x 0.025 = $3,562,500.
29        (b)  In each calendar year from 2004  through  2030,  the
30    board  may  levy  a  capital improvement tax to produce, when
31    extended, an amount not to exceed the sum of (1) the  maximum
 
                            -2-                LRB9214205LDtm
 1    amount  that  could  have  been  levied  by  the board in the
 2    preceding calendar year pursuant to this Section and (2)  the
 3    product  obtained  by  multiplying  (A)  the  sum  of (i) the
 4    maximum amount that could have been levied by  the  board  in
 5    the preceding calendar year pursuant to this Section and (ii)
 6    $142,500,000  by  (B) the percentage increase, if any, in the
 7    Consumer Price Index for All Urban Consumers  for  all  items
 8    published by the United States Department of Labor for the 12
 9    months  ending  2 months prior to the month in which the levy
10    is adopted.
11        (c)  In calendar year 2031, the board may levy a  capital
12    improvement  tax  to produce, when extended, an amount not to
13    exceed the sum of (1) the maximum amount that could have been
14    levied by the board in calendar year 2030  pursuant  to  this
15    Section,  (2)  $142,500,000,  and (3) the product obtained by
16    multiplying (A) the sum of (i) the maximum amount that  could
17    have  been levied by the board in calendar year 2030 pursuant
18    to this Section and (ii) $142,500,000 by (B)  the  percentage
19    increase,  if  any, in the Consumer Price Index for All Urban
20    Consumers for  all  items  published  by  the  United  States
21    Department  of  Labor for the 12 months ending 2 months prior
22    to the month in which the levy is adopted.
23        (d)  In  calendar  year  2032  and  each  calendar   year
24    thereafter,  the  board may levy a capital improvement tax to
25    produce, when extended, an amount not to exceed  the  sum  of
26    (1)  the  maximum  amount  that could have been levied by the
27    board in the preceding calendar year pursuant to this Section
28    and (2) the product obtained by multiplying (A)  the  maximum
29    amount  that  could  have  been  levied  by  the board in the
30    preceding calendar year pursuant to this Section by  (B)  the
31    percentage  increase, if any, in the Consumer Price Index for
32    All Urban Consumers for all items  published  by  the  United
33    States  Department of Labor for the 12 months ending 2 months
34    prior to the month in which the levy is adopted.
 
                            -3-                LRB9214205LDtm
 1        (e)  An initial tax levy made by  the  board  under  this
 2    Section  must  have the approval of the Chicago City Council,
 3    by resolution, before the levy may be extended.    The  board
 4    shall  communicate  its  adoption  of the initial tax levy by
 5    delivering a certified copy of the  levy  resolution  to  the
 6    Clerk of the City of Chicago.  The Chicago City Council shall
 7    have  60  days  after  receipt,  by  the Clerk of the City of
 8    Chicago, of the certified resolution to approve or disapprove
 9    the levy.  The failure of the Chicago City  Council  to  take
10    action  to  approve or disapprove the initial tax levy within
11    the 60-day period shall be deemed disapproval of the  initial
12    tax  levy.   Upon the adoption of each subsequent levy by the
13    board under this Section, the board must notify  the  Chicago
14    City Council that the board has adopted the levy.
15        (f)  The  board  may  issue bonds, in accordance with the
16    Local Government Debt Reform Act,  including  Section  15  of
17    that  Act,  against  any  revenues  to  be collected from the
18    capital improvement tax in any year or years and may  pledge,
19    pursuant  to  Section  13 of the Local Government Debt Reform
20    Act, those revenues as security for the payment of  any  such
21    bonds.

22        Section  99.  Effective date.  This Act takes effect upon
23    becoming law.

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