Illinois General Assembly - Full Text of Public Act 096-0884
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Public Act 096-0884




Public Act 096-0884
SB1936 Re-Enrolled LRB096 10999 HLH 21283 b

    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.
    If the municipality or county finds that refunding is in
the best interest of the taxpayers of the special service area,
special service area bonds may be issued to refund or advance
refund special service area bonds without meeting any of the
notice or hearing requirements set forth in this Section,
except that the interest rate on the refunding bonds and the
maximum period of time over which the refunding bonds will be
retired may not be greater than that set forth in the original
notice for the refunded bonds. Notwithstanding any provision of
this Section to the contrary, the debt service of the refunding
bonds issued pursuant to this Section may not exceed the debt
service estimated to be paid over the remaining duration of the
refunded bonds.
    Property taxes levied under the provisions of Section 27-75
of this Code in 2 or more special service areas established
under this Article 27 may be pledged to secure a single bond
issue benefitting the special service areas if those special
service areas are within the corporate limits of a
municipality. Any such property taxes must be levied on a basis
that provides a rational relationship between the amount of the
tax levied against each lot, block, tract, and parcel of land
in each special service area and the special service benefit
rendered. The changes made by this amendatory Act of the 96th
General Assembly do not change any other terms, duties, or
powers of a special service area under this Article.
    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.

Effective Date: 3/1/2010